Bank of Oklahoma Review: Strong Digital Banking Option for Five Additional States

GOBankingRates Score

4.5
Quick Take: Bank of Oklahoma also operates as Bank of Oklahoma Financial (BOKF) in several states. It provides a wide variety of banking products to its customers and a robust digital banking experience for the utmost convenience when banking on your schedule. This BOKF review looks at why the bank made the latest GOBankingRates list of Top 100 Banks.
  • Rates
    4.3
  • Fees
    4.3
  • Banking Products
    4.8
  • Digital Experience
    4.8
How did we calculate this?

Pros

  • Free checking available 
  • Wide variety of banking products to choose from
  • 24/7 check deposit available and same-day credit for deposits before 10 p.m. on weekdays when using the mobile banking app

Cons

  • Minimal interest rates on your balances
  • Free ATM access limited to BOK branches and a limited amount of additional ATMs

About Bank of Oklahoma

Bank of Oklahoma is part of BOK Financial and is a top 30 U.S.-based bank. The bank was founded in 1910 in Tulsa and has grown to over $45 billion in assets. Its parent company, BOKF, is currently the largest bank in Oklahoma and has 130 branch locations in the area. BOKF also operates in Arizona, Arkansas, Colorado, Kansas, and Missouri.

Bank of Oklahoma Products

The bank’s most popular accounts are also some of its best offerings. Take a closer look.

Checking Accounts

There are multiple Bank of Oklahoma checking accounts to choose from. The Free Checking is the bank’s basic checking account with a $50 minimum opening deposit and no monthly maintenance fees when you sign up for online statements

Select and Premier checking are designed for customers who plan on carrying larger balances and would like to earn some interest as well as have additional service options. Relationship rates are available and accounts can earn a nominal APY of 0.01% for Select Checking and 0.02% for Premier. To avoid the monthly fee of up to $25, you’ll need to maintain $10,000 or $25,000 in combined balances or in the case of Select Checking, have a BOKF mortgage with automatic debits from the account.

Savings Accounts

There’s only one savings account for adults and a youth savings option. To open the account, you’ll need $50. There’s a $5 monthly service fee but it can be waived by linking a Premier checking account, maintaining a balance of $250 or more or receiving at least $10 in transfers from a BOKF checking account.

If you sign up for a savings account, set up the Quick Save feature. For every debit card transaction you make, an amount of your choice (such as 50 cents) is transferred to your savings account.

The main drawback to a BOKF savings account is the nominal interest rate of 0.02%. There are higher-yield savings accounts available if you plan on holding a high balance. Otherwise, a CD or money market may be a more lucrative option.

Money Market Accounts

You only need $50 to open BOKF’s standard money market account, which makes it very accessible for the average customer. Customers can also earn 0.03% interest on the money they save. If you plan on carrying a balance of $10,000 or more, the Premier Money Market account has a 0.04% APY and up to 0.06% when you cross the $100,000 threshold.

There are monthly maintenance fees of $7.95 or $15 (Premier) that can be waived. For the standard money market, you’ll need to maintain at least $1,000 per month. For the Premier account, a minimum balance of $10,000 is required.

Money market accounts are a good alternative to a checking and savings account when you’re in search of a higher yield and some bill-paying or withdrawal capability. However, they come with federal limitations of six withdrawals per month. BOKF allows you to make unlimited withdrawals and transfers at a local branch. As for the rest of the transactions, there’s an excessive withdrawal fee of $10 per transaction after the first six, with a $50 maximum per month.

CDs

Bank of Oklahoma provides a lot of options when it comes to opening a CD. There are a variety of different terms to choose from, with CDs ranging from seven days up to seven years. 

There is a $1,000 minimum opening deposit with the best rates reserved for customers who deposit over $100,000. You can compare BOKF’s rates to the best CDs available now.

A feature you don’t see with many other banks is the option to receive the interest earned into your linked checking or savings account without penalty. Or you can keep the interest in the CD and allow it to compound. In addition, Premier Checking account holders get special relationship rates that boost the APY by 0.10%. It’s one of the perks of keeping a high balance with BOK Financial.

Best Features

There are four categories where BOKF really stands out: rates, fees, banking products and digital experience. Although better interest rates can be found with some online banks, BOKF’s rates are competitive when you carry a higher balance. Fees are generally low and monthly service charges can be waived when you meet the reasonable balance requirement. 

Bank of Oklahoma is strongest when it comes to products and digital banking. There are plenty of account options, credit cards, loans and more for a full-service experience. As for digital banking, the website and mobile app are well-designed, easy to navigate and offer plenty of features that make banking from home or afterhours convenient.

Editor’s Favorite

Bank of Oklahoma’s mobile app makes it easy to glance at your accounts and net worth in a variety of ways. The color charts and graphs are simple and well-designed. Category tabs for accounts, loans and credit cards are color-coded. And tasks can be completed in a minimal number of taps without too much distracting clutter.

Banking Experience

With low fees and low minimum deposit requirements, Bank of Oklahoma is a good option for the average banking customer. The accounts are accessible for most people and the savings accounts and CDs allow them to start earning interest. However, the rates are lower than what many online banks offer. 

Mobile & Digital Experience

BOK Financial provides a robust digital banking experience. Customers can use online banking to pay their bills, and all payments will arrive within two to four business days. The bank even provides overpay protection to safeguard customers against accidentally sending the wrong payment amount.

The free mobile app allows customers to deposit checks and monitor their accounts from any device . And once you sign up, you can set up alerts so you’ll always know what’s going on with your account.

App Store users awarded the app with a nearly-perfect 4.9 out of 5 stars. Android users were less impressed due to glitches in the latest update, awarding BOKF a 3.6 out of 5. You can download the app at Google Play or the App Store.

How To Open an Account

Bank of Oklahoma makes it easy to open a new account online or by scheduling an appointment at a local branch. You’ll need to have the following information on hand:

  • Name
  • Home address {P.O. boxes aren’t accepted)
  • Birthdate
  • Social Security Number

Fees

When you open an account with BOKF, there are certain fees you can anticipate. However, you can avoid the overdraft fees by signing up for overdraft protection.

Type Amount
Monthly maintenance fees Free for basic checking, $25 for Premier checking, $5 for savings, $7.95 or $15 for money market accounts
Overdraft fees $32.50 
Stop payment fee $32.50 each
Wire transfer fees $12 per incoming transfer, $30 per outgoing transfer

Bank of Oklahoma vs. Competitors

Take a look at how the bank stacks up against some of its biggest competitors.

Bank Key Feature
Bank of Oklahoma Financial Robust mobile banking features
Arvest Bank Wide range of accounts and low fees
BancFirst Generous APY on savings account
MidFirst Bank Send money to friends and family with Zelle payments

Bank of Oklahoma vs. Arvest Bank

Arvest Bank offers a wide variety of accounts with low fees and reasonable opening deposit minimums. But BOKF offers better rates on several of its CDs.

Bank of Oklahoma vs. BancFirst

BancFirst offers a generous 0.30% APY on its savings account, which is higher than what the Bank of Oklahoma offers. But with BOKF, customers can get started with a lower minimum deposit amount

Bank of Oklahoma vs. MidFirst Bank

MidFirst makes it easy to transfer money, monitor your account, and even withdraw cash using the bank’s app. But BOKF has more branch locations available to customers. 

Final Take

Bank of Oklahoma is a great option for anyone looking for minimal fees and low minimum deposit balances. The mobile app and website are big selling points, making it easy to set up your account within five minutes.

Bank of Oklahoma FAQ

Some commonly-asked questions about BOK Financial include:
  • How do I sign up for mobile banking?
    • To set up mobile banking, you'll need to be able to access the bank's website. You'll also need to have the following information on hand:
      • Your account number
      • Your debit card and PIN
      • Society Security Number
      • Email address
      Once you've logged in and verified your identity, the bank will text you a verification code. From there, you can start using mobile banking.
  • What's the difference between Bank of Oklahoma and BOKF?
    • Bank of Oklahoma is the largest bank in Oklahoma. Bank of Oklahoma Financial (BOKF) is the bank's operations outside of Oklahoma in Arizona, Arkansas, Colorado, Kansas and Missouri. Although related, each bank has its own mobile banking app and dedicated website at bankofoklahoma.com and bokfinancial.com.
  • Does Bank of Oklahoma offer free money for signing up for an account?
    • BOKF doesn't have any current promotions running. Check the BOK Financial promotions page periodically for updates. 

Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2022.

Editorial Note: This content is not provided by Bank of Oklahoma. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of Oklahoma.

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About the Author

Jamie Johnson is a freelance writer who covers a variety of personal finance topics, including investing, loans, and building credit. In addition to writing for GOBankingRates, she currently writes for clients like Quicken Loans, Credit Karma, and the US Chamber of Commerce. 

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