Fayetteville, Arkansas, is home to Arvest Bank, one of the largest banks in … (+)
In our latest roundup, we analyzed, ranked, and reviewed the best APYs for savings accounts in Arizona. Despite Arizona being such a populous state, there are only 14 Arizona-based banks on the FDIC state financial institutions list. In contrast, a much less populous state like Arkansas has 82 Arkansas-based banks. It seems that banking in Arkansas has much deeper roots than in Arizona.
Lately, we’ve been going state by state to find the savings accounts with the best APRs. Using data from the FDIC, we’ve identified the best savings rates in each state, and this time we’re looking at Arkansas. By examining both regular savings accounts and high-yield products, we want to help Arkansans make informed decisions that increase their savings potential.
Best Savings Account Rates in Arkansas
As mentioned, unlike Arizona, Arkansas is largely dominated by in-state banks, many of which are small, local operations; however, others, such as Arvest, can be quite large. To get a list of banks in Arkansas, we used the FDIC to compile a list of banks in each state, sorted by the size of their deposits. From there, we analyzed all of the banks that were locally or regionally based in Arkansas. Using those banks, we then evaluated which ones had the best interest rates on savings accounts.
Headquartered in Magnolia, Arkansas, Peoples Bank is on the small side, managing just over $168 million in customer deposits. Despite being small, Peoples Bank has what matters. Their Companion Savings account has the highest savings rate in Arkansas: you’ll earn an impressive 4.25% APY
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Mountain View-based Stone Bank is more than three times the size of Peoples Bank in terms of deposits, managing over $582.2 million versus about $168 million. Stone Bank has a number of good bank accounts, but its Fortress Savings account really stands out. No money is required to open it, and you never have to worry about monthly account maintenance fees or minimum balance requirements. You get all this plus earn an additional 4% APY.
“First National Bank” is a common name for banks in America. However, the full name of this bank is “The First National Bank of Lawrence County at Walnut Ridge.” With more than $251 million in customer deposits, First National is more comparable in size to Peoples Bank. First National Bank is an old hand, with origins dating back to 1919.
If you’re looking for the best APY for a savings account in Arkansas, First National Bank’s High-Yield Savings is an excellent choice. It requires a minimum deposit of $3,000, so it’s more expensive than most basic savings accounts. There’s also a $10 monthly service fee if you don’t have a minimum balance of $3,000. But for that, you get an excellent APY of 2.22%. In addition, you should also check out First National Bank’s other savings accounts. Their basic savings account brings a very respectable APY of 0.75%. Their Christmas Club account has a 4% APY, which is another winner.
With over $820 million in customer deposits, FAB&T is one of the larger Arkansas-based banks on our list of the best savings account rates in Arkansas. The bank has 22 locations in Arkansas, including its headquarters in Jacksonville. In terms of savings accounts, FAB&T has a particularly good one with its Prime Savings account. It costs just $100 to open the account, and there is no minimum balance requirement or monthly fees. To open a Prime Savings account, you must also open a Prime Checking account. But you can then earn 1.25% APY, which is always a good thing.
Headquartered in the town of Pocahontas, RiverBank is one of the smaller banks on our list and has over $77.7 million in customer deposits. RiverBank has a number of savings accounts. If you’re one of the Christmas Club folks, you can try RiverBank’s account and earn 3% APY, with a maximum deposit of $20,000. If you’re looking for a typical savings account, check out RiverBank’s Regular Savings. As the name suggests, this is a pretty standard savings account. It costs $50 to open. If you maintain a minimum daily balance of $50, you can waive the $5 monthly fee, but you’ll earn 0.50% APY.
With over $12.3 billion in customer deposits in Arkansas and another $8.9 billion in out-of-state deposits, Arvest Bank is by far the state’s largest bank. Perhaps it’s no coincidence that the largest bank in Arkansas’ annual interest rate on savings accounts isn’t as high as smaller banks. Still, it costs just $100 to open an Arvest savings account. To earn interest and avoid the $2 monthly service fee, you must maintain a $100 balance. The annual interest rate on the savings account is 0.25%, which is half of RiverBank’s rate, but still better than the 0.01% annual interest rates offered by the big national banks.
Based in Murfreesboro, Arkansas, Diamond Bank rounds out our list of the 7 best savings account APYs in Arkansas. Their top savings account is their Diamond Super Savings account. This is a comparatively inexpensive account that requires just $100 to open and has no monthly fee or minimum balance required. Balances between $0.01 and $100,000 will earn you 0.25% APY. Anything over $100,000 will earn you 0.15% APY. The latter savings rate is the same as their regular Diamond Savings account.
