Bank of Oklahoma Review: Robust Digital Banking Experience and a Variety of Products
Written by
Jamie Johnson
Edited by
Susan Kim
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GOBankingRates Score
Bank of Oklahoma
-
Checking Accounts
4.0
-
Savings Accounts
4.0
-
CD Accounts
4.0
-
Money Market Accounts
4.0
-
Banking Experience
4.8
Pros
- Free checking available
- Wide variety of banking products to choose from
- Same-day credit for mobile check deposits made before 10 p.m. on weekdays
Cons
- Minimal interest rates on your balances
- Free ATM access limited to Bank of Oklahoma branches and a limited amount of additional ATMs
Bank of Oklahoma Overview
Bank of Oklahoma is part of BOK Financial, which is a top 25 U.S.-based bank. The bank was founded in 1910 in Tulsa and has grown to over $48.9 billion in assets. Its parent company, BOKF, is currently the largest bank in Oklahoma and has 114 branch locations in the area. BOKF also operates in Arizona, Arkansas, Colorado, Kansas and Missouri.
GOBankingRates has ranked Bank of Oklahoma among the Best Southwest Regional Banks of 2024.
Bank of Oklahoma Review
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.
Access Checking
The Access Checking account 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. This makes it a great choice if you’re looking for a no-frills banking experience.
Select Checking
Select Checking is designed for customers who plan on carrying larger balances and would like to earn some interest as well as have additional service options. The account requires a minimum opening deposit of $50 and has a monthly service fee of $15. Accounts can earn a nominal APY of . To avoid the monthly fee, you’ll need to maintain $10,000 or have a BOKF mortgage with automatic debits from the account.
Premier Checking
Premier Checking is also designed for customers who want to earn interest on larger balances. The account requires a minimum opening deposit of $15 and has a monthly service fee of $25. To avoid the monthly service fee, you’ll need to have at least $25,000 in linked bank deposit accounts or at least $50,000 in any combination of qualifying linked deposits, and 10% of loan or line of credit balances.
Thanks!
The APY is a bit higher for this account at .
Savings Accounts
There’s only one savings account for adults and a youth savings option. To open the Personal Savings 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 QuickSave feature. For every debit card transaction you make, an amount of your choice (such as 50 cents) is transferred to your savings account. Plus, the bank will match up to $250 per year to help you maximize your savings.
The account offers an interest rate of APY.
CD Accounts
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. Rates on standard CDs range from to , depending on the term and balance. Bank of Oklahoma also offers promotional CDs that feature higher APYs.
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 Bank of Oklahoma.
Money Market Accounts
You only need $50 to open the Personal Money Market account, BOKF’s standard money market account, which makes it very accessible for the average customer. Customers can also earn – interest on the money they save, depending on their balance. The Premier Money Market account offers higher rates for balances of $50,000 or more.
There are monthly maintenance fees of $7.95 (Personal) or $15 (Premier) that can be waived if you maintain the minimum balance for your account. For the standard money market, you’ll need to maintain at least $1,000 per month. For the Premier account, you’ll need a minimum balance of $10,000.
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.
Bank of Oklahoma 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 Prevention to safeguard customers against accidentally sending the wrong payment amount.
The 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 rated the app a nearly perfect 4.9 out of 5 stars. Android users rated the Bank of Oklahoma app a 4.6 out of 5. You can download the app at Google Play or the App Store.
Comparable Banking Options
Take a look at how the bank stacks up against some of its competitors.
Arvest Bank
Arvest Bank offers a wide variety of accounts with low fees and reasonable opening deposit minimums. Arvest’s standard savings account offers a APY, which is lower than the APY that Bank of Oklahoma’s Personal Savings account offers.
BancFirst
BancFirst offers a APY on its standard savings account, which is higher than what Bank of Oklahoma offers on the Personal Savings account. However, the $1 monthly service fee for BancFirst’s savings account can be waived with a minimum balance of $100, whereas the $5 monthly fee for Bank of Oklahoma’s savings account can be waived in several ways, including maintaining a $250 minimum balance.
Final Take
Bank of Oklahoma is a great option for anyone looking for minimal fees and low minimum deposit requirements. The mobile app and website are big selling points, making it easy to set up your account within five minutes.
Bank of Oklahoma FAQ
Here are the answers to some commonly asked questions about Bank of Oklahoma.- What's the difference between Bank of Oklahoma and BOK Financial?
- Bank of Oklahoma is the largest bank in Oklahoma. BOK Financial 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?
- Bank of Oklahoma doesn't have any current promotions running.
Cynthia Measom and 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 Dec. 16, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To discover the Best Regional Banks, GOBankingRates looked at the top regional institutions (excluding online banks and neobanks) located in under 25 states. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighted 0.5 times; factor (5) was weighted 2.5 times; and factor (7) was weighted 1.5 times.
For regional breakdowns, the same methodology as above was used. The regions were broken down into the following: West (AK, CA, CO, HI, ID, MT, NV, OR, UT, WA, WY); Southwest (AZ, NM, OK, TX); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI); Southeast (AL, AR, DC, FL, GA, LA, KY, MS, NC, SC, TN, VA, WV); and Northeast (CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VT). To be considered for a region, a bank had to have a branch in one of the states listed and be headquartered in that state/region.
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