Bank OZK Review: High-Yield CDs and Key Personal Banking Products
Written by
Rudri Bhatt Patel, CFHC™
Edited by
Joe Evans
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Bank OZK offers a wide variety of services, including personal and business banking, as well as commercial services. The bank offers three checking accounts, two savings accounts, CDs, IRAs and a money market account. The rates are generally lower, but minimum deposits are accessible for most people.
Bank OZK Checking Accounts
Bank OZK offers three checking accounts: OZK Checking, OZK Interest+ Checking and Freedom Advantage Checking.
Here’s a look at some key details:
- OZK Checking and OZK Interest+ Checking require a $50 minimum deposit.
- Freedom Advantage Checking requires a $25 minimum deposit.
- OZK Checking has a $7 monthly service fee, while OZK Interest+ Checking has a $12 monthly service fee. These fees are waivable.
- Freedom Advantage Checking has a $5 monthly service fee.
- OZK Interest+ Checking offers rebates for incoming wire transfers and four rebates for non-Bank OZK ATM transactions.
Bank OZK Checking Account
Best For
Customer Service
Low Fees
Online Banking
Checking Options
Bank OZK has three checking accounts that can fit your needs
Bank OZK offers three checking accounts that can address your everyday needs, while also allowing you to save some money.
Fees
$5 to $12
APY
Up to 0.2%
Min Opening
$25 or $50
Pros
- Low minimum deposit
- Funds are FDIC-insured
- Low maintenance fee for Freedom Advantage Checking
Cons
- If your account remains dormant, you will be charged
- App reliability is not great
- Low APYs
Why We Like It
Bank OZK offers a checking account that requires a minimal deposit and a nominal maintenance charge. The bank also offers two other checking accounts that may suit your needs.
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Bank OZK Savings Accounts
Bank OZK offers a Primary Savings account and a youth savings account. Here are the details:
- The Primary Savings account requires a minimum deposit of $50, while the youth account doesn’t require a minimum.
- Bank OZK Primary Savings has a $3 monthly service fee, but it’s waivable.
- Bank OZK Youth Savings has no monthly service fee.
- Bank OZK Primary Savings can earn up to 0.20% APY, while Bank OZK Youth Savings can earn up to 0.05% APY.
- You can withdraw up to six times without incurring a fee on either account.
Bank OZK Savings Account
Best For
Customer Service
FDIC-Insured
Low Minimum Deposit
Waivable Fees
Savings Accounts
Bank OZK offers two savings accounts that cater to adults and kids
Bank OZK Primary Savings is ideal for people who want simple, no-hassle savings with a low monthly maintenance fee.
Fees
$3 (waivable)
APY
Up to 0.2%
Min Opening
$0 to $50
Pros
- Low minimum deposit to open Primary Savings
- Minor savings account offered
- FDIC-insured
Cons
- Low APY
- Reports of inconsistent customer service
- Fewer product options compared to bigger banks
Why We Like It
Bank OZK offers a single option for a savings account for everyday savers who want a low bar to start saving today.
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Bank OZK CD Accounts
Bank OZK offers CDs with a minimum deposit of $1,000.
- Minimum deposit for CDs is $1,000.
- CDs are FDIC-insured.
- Terms range from seven days to 5 years.
- Rates vary by region, but you can get a promotional rate up to 4% APY.
- Interest compounds daily.
Bank OZK CD Accounts
Best For
Customer Service
No Maintenance Fees
Online Banking
CD Options
Decent APYs
Promotional CDs available
Bank OZK offers CDs with standard and promotional rates. If you have extra funds, you can capitalize on an APY of 4%.
Fees
No monthly maintenance fees
APY
Up to 4%
Min Opening
$1,000
Pros
- Interest compounds daily
- FDIC-insured
- Can get higher rates with promotional CDs
Cons
- Limited liquidity
- For some, the minimum may be too high
- Early withdrawal penalty
Why We Like It
Those with extra funds can capitalize on promotional rates with Bank OZK CDs.
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Bank OZK Money Market Account
Bank OZK offers a Personal Money Market account with a system of tiered interest rates. Like the bank’s other savings accounts, it comes with access to online, mobile and telephone banking plus e-statements and account alerts.
- The money market requires a minimum deposit of $50.
- Bank OZK Money Market account has a monthly maintenance fee of $10, but it can be waived if you maintain a $1,000 balance.
- Tiered interest rates based on your balance.
- Up to six account withdrawals or transfers per calendar month.
- The maintenance fee can be waived.
Bank OZK Money Market Account
Best For
Customer Service
No Service Fees
Decent APY
FDIC-Insured
Money Market Options
Earn interest on funds and maintain liquidity
Bank OZK offers a money market account that has a low minimum deposit of $50.
Fees
$10 (waivable)
APY
Up to 0.25% (check with bank)
Min Opening
$50
Pros
- Only a $50 minimum deposit
- System of tiered interest rates
- FDIC-insured
Cons
- Low APY
- Must maintain a high minimum balance to avoid fees
Why We Like It
Bank OZK offers a money market account that has a low minimum deposit.
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Banking Experience
You can access customer service at 1-800-274-4482. You can contact customer service during the following hours: 7:00 a.m. to 7:00 p.m. CT and Saturday from 7:00 a.m. to 4:00 p.m. CT.
You can also schedule an appointment online to see a dedicated banker in person at your local branch.
Bank OZK’s app on Google Play is rated 3.3, while in the Apple Store the rating is 4.5.
How Does Bank OZK Compare?
SELECTED BANK
Bank OZK Checking Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 to $12
$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts
$7 to $25, waivable
APY
APY
APY
Up to 0.2%
to
N/A
Min Opening
Min Opening
Min Opening
$25 or $50
$25 to $100
$0 to $25
SELECTED BANK
Bank OZK Savings Account
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$3 (waivable)
$8 waivable monthly maintenance fee per statement cycle
$0 to $5 waivable monthly charge
APY
APY
APY
Up to 0.2%
to for most accounts, 5% to 20% booster for Preferred Rewards members
Up to
Min Opening
Min Opening
Min Opening
$0 to $50
$100
$0 to $25
SELECTED BANK
Bank OZK CD Accounts
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly maintenance fees
Early withdrawal fees apply
No monthly service fee
APY
APY
APY
Up to 4%
to
Up to
Min Opening
Min Opening
Min Opening
$1,000
$1,000
$1,000
SELECTED BANK
Bank OZK Money Market Account
MOST COMPARABLE
Fees
Fees
$10 (waivable)
$12, waivable
APY
APY
Up to 0.25% (check with bank)
Starting at
Min Opening
Min Opening
$50
$0
Bank OZK vs. PNC Bank
Bank OZK is located mainly in Arkansas, Texas and the Southeast region, while PNC has locations in over 27 states. Both offer CDs that require a minimum deposit of $1,000.
Bank OZK offers a promotional rate on a CD that has an APY of 4.00%; however, PNC Bank’s highest rate is up to 3.65%.
Bank OZK vs. KeyBank
Bank OZK requires a minimum opening deposit of $50 on its savings account, while KeyBank requires only $10.
KeyBank also has much higher monthly maintenance fees on its checking accounts than OZK Bank does — up to $50 versus $5 to $12.
Bank OZK vs. Bank of America
Bank OZK has more of a regional presence, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit. Bank OZK has three checking account options, and if you prefer a personalized experience, especially if you live in the Southeast region, Arkansas or Texas, this financial center is ideal for you.
Final Take to GO
Bank OZK is great for those who want short-term CDs with a promotional rate. The bank also offers personal banking products like checking and savings, but consumers may find better rates with competitors. If you live in the Southeast region, Bank OZK is a good ally; however, if you want to bank primarily through an app or online, you may want to consider another bank since customers have reported inconsistent digital service.
FAQ
- Is Bank OZK safe?
- Bank OZK is safe. Its funds are FDIC-insured. Deposits are insured up to $250,000 per depositor, per ownership category, in the unlikely event of bank failure.
- What is the minimum balance of a Bank OZK account?
- One checking account requires a $25 minimum deposit, the other a $50 minimum deposit, and the savings account requires a $50 minimum deposit. A CD requires a minimum $1,000 minimum deposit.
- How much money can you withdraw from Bank OZK on a single day?
- You can typically withdraw $500 per day. However, withdrawal amounts are impacted by the number of accounts and the relationship you have with the bank.
- Does Bank OZK charge a monthly maintenance fee?
- Monthly maintenance fees are between $0 to $12 for some accounts, but these are waivable.
- What services does Bank OZK provide?
- Bank OZK offers personal, community banking and commercial services as well as wealth management.
