Bank7 Review: Checking, Savings and CDs

Bank7 offers competitive checking and savings account rates and a large number of ATMs worldwide.

Ruth SarrealSeptember 24, 2020

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Overall bank rating

Bank7
  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

3.0

NerdWallet rating 

The bottom line: Bank7 offers a competitive savings account rate. But CDs require a significant deposit, and some fees can be steep. Branches are available in only three states, but 55,000 in-network ATMs are available worldwide.

Pros

  • More than 55,000 ATMs available worldwide.

  • Competitive online savings account rate of 0.65% APY.

Cons

  • Branches are only available in Kansas, Oklahoma and Texas.

  • Some products are available in-branch only.

  • Most CDs require a hefty minimum opening deposit of $10,000.

Full review

Bank7 Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

4.0

NerdWallet rating 
APY

0.65%

With $0 minimum balance

Bank7’s High Rate Online Savings account requires that you receive e-statements rather than paper statements. You’ll pay a monthly fee of $15 if you choose paper, or if your balance falls below $100. That’s also the minimum opening deposit required. The $15 fee is steep compared with other banks, some of which don’t charge a monthly fee at all.

Whatever your balance, you’ll earn an annual percentage yield of 0.65% APY, which is among the highest savings rates available.

» Want more options? See NerdWallet’s favorite high-yield online savings accounts

Bank7 Bank7 Choice Checking

Bank7 Choice Checking

2.5

NerdWallet rating 
Monthly Fee

$15.00

Waived with $1,500 minimum balance

You'll need a $100 deposit to open the Choice Checking account, and the monthly maintenance fee of $15 is a little high compared with other banks’ fees. You can get the fee waived by meeting one of the requirements: make at least 10 debit card transactions per statement cycle, maintain a $1,500 average balance, or have other accounts at Bank7 with an average balance of at least $25,000.

With this account, you’ll have free access to over 55,000 ATMs, including Bank7 ATMs and the entire Allpoint network.

» Compare: NerdWallet’s best free checking accounts

Bank7 CD

Bank7 CD

2.0

NerdWallet rating 
APY

1.10%

Minimum Deposit

$10,000

Bank7 offers a competitive rate of 1.10% APY on a three-year CD, but you’ll have to put down a significant deposit to open an account: The minimum is $10,000, which is much higher than what’s required at many other banks.

The bank also offers a 24-month CD online; other terms are available in-branch only.

» Want a short-term CD? See the best 1-year CDs this month

Banking experience

2.5

NerdWallet rating 

Bank7 offers customer service by phone on weekdays during normal business hours. The bank has fewer than 10 branches, which are located in Kansas, Oklahoma and Texas. You’ll need to contact a customer service representative for details on fees, rates and CD terms, which aren’t fully available on the bank website.

The app gets high ratings and good reviews from both Android and iOS users.

Overdraft fees

2.5

NerdWallet rating 

At $29, Bank7’s overdraft fee is expensive, though lower than other banks’ fees. But there’s no limit to the number of times the fee can be charged, and many other banks limit these charges to three or four per day.

The overdraft transfer fee is $5 at Bank7; not all banks charge this fee. There’s no fee for having a continuous negative balance.

Bank7 Bank7 High Rate Online Savings

Bank7 High Rate Online Savings

4.0

NerdWallet rating 
APY

0.65%

With $0 minimum balance

Bank7’s High Rate Online Savings account requires that you receive e-statements rather than paper statements. You’ll pay a monthly fee of $15 if you choose paper, or if your balance falls below $100. That’s also the minimum opening deposit required. The $15 fee is steep compared with other banks, some of which don’t charge a monthly fee at all.

Whatever your balance, you’ll earn an annual percentage yield of 0.65% APY, which is among the highest savings rates available.

» Want more options? See NerdWallet’s favorite high-yield online savings accounts

How does Bank7 compare?

Member FDIC

Deposits are FDIC Insured

APY

0.60%

With $0 minimum balance

APY

0.01%

With $0 minimum balance

APY

1.00%

With $0 minimum balance

Bonus

N/A

Bonus

$150

Requirements to qualify

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.