Saving is basic to financial planning. Our expenses increase as life progresses, and one’s savings can help overcome various problems in life. High-yield savings accounts are a good instrument to help us save, offering higher interest rates as compared to regular savings accounts.
In Arkansas, many options are available with benefits and features, and this guide will discuss the city’s top 10 high-yield savings accounts, their APY rates and other benefits to help you decide. Here’s all you need to know about high-yield savings account in Arkansas.
10 Top High-Yield Savings Accounts in Arkansas
Let’s dive in and explore these options in greater detail.
Beem
Beem offers a range of financial services. While it doesn’t offer a high-yield savings account on its own, it provides a platform where you can check offers from various banks and financial institutions.
| Factor | Explanation |
| APY Rate | Depends on the provider. |
| Monthly Fees | Nil. |
| Pros | Enjoy a fee-free experience with no hidden charges. Your savings are insured up to $5,000,000 for peace of mind. Access your account easily with a user-friendly mobile and online banking platform. |
| Cons | Beem primarily operates online, which may not suit those preferring in-person banking. Customer support is mostly online, potentially challenging some users. |
Ally Bank
Ally Bank offers a high-yield savings account with an impressive APY, no monthly fees, and no minimum deposit requirements. It’s ideal for those who prefer online banking.
| Factor | Explanation |
| APY Rate | 4.20%, compounded daily for maximum earnings. |
| Monthly Fees | Nil. |
| Pros | Earn a competitive 4.20% APY. Enjoy no monthly fees or minimum deposit requirements. |
| Cons | It operates solely online, which may only suit some. Savings account transactions are limited to six per statement cycle. |
Regions Bank
Regions Bank provides a wide range of banking services with extensive branch access in multiple states, including 85 locations in Arkansas.
| Factor | Explanation |
| APY Rate | 0.01%, which is low compared to other savings accounts. |
| Monthly Fees | $8, which can be waived with a minimum balance. |
| Pros | It has an extensive branch network in 85 locations in Arkansas and branches in 14 other states. Offers a variety of accounts, from checking to CDs. |
| Cons | Interest rates are significantly lower compared to competitors. Monthly $8 fee if minimum balance still needs to be met. Online banking features may not be as robust as online-only banks. Requires a $50 minimum deposit to open an account. |
Arvest Bank
Arvest Bank is a top choice for Arkansas residents. It offers various account options, excellent customer service, and a strong local presence with numerous branches.
| Factor | Explanation |
| APY Rate | 0.25%, providing modest interest on savings. |
| Monthly Fees | Nil. |
| Pros | High customer satisfaction, according to J.D. Power. It has an option for children’s savings accounts. |
| Cons | Physical branches only in Arkansas, Kansas, Missouri, and Oklahoma. You’re limited to regional ATMs. Customer service hours only, not someone. A $100 minimum deposit is required to open a savings account. |
CIT Bank
CIT Bank’s Savings Builder account offers competitive interest rates to help you grow your savings efficiently. With easy online and mobile banking, it’s a great option for those who prefer digital account management.
| Factor | Explanation |
| APY Rate | 0.40%, potentially earning up to 1.00% by meeting certain conditions. |
| Monthly Fees | Nil. |
| Pros | Only $100 is required to open an account. Full suite of online and mobile banking features. |
| Cons | APY Conditions: Must make $100 in monthly deposits or maintain a balance of at least $25,000 to earn the highest APY. No physical branches, it operates solely online. |
First Arkansas Bank and Trust
First Arkansas Bank and Trust’s Prime Checking account offers some of the best interest rates for checking accounts, making it a great option for those who meet the monthly requirements and prefer using a local bank.
| Factor | Explanation |
| APY Rate | 4.75% on balances up to $30,000 if monthly requirements are met, 0.10% on balances over $30,000, and 0.01% if requirements aren’t met. |
| Monthly Amount | Nil. |
| Pros | Enjoy personalized service from a local bank. Each month’s transactions determine your eligibility, allowing flexibility. |
| Cons | A $100 minimum deposit is required to open the account. Must meet specific monthly transaction requirements to earn the highest APY. Balances over $30,000 earn a significantly lower APY. If requirements are unmet, the APY drops to 0.01%. |
Bank Of America
Bank of America is an excellent choice for students, particularly those out of state. With branches in 36 states, students can easily access their accounts whether they are in Arkansas or traveling.
| Factor | Explanation |
| APY Rate | 0.00%, as this is primarily a checking account for managing daily transactions. |
| Monthly Fees | The Advantage Plus account has a $12 monthly maintenance fee, which can be waived for eligible students. |
| Pros | The monthly fee is waived for eligible high school, college, university, or vocational program students under 24. Excellent online and mobile banking features for on-the-go access. |
| Cons | There are only 19 branches in Arkansas, which may be less convenient for local banking. Having a 0.00% APY means no interest earnings on account balances. Monthly $12 fee on the Advantage Plus account if not eligible for a waiver. Safe Balance account has fewer features compared to other checking accounts. |
Milli Bank Savings Account
Milli Bank’s savings account offers a competitive 4.75% APY, making it one of the best high-yield savings options. With no fees and unique features like “Jars” for organized saving, it’s a great choice for anyone looking to grow their savings.
| Factor | Explanation |
| APY Rates | 4.75%, and is paid monthly. |
| Monthly Fees | Nil. |
| Pros | There are no monthly fees, statement fees, or minimum balance requirements here. There are no limits on the number of monthly withdrawals. |
| Cons | There are no physical branches for in-person banking. Limited history as a newer bank, which may concern some users. |
Brio Direct High Yield Saving Account
Brio Direct offers a high-yield savings account with a competitive 5.35% APY, making it one of the best rates available. This account is designed to help you maximize your savings with the convenience of online and mobile banking and no monthly maintenance fees.
| Factor | Explanation |
| APY Rates | At 5.35%, it’s among the highest in the market. |
| Monthly Fees | Nil. |
| Pros | Convenient access to your account anytime, anywhere. It’s simple to keep track of your savings with digital tools. |
| Cons | There are no physical branches, which may not suit those who prefer in-person banking. They have a limited track record as a newer institution, which might concern some users. |
Capital One’s 360 Performance Savings Account
Capital One’s 360 Performance Savings account offers a high-yield savings rate of 4.25% APY. With no fees and minimum balance requirements, it’s an excellent option for those looking to maximize their savings effortlessly.
| Factor | Explanation |
| APY Rates | 4.25%. |
| Monthly Fees | Nil. |
| Pros | No minimum deposit is required to open or maintain the account. Conveniently deposit checks from anywhere using your phone. |
| Cons | There are no physical branches for in-person banking needs. Online customer service may only suit some. |
Conclusion
Opting for the right high-yield savings account can greatly improve your savings. To maximize savings, choose from providers and platforms such as Beem, Ally Bank, and Capital One 360, which provide high APYs with no fees. Regions Bank and Arvest Bank have ample branch networks if you prefer in-person banking. By weighing the pros and cons of each account, you can find the best one to suit your financial goals and see your savings grow efficiently and effortlessly.
Read Related Article: High-Yield Savings Account in Alaska.
FAQs
How do I open a high-yield savings account in Arkansas?
To open a high-yield savings account in Arkansas, you must visit the bank’s website or branch, fill out an application, and provide identification and personal information.
Are high-yield savings accounts in Arkansas insured?
Yes, high-yield savings accounts in Arkansas are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per insured bank.
What are the minimum balance requirements for high-yield savings accounts in Arkansas?
Minimum balance requirements for high-yield savings accounts in Arkansas vary by bank, but some accounts have no minimum balance requirement. In contrast, others may require a certain amount to open the account.
