Arvest Bank's Free Checking Accounts

Arvest Bank offers several checking accounts, and whether one is truly free depends on which account you choose and how you use it. The bank's eSavings Checking account carries no monthly maintenance fee if you meet one of two conditions: maintain a $500 minimum daily balance, or set up direct deposit. If you don't meet either requirement, the account costs $5 per month.

Arvest also offers a Basic Checking account with no monthly fee and no minimum balance requirement. This account is genuinely free to open and maintain, though it comes with fewer features than the eSavings version—notably, it does not earn interest on your balance.

The bank's Premium Checking account requires a $2,500 minimum daily balance to avoid a $15 monthly fee. This account includes benefits like higher interest rates and fee waivers, but it is not free unless you maintain that balance.

Key Takeaways

  • Arvest's Basic Checking account has no monthly fee and no minimum balance, making it the only truly free option with no conditions.
  • eSavings Checking is free only if you keep $500 in the account daily or set up direct deposit; otherwise it costs $5 per month.
  • Premium Checking requires a $2,500 minimum balance to avoid a $15 monthly fee and is designed for customers who want higher interest earnings.
  • All Arvest checking accounts include a debit card and online banking at no extra charge.

What Basic Checking Includes and Excludes

Basic Checking is Arvest's no-cost option. You can open it with no minimum deposit, maintain it with no monthly fee, and use it indefinitely without paying anything to the bank. The account includes a debit card, online banking, bill pay, and access to Arvest's ATM network.

The trade-off is that Basic Checking does not earn interest on your balance. If you keep money in the account for an extended period, you will not receive any return on it. For most people using a checking account as a place to hold money for near-term spending, this is not a meaningful loss—checking accounts rarely pay meaningful interest anywhere—but it is worth knowing.

Basic Checking also does not include overdraft protection or overdraft line of credit features. If you spend more than your balance, transactions will be declined rather than covered by the bank. Some people prefer this because it prevents overdraft fees; others find it inconvenient.

When eSavings Checking Becomes Free

eSavings Checking costs $5 per month unless you meet one of two conditions. The first is maintaining a $500 minimum daily balance. This means your account balance cannot drop below $500 on any day of the month; if it does, you pay the fee. For someone who gets paid weekly or biweekly and spends most of their paycheck, this can be hard to maintain.

The second condition is setting up direct deposit. If your employer or another source deposits money directly into your eSavings account, the monthly fee is waived regardless of your balance. This is the easier path for most people, since it requires no action beyond what you may already be doing.

eSavings Checking does earn interest, though the rate varies and is typically low. Arvest publishes current rates on its website. If you can meet one of the fee-waiver conditions, this account may be worth comparing to Basic Checking because of the interest component, even though the rate is modest.

Premium Checking and Its Higher Costs

Premium Checking is Arvest's highest-tier checking account and is not free. It requires a $2,500 minimum daily balance to avoid a $15 monthly fee. Like eSavings, it earns interest, and the rate is typically higher than eSavings because of the larger balance requirement.

Premium Checking also includes benefits such as higher ATM fee reimbursements, waived wire transfer fees, and other perks aimed at customers who maintain larger balances. If you regularly keep $2,500 or more in checking and want to earn a higher interest rate, this account may make sense. If you cannot maintain that balance, the $15 monthly fee will add up quickly.

Fees Beyond the Monthly Maintenance Charge

All Arvest checking accounts are subject to other fees that are not part of the monthly maintenance cost. Overdraft fees apply if you spend more than your balance and your account is set up to allow overdrafts. ATM fees may apply if you use ATMs outside the Arvest network, though Arvest reimburses some of these fees depending on your account type.

Wire transfer fees, stop payment fees, and replacement card fees are standard across the industry and apply to Arvest accounts as well. The specific amounts vary, so check Arvest's fee schedule on its website or ask at a branch before opening an account if these fees matter to your situation.

Direct deposit setup is free, and there is no fee for receiving transfers from other banks into your Arvest account. Bill pay through Arvest's online system is also free.

How to Open an Arvest Checking Account

You can open an Arvest checking account online, by phone, or in person at any Arvest branch. Online opening is the fastest route and typically takes a few minutes. You will need to provide your Social Security number, date of birth, address, and initial deposit information.

Arvest will run a ChexSystems check, which is a banking history report. If you have had accounts closed due to overdrafts or fraud, or if you owe money to another bank, this may affect whether Arvest opens an account for you. If you are unsure about your ChexSystems history, you can request a copy before you apply.

Once your account is open, your debit card will arrive by mail within 7 to 10 business days. You can use online banking immediately, and you can deposit checks through the mobile app or at an ATM if your account supports mobile deposit.

Comparing Arvest to Other Banks' Free Checking

Many online banks and credit unions offer free checking with no minimum balance and no direct deposit requirement. Banks like Ally, Charles Schwab, and Discover offer checking accounts with no monthly fees and no balance minimums. Some credit unions offer similar accounts to members.

The advantage of Arvest is that it has physical branches and ATMs in its service area, which is useful if you prefer in-person banking or need to deposit cash frequently. The disadvantage is that its free option (Basic Checking) does not earn interest, and its interest-bearing free option (eSavings) requires either a $500 balance or direct deposit.

If you live or work near an Arvest branch and value in-person service, Basic Checking is a solid free option. If you bank primarily online and do not need a physical branch, you may find better rates and fewer conditions elsewhere.

Frequently Asked Questions

Can I switch from Basic Checking to eSavings Checking later?

Yes. You can change account types at any Arvest branch or through online banking. There is no fee to switch. If you later set up direct deposit or can maintain a $500 balance, moving to eSavings makes sense because of the interest earnings.

Does Arvest charge a fee to close a checking account?

Arvest does not charge a fee to close a checking account. You can close it at a branch, by phone, or sometimes online. Make sure your balance is zero and no pending transactions remain before you close.

What happens if my balance drops below $500 on eSavings Checking?

If you do not have direct deposit set up and your balance falls below $500 on any day, you will be charged the $5 monthly fee. The fee appears on your next statement. Setting up direct deposit is the easiest way to avoid this.

Can I use my Arvest debit card outside the United States?

Yes, Arvest debit cards work internationally at ATMs and merchants that accept Visa. However, Arvest may charge a foreign transaction fee, typically 1% to 3% of the transaction amount. Check Arvest's current fee schedule for exact rates.

Is there a student checking account at Arvest?

Arvest offers student checking accounts with reduced or waived fees for full-time students under a certain age. Requirements and benefits vary by location. Contact your local Arvest branch or check the website to see if you meet the criteria.