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Bank7 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
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 in Oklahoma City, Oklahoma. It has assets of $703 million as well as deposits totaling $626 million, classifying it as a medium-size bank. Bank7 lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Bank7 is a great choice and should warrant serious consideration, with a rating of 4.2 out of 5 stars from the SmartAsset experts. Bank7 provides customers with the full selection 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 compared to the average savings account. The bank's standard checking account has a monthly fee of $15.00, which places it at the higher end of monthly fees. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for returning the most income on your deposits while maintaining easy access to your funds.

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

With a savings rate of 0.55%, Bank7 ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 2.27%, while its highest-yielding money market account has an APY of 0.40%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

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 charges its customers high fees compared to the national average. At $15.00/month, Bank7 is less than ideal for those who want a simple checking account. For those who often withdraw money from the ATM, Bank7 is perfect because it charges no out-of-network ATM fees. Bank7 unfortunately doesn't refund out-of-network ATM fees, which means you will need to find a Bank7 ATM or pay 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 easy, even on the go. It does not offer 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's online and mobile banking services receive poor scores from users. The Bank7 mobile app has an overall rating of 3.4 out of 5 (out of 14 ratings on iOS and Android) compared to the national average of 3.8. You can use Bank7's mobile app to control your finances by monitoring current statements, sending and receiving money and accessing customer service. Bank7 gets an excellent consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 currently a medium-size bank with assets totaling $703 million as well as deposits totaling $626 million. Bank7's Texas Ratio is 1.62%, indicating a negligible likelihood of failure. 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: 2.27% APY
  • 24 Month: 2.53% APY
  • 36 Month: 2.53% APY
  • 48 Month: 2.89% APY
$10000 for all terms
Money Market Accounts 0.401% APY 0.401% APY $10000 $15000

Bank7 has 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 other options 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 compared to other U.S. banks.

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Find a Bank7 Near Me

Bank7 has nine physical locations in the U.S.

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