Bank of the Ozarks Review

Bank OZK Savings

0.20% 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 certificates of deposit (CDs). The bank also offers 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

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 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.

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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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.

OZK Savings 

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 $50 minimum opening deposit. $100 is 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.

OZK First Savings 

The First Savings account is very similar to the Personal Savings account, with the distinction that it’s designed for children under the age of 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

Bank OZK offers term lengths from 7 days up to five years on its certificate of deposit (CD) accounts, which is on par with other banks of similar 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.

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.

OZK Checking Account

Bank OZK's Checking account has no monthly service fee as long as you meet the $500 direct deposit minimum or maintain and average daily balance of $500 or more per statement cycle. Account holders who make at least 10 debit card transactions per statement cycle or are under age 25 will also be able to avoid the $7 monthly service fee.

You’ll also receive a free Visa debit card and can send money with Zelle®.

OZK Interest+ Checking Account

The OZK Interest+ Checking account allows you to earn an APY of 0.20%, get unlimited rebates for incoming wire transfers, and four rebates for non-Bank OZK ATM transactions. The $12 monthly service fee can be waived by maintaining a $2,500 average daily balance. 

OZK Bonus Checking Account

The OZK Bonus Checking account offers bonus insurance and rewards, including $10,000 accidental death and dismemberment insurance, $2,500 identity theft reimbursement coverage and shopping rewards.

You can open an account with a $50 minimum deposit. Account holders will get charged a $5 monthly service fee.

Freedom Advantage Checking Account

The OZK Freedom Advantage Checking account has a $25 minimum opening deposit requirement. Account holders will pay a $5 monthly service fee. But they will not get charged insufficient fund and overdraft fees, dormancy or inactivity fees, or telephone transfer fees.

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 interest rate available at Bank OZK for the 24-month CD is at 0.20% 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.

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.