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Bank7 Review

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Bank7 Savings
0.55% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank7 first started operating in 1901 with headquarters located in Oklahoma City, Oklahoma. Bank7 owns $703 million in assets as well as deposits totaling $626 million, ranking it as a medium-size bank. Bank7 lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Bank7 is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from the SmartAsset team. Bank7 offers a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $15.00, making it a rather costly bank for checking. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.5
SmartAsset Average: 3.5

Bank7 has a savings rate of 0.55%, which is poor in comparison to the average U.S. bank. Bank7's one-year CD earns at a rate of 1.76%, while its highest-yielding money market account has an APY of 0.40%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Bank7's Savings Rates Compare

Bank7 Savings 0.55 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Bank7 has typically high fees in comparison to the national average. Its checking account has a monthly fee of $15.00, rating it fair for anyone looking for a simple account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Bank7 does not refund out-of-network ATM fees, which means you'll need to locate a Bank7 ATM or eat the fee.

Monthly Fee $15.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Bank7 is a brick-and-mortar bank, with nine total branches in Kansas, Oklahoma and Texas. With mobile and web apps, Bank7 makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Bank7 receives inferior feedback from users for its mobile app. With 14 ratings on Apple and Android platforms, the Bank7 mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can utilize Bank7's mobile app to manage your accounts by checking account balances, transferring funds and accessing support representatives. Bank7 gets an exceptional consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Bank7 is a medium-size bank with assets totaling $703 million and deposits totaling $626 million. Bank7 has an excellent Texas Ratio of 1.62%, indicating that the bank is in outstanding financial health and unlikely to fail. Additionally, Bank7 is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Bank7 to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.551% APY $100
Checking Account 0.551% APY $1000
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.53% APY
  • 48 Month: 2.63% APY
$1000 for all terms
Money Market Account 0.401% APY $1

Bank7 offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bank7 does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank7's CD rates are fair in comparison to the average U.S. bank.

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Find a Bank7 Near Me

Bank7 has nine physical branches across the U.S.

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