There are plenty of banks in Arkansas. However, they’re not all created equal. In fact, there are significant differences between them. So, how do you know which bank is right for you? It all depends on your unique situation. Maybe your goal is to build a hefty emergency fund. Or perhaps you like the idea of doing all your banking online or via your mobile device.
No matter what your particular needs and preferences may be, you’re sure to find a bank (or a few banks) that checks off all your boxes. Our list of the best banks in Arkansas is sure to steer you in the right direction.
12 Best Banks in Arkansas
1. Bank OZK
Based in Little Rock, Bank OZK has more than 340 branches across eight states. This is one of the top regional banks in Arkansas. It offers a plethora of checking accounts to meet diverse banking needs, savings products, such as traditional savings accounts, money market accounts, CDs, and IRAS. Additionally, they offer lending products like personal loans and auto loans, mortgages, and credit cards.
While you can visit a local branch in Arkansas, you may also bank on the go with mobile banking. The Bank OZK mobile app will let you monitor your account balances, deposit checks, transfer money, and receive alerts in real-time. You can also manage your accounts online from your computer.
2. Chime
Chime, a California-based company, provides banking services to customers across the United States, including Arkansas. As an online-only bank, Chime is well-suited for those who prefer managing their finances online.
With lower overhead costs compared to traditional banks, Chime offers a range of benefits, such as no monthly fees, no minimum balance requirements, and no minimum deposit requirements. The only potential fee you may encounter is an out-of-network ATM fee.
However, ATM fees can be easily avoided as Chime boasts an extensive network of over 60,0001 ATMs nationwide. With a Chime checking account, you receive a Visa debit card, and there’s no replacement fee if it’s lost.
Chime also offers the SpotMe® feature5, which enables fee-free overdrafts. Additionally, you can choose to round up your debit transactions and transfer the difference into a high-yield Chime savings account, helping you reach or even surpass your savings goals. Furthermore, Chime provides early direct deposits2 and a user-friendly mobile app compatible with iOS and Android devices.
3. Regions Bank
As its name suggests, Regions Bank is a regional bank that serves individuals and small businesses in the Midwest, Texas, and the Southern United States. It has 82 branches in Arkansas with 25 of those branches near Little Rock.
When it comes to checking accounts, Regions Bank offers a variety of options to meet varying customer needs. The LifeGreen Checking account, which is the prime checking account, is ideal for everyday banking while the LifeGreen Preferred Checking earns interest and Regions Now Checking is free of overdraft fees.
The bank’s lineup of savings accounts includes the LifeGreen Savings, which doesn’t charge monthly fees or impose a minimum balance requirement and offers an annual bonus. They also offer the Savings account, which is a basic savings account, and the Minor Savings for anyone under age 18. Regions Bank also offers credit cards, loans, lines of credit, mortgages, and investment accounts.
4. First Arkansas Bank & Trust
Also known as FAB&T, First Arkansas Bank & Trust is a solid choice if you’re looking for a local bank. There are many local branches and ATMs throughout Arkansas in cities like Jacksonville, Sherwood, Cabot, and Higden. FAB&T’s personal banking options include checking accounts, savings accounts, money market accounts, debit cards, and credit cards.
You can also choose from financing solutions, such as personal loans and home equity lines of credit (HELOCs). In addition, the bank offers business services, including business loans, business transfers, business wire transfers, and check reconciliation. As a FAB&T customer, you have the option to bank in-person at a nearby branch, online, or through the mobile banking app.
5. CIT Bank
CIT Bank is now a division of First Citizens Bank, a leading family controlled financial institution with a reputation for high interest rates and excellent customer service. It provides an impressive lineup of products, such as the Platinum Savings account that offers 12 times the national interest rate, daily compounding interest, and no account opening or maintenance fees. We can’t forget the various CDs available, such as Term CDs, No-Penalty CDs, Jumbo CDs, and RampUp CDs. All CDs come with competitive CD rates.
CIT Banks offers business banking and commercial services as well. The mobile app makes it a breeze to pay bills, send and receive money through Zelle, and make secure payments via Apple Pay and Samsung Pay.
6. Axos Bank
Axos is one of our top picks for Arkansas bankers. It’s a digital bank that takes pride in low fees and above-average interest rates. It offers five checking accounts, a savings account with a free ATM card, a money market account, and CDs with terms ranging from 3 months to 60 months. Fortunately, all deposit accounts are free of monthly fees and ATM fees. You can easily open an account online.
The bank’s other products and services include mortgages, mortgage refinancing, home equity loans, HELOCs, auto loans, personal loans, managed investment portfolios, and commercial banking solutions.
Since Axos is an online bank, it’s no surprise that there’s a robust mobile app with convenient features like mobile check deposits, mobile bill pay, fund transfers, account balances, and transaction history.
7. Arvest Bank
Headquartered in Bentonville, Arvest Bank is considered the oldest bank in Arkansas. It’s also the largest regional bank in the state with $12 billion in in-state assets. The bank offers six checking accounts, complete with varying perks such as free AD&D insurance, ID protection, and free overdraft coverage. There’s also one savings bank account with a monthly fee you can waive as long as you maintain a daily balance of $100 or an average monthly balance of $500.
Arvest lending products include home loans, personal loans, and car loans. In addition, you can work with an advisor for retirement planning, investment planning, education planning, insurance planning, and estate planning. Business services like small business deposits, commercial deposits, equipment financing, and business credit cards are offered as well.
8. Revolut
Revolut is a neobank that differs from traditional banks, but can be a wise choice for Arkansas residents that often travel internationally for business or pleasure. With the Revolut app and banking service, you can access any funds that were directly deposited up to two days early.
You can also withdraw cash from more than 55,000 surcharge free ATMs, make purchases in more than 130 currencies without fees, and earn cash back on select purchases.
To deposit money in your Revolut account, you may use direct deposit, electronic bank transfer, wire transfer, Apple Pay, or Google Pay. Withdrawing money is also easy. Since Revolut depends on the real exchange rate, it can allow you to save as much as 8%. While it’s not a traditional bank, Revolut’s features are ideal if you consider yourself a global traveler or digital nomad.
9. Capital One
For a large, reputable banking solution, Capital One might make sense. While there are no physical branches in Arkansas, Capital One makes it easy to open and manage bank accounts online or via the mobile app. You can opt for 360 Checking accounts, which comes with a free checkbook, unlimited check writing, and a Mastercard debit card. The Capital One 360 Performance Savings is a high-yield savings account that can allow you to earn interest and offers a great interest rate and no fees.
Another option is a certificate of deposit, or CD with no minimum opening balances and terms between 6 months and 60 months. If you hope to teach your children how to save, you might want to go with MONEY Teen Checking account and Kids account that can serve as a savings builder.
The highly rated Capital One mobile app allows you to deposit checks, set up custom alerts, track expenses, access account statements, use Zelle, and even track your credit score through CreditWise.
10. Chase Bank
Chase Bank is a national bank with roots that date back to 1799. It has numerous locations throughout the Natural State, primarily in the Little Rock area. As a Chase banker, you can also enjoy out of state access and use more than 4,700 branches and 16,000 ATMs throughout the country.
The bank’s lineup of products includes checking accounts, saving accounts, CDs, loans, and wealth management services. If you come across any questions or concerns, you can receive support in-person at a local branch, online, via phone, or on social media.
11. Barclays Bank
Even though it was founded in the UK and is headquartered in New York, Barclays Bank is worth exploring for Arkansas residents who would like an online bank. Several examples of its banking products include savings accounts, CDs, and credit cards. The Barclays savings account comes with an attractive interest rate and no fees, like service fees or monthly maintenance fees. Plus, there is no minimum balance requirement.
We can’t forget the convenient mobile app. You can use it to keep tabs on various financial goals and deposit checks. At this time, Barclays doesn’t offer checking accounts or access to ATMs.
12. Bank of America
With Bank of America, you can enjoy the benefits of a large bank and access to in-person banking. The bank has branches or financial centers and ATMs throughout Arkansas in places like Bentonville, Fayetteville, Jacksonville, Little Rock, Pine Bluff, Rogers, and Springdale. As a customer, you may open a variety of accounts, like checking accounts, savings accounts, CDs, credit cards with cash back and travel rewards, and loans, such as mortgages, home equity lines of credit, auto loans, and small business loans.
If investing is a priority and you have at least $250,000 in eligible assets, you may want to consider Bank of America’s private bank services for individuals, families, and business owners. These include portfolio management, specialty asset management, trusts and estates, long-term financial planning, charitable giving, family wealth planning, and art management.
How to Choose a Bank in Arkansas
As you shop around for a bank in Arkansas, it’s important to pay attention to the following features.
- Products: Some banks offer a greater selection of products than others. If you’d like to stick to one bank for all of your financial needs, you’d be better off with a larger bank that can provide you with checking accounts, savings accounts, loans, retirement accounts, and more.
- Fees: The reality is many banks charge fees, like monthly maintenance fees and overdraft fees. Since fees can interfere with your financial goals, look for a bank that’s known for minimal to no fees. Typically, online banks charge fewer fees than brick and mortar banks because they have lower overhead costs.
- Digital and mobile banking: These days, most banks let you open and manage deposit accounts and other accounts online or through a mobile app. If online and mobile banking are crucial for you, focus on a bank that offers it.
- Reputation: Just because you find a bank with a website or in-person branches doesn’t mean it’s reputable. Do your own research and go with a bank that has high ratings and positive reviews from current and former customers.
- FDIC insurance: While a bank failure is unlikely, it’s certainly a possibility. For this reason, you should choose a bank that’s insured by the Federal Deposit Insurance Corporation.
- Customer service: Chances are you’ll have a question or concern at some point in time. Find a bank that not only offers excellent customer service but also gives you multiple ways to go about receiving it.
Bottom Line
The Bear State offers a wide array of banks. Before you commit to one, make sure you explore all your bank and account options and weigh the pros and cons of each. Remember, that you don’t have to stay with a bank if you find a better option. Just make sure you manage any accounts you open and avoid unnecessary fees or debt. Good luck with your search for the best bank in Arkansas.
Frequently Asked Questions
How many banks are there in Arkansas?
Arkansas is home to 114 local and national banks. These banks offer banking services to residents through 1158 branches in more than 200 cities.
What are the largest banks in Arkansas?
There are many large banks in the Bear State. Some examples include Arvest Bank, Bank OZK, Regions Bank, U.S. Bank, First Community Bank, Citizens Bank, Bank of America, and Eagle Bank.
Should I choose an online bank?
If you feel comfortable with online banking, a digital bank like Ally Bank, Centennial Bank, or Axos Bank might be worth exploring. While you won’t have access to in-person service at local branches, you may be able to lock in low fees and competitive interest rates.
Are Arkansas banks FDIC insured?
Fortunately, all reputable banks that serve Arkansas are insured by the Federal Deposit Insurance Corporation (FDIC). The standard deposit insurance amount is $250,000 per depositor per bank for each account. FDIC insurance can give you the peace of mind of knowing your money will be protected in the event of a bank failure.
Is Arvest a solid banking choice in Arkansas?
There’s a reason Arvest Bank is the oldest and largest regional bank in the state. It’s a suitable option if you’re looking for in-person service, a diverse array of products, and exceptional customer service.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
