Arvest does not currently offer a dedicated high yield savings account

Arvest Bank, which operates primarily in Oklahoma, Arkansas, Missouri, and Kansas, does not market a savings product specifically labeled as high yield. The bank's standard savings accounts carry rates that are typically lower than what online banks and some credit unions offer. If you bank with Arvest and want a higher rate on savings, you will need to look outside the bank or explore other account types Arvest does offer.

Arvest's savings rates vary by account type and change regularly. The bank publishes current rates on its website, but they tend to fall below the national average for savings accounts. This matters because the difference between a 0.01% APY and a 4.50% APY compounds significantly over time—on $10,000, that gap means roughly $450 per year in lost interest.

Key Takeaways

  • Arvest Bank does not offer a high yield savings account; its standard savings rates are typically below the national average.
  • Arvest customers who want higher rates can move money to an online bank or credit union without closing their Arvest account.
  • Arvest does offer money market accounts, which sometimes carry slightly higher rates than savings accounts, though still not competitive with online options.
  • Rates at all banks change frequently, so checking Arvest's current offerings directly is more reliable than relying on older information.

What Arvest savings accounts actually pay

Arvest's savings account rates depend on the specific product and your account balance. The bank offers a basic savings account and a money market account, each with its own rate structure. Money market accounts sometimes pay slightly more than savings accounts, but the difference is usually small—often less than 0.25% APY.

To find Arvest's current rates, visit arvest.com or call your local branch. Rates change without notice and may vary by branch location, so the rate you see online might not be the rate you receive. Ask specifically about the money market account if you want the highest rate Arvest currently offers.

How Arvest's rates compare to online banks

Online banks typically offer savings rates between 4.00% and 5.35% APY, depending on the bank and current market conditions. Arvest's rates are usually in the range of 0.01% to 0.50% APY. That gap exists because online banks have lower overhead costs—no physical branches, fewer employees—and pass some of those savings to customers through higher interest rates.

If you keep $10,000 in an Arvest savings account earning 0.10% APY for one year, you earn $10. The same $10,000 in an online savings account earning 4.50% APY earns $450. You do not have to close your Arvest account to move money elsewhere; you can keep your checking account there and move savings to a higher-rate bank.

Money market accounts at Arvest

Arvest does offer money market accounts, which combine features of savings and checking accounts. These accounts typically require a higher minimum balance than savings accounts—often $2,500 or more—and may limit the number of withdrawals per month. In exchange, they sometimes pay a slightly higher rate than savings accounts.

Money market accounts at Arvest are still unlikely to match online bank rates. However, if you want to stay within Arvest and need a higher rate than the basic savings account offers, the money market account is worth asking about. Rates and minimum balances vary, so contact your branch for current terms.

Where to find higher rates if you leave Arvest

Online banks like Marcus, Ally, American Express Personal Savings, and Discover Bank consistently offer rates above 4.00% APY on savings accounts. Credit unions, including some that accept members nationwide, also offer competitive rates. You can open an account at any of these institutions without affecting your Arvest checking account.

When you move money to another bank, the transfer takes one to three business days via ACH (Automated Clearing House). You keep your Arvest account open for checking, bill pay, or any other services you use there. This strategy—keeping checking at a local bank and savings at a higher-rate online bank—is common and straightforward.

Why Arvest's rates stay low

Arvest is a regional bank with physical branches in four states. It makes money partly by lending out customer deposits at higher rates than it pays on savings. A regional bank's business model depends on branch locations, tellers, and local lending relationships—all expensive to maintain. Online banks have no branches and no tellers, so they can afford to pay more on deposits.

Arvest may offer other benefits that matter to you—local customer service, branch access, or bundled accounts—but interest rate is not one of them. If rate is your priority, an online bank is the better choice.

Frequently Asked Questions

Can I keep my Arvest checking account and move my savings elsewhere?

Yes. You can open a savings account at an online bank or credit union and transfer money there without closing your Arvest account. Many people keep checking at a local or regional bank and savings at a higher-rate online bank. The transfer takes one to three business days.

Does Arvest offer any account that pays a competitive rate?

Arvest's money market account sometimes pays slightly more than its savings account, but it still typically falls well below online bank rates. If you want a rate above 4.00% APY, you will need to look outside Arvest. Check Arvest's website for current rates on all account types.

What if I need a physical branch for deposits?

You can use Arvest's branches for deposits and withdrawals while keeping your high-rate savings at an online bank. Some online banks also offer ATM networks or partner with other banks' ATMs, so you may not lose branch access. Check the online bank's ATM options before opening an account.

How often do savings rates change?

Banks change rates frequently—sometimes weekly, sometimes monthly—based on Federal Reserve decisions and market conditions. Arvest publishes current rates on its website. If you move money to an online bank, that rate can also change, so check the bank's rate before transferring and monitor it periodically.