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Bank of the Ozarks Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank OZK Savings
0.15% APY

Bank of the Ozarks, also referred to as Bank OZK, has established a firm presence in the South since its founding in 1903. The bank offers a number of savings account and checking account options, as well as three certificates of deposit (CDs). The bank doesn’t offer a money market account (MMA).

The accounts at Bank OZK are accessible to most people, with realistic minimum opening balances and online applications for several accounts. Furthermore, almost all the accounts that have monthly service fees provide fairly easy methods through which to waive those fees.

That said, the interest rates for deposit accounts at Bank OZK are less than stellar. If you’re looking to earn serious interest of any kind, you’re going to have to deposit a large chunk of money or set your sights somewhere else.

Products Offered

Products Key Details
Savings Accounts
  • $100 minimum opening balance
  • Option for children under 18
  • Easily waivable monthly service fee
Certificates of Deposit
  • Three term lengths available
  • $1,000 minimum opening deposit
  • Rates from 0.05% to 0.45% APY
Checking Accounts
  • Five different account options
  • Interest-bearing and non-interest-bearing options
  • Easily waivable monthly fees for the most part

Bank OZK Interest Rate Comparison

Bank of the Ozarks Overview

Bank of the Ozarks operates more than 250 locations throughout eight states the South: Florida, Georgia, North Carolina, South Carolina, Alabama, Texas, Arkansas and Mississippi.

Although this article will focus on the personal banking options, Bank OZK also offers business banking services along with trust and wealth management. In the personal realm, the bank offers two types of savings accounts, five checking accounts and three different CDs. Read on to learn more about each of these options.

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Bank of the Ozarks Account Features

The majority of deposit accounts at Bank OZK are accessible online or via the bank’s mobile app. Accounts also come with a Visa debit card or ATM card, depending on the type of account.

About half of the accounts at Bank OZK have monthly service fees, which are waivable provided you meet certain account requirements that are fairly easy. You may also face fees for excessive transactions with the Personal Savings account.

Compare Bank OZK to Other Competitive Offers

Personal Savings Account

Key Features Details
Minimum Deposit $1
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly service fee, which can be waived by a $100 minimum daily balance
Current Terms and Rates 0.15% APY

If you’re looking for a standard savings account, then you’ll want to look at the Personal Savings account at Bank OZK. The account has a very reachable $100 minimum opening deposit, and that’s also the threshold needed to waive the monthly service fee, meaning it’s very easy to make this account essentially free to maintain.

Like all savings account, you’re restricted to six pre-authorized withdrawals/transfers each calendar month. If you exceed that limit, you’ll pay a $10 fee. This limit doesn’t apply to ATM withdrawals, which are unlimited.

First Savings Account

Key Features Details
Minimum Deposit $5
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee
Current Terms and Rates 0.05% APY

The First Savings account is very similar to the Personal Savings account, with the distinction that it’s designed for children under the age 18. Once you turn 18, this account will convert into a Personal Savings account.

The interest rate and transaction limitations are the same, but there’s no monthly service fee to worry about, and the minimum opening balance is much lower at $5.

Certificates of Deposit

Key Features Details
Minimum Deposit $1,000
Access to Your Savings Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalties will apply
Current Terms and Rates
  • 12 Month: 0.40% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.51% APY

Bank OZK offers only three different term lengths on its certificate of deposit (CD) accounts, which is fewer than most banks of its size. Regardless of whether you apply at a branch or online, CD rates can vary depending on your location, so make sure to double check which rates will apply to you. The rates listed here are for the zip code of the bank’s headquarters, 72231.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on a number of factors like how much you’re withdrawing, the term length of your CD and how much time you have before maturity, to name a few.

Free Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee

Bank OZK's Free Checking account is exactly what its name suggests. The account has no monthly service fee, so as long as you meet the $100 minimum opening balance requirement, you’ll never have to worry about keeping your account balance above a certain level.

You’ll also receive a debit card and unlimited check writing ability with this account, along with online bill paying availability. If you set up more than 15 online bill payments, you’ll have to pay $0.50 for each additional payment.

My Choice Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee

The My Choice Checking account is essentially the Free Checking account but with one key difference. If you attach any sort of direct deposit to the account, then you’ll be able to choose (hence the account name) one benefit for your account: four free ATM uses per month, free personal identity theft protection or the ability to earn interest on your account balance. If you choose interest, your rate would be 0.05% APY.

Heritage Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $6.25 monthly service fee, which can be waived by a $300 minimum daily balance

In order to open the Heritage Checking Account, you have to be at least 50 years old. The account comes with a monthly service fee, but as long as you keep at least $300 in the account at all times, you won’t have to worry about paying it.

You’ll also receive unlimited free wallet style checks and up to three no-fee cashier’s checks each month. Like the other checking options, you’ll also have access to online and mobile banking as well as a free debit card.

MaxYield Checking Account

Key Features Details
Minimum Deposit $1,000
Access to Your Checking Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $12 monthly service fee, which can be waived by a $1,000 minimum daily balance
Current Terms and Rates 0.05% APY

This is the only checking account option at Bank OZK that automatically earns interest on your account balance. The 0.05% APY isn’t much, especially when applied to typical checking account balances. However, it’s more than nothing, and if you’re keeping more than $1,000 in the account to avoid the service fee, then it doesn't hurt to be earning a little interest.

The $1,000 minimum opening balance is high for a checking account and my be prohibitive for some. In addition to the interest, you’ll also receive one free order of checks.

Bonus Checking Account

Key Features Details
Minimum Deposit $100
Access to Your Checking Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $5 monthly service fee

The Bonus Checking account is the premium checking option at Bank OZK, and the $5 monthly service fee, while unavoidable, is comparatively low for this kind of account. When you open, you’ll receive up to $10,000 in accidental death and dismemberment (AD&D) coverage and up to $2,500 in identity theft expense coverage.

You'll also receive a range of discounts and cashback opportunities for online debit purchases with local retailers, and if anything fraudulent were to happen with your account, you’d be able to work one-on-one with a fraud specialist.

Where Can I Find Bank of the Ozarks?

Bank OZK operates more than 250 locations in eight states: Texas, Georgia, Mississippi, Alabama, Arkansas, North Carolina, South Carolina and Florida. The bank also operates a regional ATM network in the same area.

What Can You Do Online With Bank of the Ozarks?

All accounts at Bank OZK can be accessed online, and there are a few that you can open online as well. Additionally all checking and savings accounts can be managed on your smartphone via the Bank OZK mobile app. On iTunes, the app has a 3.1 star rating and 47 reviews as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at the bank’s regional network of ATMs. If you use an out-of-network ATM, some checking accounts offer refunds up to a certain amount per statement cycle. And, of course, you can visit a Bank OZK branch during business hours to access funds.

How Can I Save More Money With Bank of the Ozarks?

The highest interest rate available at Bank OZK is for the 24-month CD at 0.45% APY, which isn’t very high. If you’re looking to earn serious interest and boost your saving ability, Bank OZK may not be the right bank for you.

The MaxYield checking account earns at a 0.05% rate, which is alright for a brick-and-mortar checking account. As long as you avoid the monthly fee, that could be attractive for bankers looking to earn interest on their checking accounts.

What’s the Process for Opening an Account With Bank of the Ozarks?

You can apply for a handful of accounts like the free checking account or a CD on the Bank OZK website, and you can also open accounts by visiting a branch in person. To apply, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as some form of identification like a driver’s license or ID card. You’ll also likely need to provide your Social Security number and your residential address.

What’s the Catch?

Deposit accounts at Bank OZK are very straightforward for the most part. The monthly fees, where they exist, are simple and easily waivable. The trade-off to this is that the rates offered are generally unimpressive, so you’ll need to be clear-eyed about what you’re signing up for.

Bottom Line

Bank OZK offers a good variety of deposit accounts and is very accessible from both an in-person and online perspective. With the exception of the Bonus Checking account, you can waive monthly service fees without much difficulty. If you live in the bank’s service area and you’re looking for an in-person experience, you may want to give Bank OZK a look. If you’re looking to maximize your saving potential and find the best rate possible, then Bank OZK probably isn’t right for you.

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
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Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
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