Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.
Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.
The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.
Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.
All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.
Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.
Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.
The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.
Note: TIAA has acquired EverBank, rebranding the bank as TIAA Bank. The acquisition completed on June 12, 2018.
The Yield accounts at TIAA Bank do not charge monthly maintenance fees. There is no amount required to keep in the accounts to avoid fees. You will earn interest on any amount you have deposited in the account.
TIAA Bank guarantees that their account offerings will earn the top five percent interest in the nation. This makes them a competitive bank in the field of high-interest rates.
Business accounts are available through TIAA Bank. Your business can earn the high interest rates you earn with personal banking. There are checking accounts for small businesses and non profits. Interest earning and basic business checking accounts are available. Money market accounts, CDs, and credit cards are also available for your business.
The Yield Checking account offers a one-year spotlight APY. The rate for one year is much higher than the regular interest rates. This rate is only for new customers. Earn interest on any amount above $5,000, but less than $250,000.
After the one-year spotlight APY, the rate drops. The account still earns interest, but lower than the first year. The interest you earn after the first year depends on the amount you have in the account. The rates drop by almost one whole percentage point for balances under $10,000.
The high interest earning accounts have a high required opening balance. You must have $5,000 to open the Yield Pledge Checking, Yield Pledge Money Market, and Yield Pledge CD accounts. Once you open one of these accounts, you will earn the top five percent of yields on your money. TIAA Bank ensures the top interest rates on these accounts.
To open the TIAA Bank accounts with the high interest rates you must have $5,000. TIAA Bank does offer a basic checking and savings account. These accounts only require $25 to open. There is no monthly fee as long as you keep $25 in the account. The basic CDs only required $1,000 to open. These basic accounts get lower interest rates, but still competitive.
TIAA Bank does reimburse fees charged at ATMs, but only if your account balance is over $5,000. TIAA Bank does not charge fees for using their ATMs. The fees are only for other bank ATMs.