Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF; edited by Libby Kane; reviewed by Evelyn He
2024-01-09T16:52:57Z
- Overall bank rating
- Pros and cons
- Business checking
- Business savings
- Business money market account
- How Bank OZK business banking works
- Is Bank OZK trustworthy?
- How Bank OZK compares to similar business banking options
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Bank OZK Small Business Checking Account
On Bank OZK's site. Bank OZK, FDIC Insured
Insider’s Rating
3.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$100
Pros
- $100 minimum opening deposit
- No monthly service fees
- 250 transactions per month
Cons
- Limited branch locations
- $0.50 fee per transaction after 250 monthly limit
- $1 out-of-network ATM fee
- $10 to $15 outgoing domestic wire transfer fee
- $5 incoming domestic wire transfer fee
- $35 international wire transfer fee
Product Details
- Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
- 250 transactions per month, then $0.50 per transaction
- FDIC insured
Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Business checking | 3.5 |
| Business savings | 3.5 |
| Business money market account | 3.5 |
| Trustworthiness | 3.0 |
| Total | 3.5 |
Pros and cons
| Pros | Cons |
|
|
Business checking
Bank OZK Small Business Checking Account
On Bank OZK's site. Bank OZK, FDIC Insured
Insider’s Rating
3.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$100
Pros
- $100 minimum opening deposit
- No monthly service fees
- 250 transactions per month
Cons
- Limited branch locations
- $0.50 fee per transaction after 250 monthly limit
- $1 out-of-network ATM fee
- $10 to $15 outgoing domestic wire transfer fee
- $5 incoming domestic wire transfer fee
- $35 international wire transfer fee
Product Details
- Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
- 250 transactions per month, then $0.50 per transaction
- FDIC insured
With the Bank OZK Small Business Checking Account, there are no monthly service fees, and you can make 250 free transactions each month.
Bank OZK has several other checking accounts, too, including one with more free transactions and one that pays interest.
Business savings
Bank OZK Commercial Savings Account
Insider’s Rating
3.5/5
Fees
$3 monthly service fee
Annual Percentage Yield (APY)
Varies by location
Minimum Opening Deposit
$50
Pros
- $50 minimum opening deposit
- Easy to waive $3 monthly service fee
Cons
- $3 monthly service fee
- Low APY
- Interest compounds monthly, not daily
Product Details
- Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
- Waive $3 monthly service fee by maintaining a $100 daily balance
- Interest compounded monthly, paid monthly
- FDIC insured
The Bank OZK Commercial Savings Account pays a different interest rate depending on where you live, but rates are low in general. On the plus side, you only need to maintain a $100 daily balance to waive the $3 monthly service fee.
Business money market account
Bank OZK Investors Choice Money Market Account
Insider’s Rating
3.5/5
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
Varies by location
Minimum Opening Deposit
$1,000
Pros
- Easy to waive $10 monthly service fee
- Includes a debit card and paper checks
Cons
- $1,000 minimum opening deposit
- $10 monthly service fee, or $3 if you qualify
- Low APY
- Only compounds interest monthly
- $1 out-of-network ATM fee
Product Details
- Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
- Waive $10 monthly service fee by maintaining a $1,000 daily balance; you will still pay a $3 monthly service fee
- Interest compounded monthly, paid monthly
- FDIC insured
You can request a debit card and paper checks with your Bank OZK Investors Choice Money Market Account, so it's a good option if you want easy access to your company's savings. You'll pay a $3 monthly service fee, though, or a $10 fee if your balance falls under $1,000.
How Bank OZK business banking works
Bank OZK has personal and business banking products. There are around 240 branches in Alabama, Arkansas, Florida, Georgia, New York, North Carolina, South Carolina, and Texas.
To contact customer support, call Monday through Friday from 7:00 a.m. to 7:00 p.m. CT, or Saturday from 7:00 a.m. to 4:00 p.m. CT.
The Bank OZK mobile app has 4.6 out of 5 stars in the Apple store, and 3 out of 5 stars in the Google Play store.
The deposits in your business accounts are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Bank OZK trustworthy?
The Better Business Bureau gives Bank OZK an A+ grade. BBB grades reflect how businesses respond to customer complaints, whether they're transparent about business practices, and more.
Bank OZK does not have any recent public controversies.
How Bank OZK compares to similar business banking options
We've compared Bank OZK to business banking options in similar parts of the US: First Citizens Bank and IberiaBank.
|
| | |
Locations AL, AR, FL, GA, NY, NC, SC, TX | Locations AZ, CA, CO, FL, GA, KS, MD, MO, NM, NC, OK, OR, SC, TN, TX, VA, WA, WI, WV | Locations AL, AR, FL, GA, LA, NY, NC, SC, TN, TX |
Max. free monthly transactions from checking 250 | Max. free monthly transactions from checking 175 | Max. free monthly transactions from checking 500 |
| Open an account | Open an account | Open an account |
Bank OZK vs. First Citizens Bank
First Citizens Bank has branches in more states than Bank OZK, so depending on where you live, it might be the clear choice. It could also be a good fit if you frequently use ATMs, because it doesn't charge any fees for using an out-of-network machine.
Bank OZK allows 250 free transactions from its free checking account each month, while First Citizens Bank only allows for 150. First Citizens Bank has other checking accounts with more free transactions, but those accounts charge hefty monthly fees that are hard to waive.
Bank OZK vs. IberiaBank
If you make more than 250 transactions from your checking account each month, you may prefer IberiaBank. Iberia's free checking account includes 500 free monthly transactions. Your choice between the two banks could come down to where you live, though.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
Alliant 1 Year CD Forget the low interest rates most banks offer. Lock in a 5.15% APY for 1 year with a minimum deposit of $1,000. APY= Annual Percentage Yield. The APY is accurate as of the 3/25/2024 dividend declaration date. A $1000.00 minimum deposit is required to open a Regular Alliant Certificate. A $75,000 minimum deposit is required to open an Alliant Jumbo Certificate.
NEW LOOK
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.
