-
Financial Rates:
4.5
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Customer Service:
4.0
-
Website Experience:
4.0
-
Bank Fees:
4.5
Pros:
- Competitive rates on all accounts
- Low opening required amounts
- Good variety of accounts
- Can send and receive money with Zelle
Cons:
- Tiered interest rates for most accounts
- Cannot open all accounts online
- Accounts not available to everyone
- Monthly fees for some accounts
What You Need to Know
Gateway First offers competitive interest rates on most accounts. The interest rates are much higher than typical bank rates. The online savings account and 12-month CD offers the most competitive interest rates.
The opening required amounts for Gateway First accounts are low. The online savings account requires $10 to open. The CDs need $1,000 to open. The checking accounts require either $50 or $1,000 to open. The money market account does require $2,500 to open.
Gateway First offers a good variety of accounts. These include:
- Three personal checking accounts
- Online savings account
- CD terms from six-months to five-years
- One, two, and three-year IRA CDs
- Home and consumer loans
- Business checking account
- Commercial and specialty lending options
Customers can send and receive money through Zelle. Gateway First Bank offers Zelle as a feature for each of their checking accounts. You can initiate Zelle payments through the mobile app or online.
Gateway First accounts have tiered rates. The CDs require $500 to open, but to earn interest requires a $25,000 balance. Each CD earns competitive rates if you have $25,000. You cannot add money to the CD after the opening amount. The money market account requires $100,000 to earn the most competitive rate. The checking account requires $50,000.
Not all Gateway First accounts can be opened online. The only accounts available online are the high yield savings account and CDs. The CD terms range from six-months to five-years.
Gateway First accounts are not currently available in all 50 states. If you live in the following states, you cannot open an account:
- Alaska
- California
- Georgia
- Hawaii
- Illinois
- Maine
- Massachusetts
- Montana
- New Hampshire
- New York
- Rhode Island
- Vermont
Some Gateway First Bank accounts have monthly fees. The fees for the checking accounts are between $7-8. There is a fee of $0.15 per debit item if you do not keep a set account balance. To waive the account fees, you must keep an account balance between $250 and $2,500.
Digital or Mobile Banking
Gateway First offers online banking and a mobile app. With these tools, you can:
- Transfer money
- Receive money
- Pay bills
- Make mobile deposits
- Find ATM and branch locations
- Send money through Zelle
Cool Things
Financial Calculators
The Gateway First website offers a variety of financial calculators. There are retirement, lease, home, and personal financing calculators. Some calculators include eliminating debts, renting vs. buying, and monthly savings.
History
In 2019, Farmers Exchange Bank and Gateway Mortgage Group merged. Farmers Exchange Bank had been operating for over 100 years. The merger created Gateway First Bank.
Gateway First funds over $7 billion in mortgages each year and has over $1.5 billion in assets. There are six banking branch locations in Oklahoma. Gateway First has 160 mortgage centers across the United States. They employ over 1,300 people and are one of the largest banking and mortgage operations in the United States. The bank headquarters are in Jenks, Oklahoma.
Awards and Recognition
- Named "Top Workplaces 2019" by The Oklahoman
- One of the "Top 25 Companies in Mortgage and Servicing" by MReport in 2019
- One of America's fastest-growing companies by Inc. Magazine in 2019
Giving Back
In January of 2020, Gateway First Bank donated $10,000 to three charities in Waco, Texas. The charities were the Boys and Girls Club of Hill County, West Area Ministerial Alliance, and the Heart of Texas Region MHMR Veterans One Stop.
Gateway First donated $10,000 to charities in Ada, Oklahoma. These charities included Ada Homeless Services, A Child's Life Foundation, Hope Haven Crisis Nursery, and Boys and Girls Club of Ada.
List of Common Bank Fees
- ATM fees in the United States: $0-1
- ATM fees internationally: 0.90% cross border fee plus 20% currency conversion fee
- Bill pay: $0
- CD early withdrawal fees: Contact customer service
- Excessive withdrawal fees: $1 per debit item after first three withdrawals
- Monthly service fees: $0-8
- Overdraft service fees: $25
- Paper bank statements: $0-2
- Wire transfers (Domestic): $20-30
- Wire transfers (International): $20-30
Frequently Asked Questions
Yes. Gateway First Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
Through ATM or debit cards, checks, electronic transfers, and bill pay. You can visit a branch location or send and receive money through Zelle.
Yes, at a local branch location. Some ATMs may accept cash deposits.
Cash deposits are immediate. Other transfers may take a few business days.
Yes. Money can be directly deposited into Gateway First accounts.
There is a foreign ATM transaction fee of $1. Other ATM fees are not listed on the website. Contact customer service for more information.
ATM fees refunds are not listed on the website. Contact customer service for more information.
Yes. Through the mobile app, you can see account balances, make deposits, and pay bills. You can find ATM or branch locations through the app as well.
Yes. The eFree checking account offers bill pay.
Yes. Most Gateway First accounts offer competitive interest rates. Their online savings account and 12-month CD offer the most competitive rates.
Gateway First offers one interest-earning checking account.
The online savings account and 12-month CD are the most popular accounts.
The checking accounts have monthly fees. Those fees range from $7-8, depending on the account. Waive the fees by keeping a set account balance.
The interest rates for Gateway First accounts are competitive. The opening required amounts are low. You can open the savings accounts and CDs online. Not all accounts can be opened online. You must live in a specific state to open an account with Gateway First.
Gateway First has security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure.
Yes. Gateway First offers a business checking account and lending options for businesses.
Gateway First rates are much higher than typical bank rates. You can open the savings account and CDs online if you live in a state where Gateway First operates.
Through phone, email, mail, or by visiting a branch location. You can follow Gateway First on Facebook, Instagram, and Twitter.
Bank Information
Gateway First Bank244 South Gateway Place
Jenks, OK 74037-3448
918-324-0021
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.