Bank7 Review: Checking, Savings and CDs
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
- CD rates
- Banking experience
- Overdraft fees
Overall institution rating
Bank7 offers a competitive savings account rate, but many of its CDs require a significant deposit, and some fees, like those for overdrafts, can be steep. Branches are available in only three states, but 55,000 in-network ATMs are available worldwide.
Editor’s note: Information for some accounts, including details about overdraft fees, are not available online. And while customer service is available by phone during regular business hours on weekdays, NerdWallet had trouble obtaining that information when we called customer service.
Best for: Those who live near a branch, want access to a large ATM network, are looking for an online savings account with a strong rate and won’t need customer support.
- More than 55,000 ATMs available worldwide.
- Competitive online savings account rate.
- Branches are available only in Kansas, Oklahoma and Texas.
- Some products are available in-branch only.
- Most CDs require a hefty minimum opening deposit of $10,000.
- Fees and account details aren’t available online and are hard to get by phone or email.
4.5/5 NerdWallet rating
Bank7’s High Rate Online Savings account requires that you receive eStatements rather than paper statements. You’ll pay the 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 3.50%, which is competitive with other online savings rates.
3.5/5 NerdWallet rating
You'll need a $100 deposit to open the Online Checking account, and the monthly maintenance fee of $15 is a little high compared with traditional banks’ fees and really steep compared with online banks, many of which don’t charge a monthly fee for checking accounts at all. You can avoid Bank7's fee by receiving electronic (rather than paper) statements.
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
2.0/5 NerdWallet rating
Bank7 offers a competitive rate of 3.81% 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
The bank has about a dozen branches, which are located in Kansas, Oklahoma and Texas. Bank7 offers customer support by phone on weekdays only, during normal business hours.
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. But NerdWallet made multiple attempts to get these details by phone, which representatives were unable to give. Eventually, we were able to get our questions answered, but many banks offer this information on their website in an easy-to-find way.
The mobile app gets good ratings from both Android and iOS users.
At $29, Bank7’s overdraft fee remains expensive, even as other banks and credit unions have lowered or stopped charging overdraft fees.
There is no limit to the number of times the fee can be charged.
If you set up overdraft protection transfers to your checking account from another linked account, the fee to transfer is $5 per day (not all banks charge this fee). There is no fee for having a continuous negative balance. Overdraft policy details aren’t available on the site, and some customer service representatives we reached weren’t able to provide details by phone.
» Tend to overdraw your account? See our picks for the best banks for overdrafts
How does Bank7 compare?
SoFi Checking and Savings
CIT Bank Platinum Savings
Citizens Online Savings Account
With $0 min. balance for APY
With $5,000 min. balance for APY
With $0.01 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at CIT Bank
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.