Hispano-American bank, free control


Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.15% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive APY
    • Minimum opening deposit of $ 50
    • Ability to waive monthly service charges
    The inconvenients
    • $ 2 monthly service charge
    • $ 1 fee per withdrawal if you exceed the 3 month limit
    • Bank owned by Hispanic Americans
    • 2 branches in Oklahoma (Langley and Grove)
    • 3 free ATMs in branches, as well as access to the TransFund ATM network
    • To waive the $ 2 monthly service charge, keep at least $ 200 in your account daily
    • 3 free withdrawals per month
    • Fee of $ 1 per withdrawal if you exceed the monthly limit
    • Interest compounded monthly, deposited monthly
    • FDIC member

    The Bank of Grand Lake Regular Savings Account is a good option if you can manage your account to avoid potential fees. There is a monthly service charge of $ 2, but it can be waived if you keep at least $ 50 in your account. You can also only withdraw three times per month if you want to avoid a $ 5 fee on each additional withdrawal.

    While the Bank of Grand Lake regular savings account offers a decent rate compared to other traditional banks, online bank accounts will offer a higher rate.

    Verification

    Annual percentage return (APY)

    Nothing

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 50
    • No out-of-network ATM fees
    • No monthly service fees
    • Unlimited check writing
    • free visa debit card
    The inconvenients
    • $ 35 overdraft fee
    • No overdraft protection
    • You cannot receive a refund if you use off-network ATMs
    • Bank owned by Hispanic Americans
    • 2 branches in Oklahoma (Langley and Grove)
    • 3 free ATMs in branches, as well as access to the TransFund ATM network
    • FDIC member

    The Bank of Grand Lake Free Eagle bank account is one of the bank’s strongest products. The account has a low minimum opening deposit, no monthly service fees and easy access through unlimited checks and a debit card.

    The only downside to this account is that there is no overdraft protection. You will need to be careful with your account overdrafts so that you don’t have to pay the $ 35 overdraft fee.

    CD

    Annual percentage return (APY)

    0.10% to 0.50% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive APY
    • Times as short as 30 days
    The inconvenients
    • Minimum opening deposit of $ 2,500
    • No term longer than 4 years
    • Withdrawal penalties depend on the duration of the mandate and the amount deposited
    • Interest compounded monthly
    • Bank owned by Hispanic Americans
    • 2 branches in Oklahoma (Langley and Grove)
    • 3 free ATMs in branches, as well as access to the TransFund ATM network
    • Duration options from 30 days to 4 years
    • Withdrawal penalties depend on the duration of the mandate and the amount deposited
    • Interest compounded monthly, deposited monthly
    • FDIC member

    Bank of Grand Lake offers a competitive APY for

    CD prices
    with shorter durations. However, the minimum opening deposit is a bit high at $ 2,500.

    You will also want to look at other banks for CDs that last five years or more. Bank of Grand Lake only has CD durations of 30 days to four years.

    Money market account

    Annual percentage return (APY)

    0.10% to 0.25% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive APY, especially on high balances
    • No monthly service fees
    • Includes paper checks
    • Visa debit card option
    The inconvenients
    • Minimum opening deposit of $ 2,500
    • Need to maintain a high balance daily to earn the highest APY
    • $ 5 fee for each withdrawal over the 6 month limit
    • Bank owned by Hispanic Americans
    • 2 branches in Oklahoma (Langley and Grove)
    • 3 free ATMs in branches, as well as access to the TransFund ATM network
    • Earn 0.10% APY for account balances between $ 2,500 and $ 24,999.99
    • Earn 0.15% APY on account balances between $ 25,000 and $ 99,999.99
    • Earn 0.25% APY on account balances of $ 100,000 or more
    • Interest compounded monthly, deposited monthly
    • Six free withdrawals are allowed per month; $ 5 fee on each withdrawal after
    • FDIC member

    If you are looking for a money market account with easy access to your money, the Bank of Grand Lake Presidential Money Market Account may be for you. The account includes checks and a debit card.

    The account is the best if you can maintain a high balance on your account – this way you can earn the highest APY. If you’d rather look at options with lower balances or a higher APY, our guide to money market accounts may offer better choices.

    How the shore of Grand Lake works

    Bank of Grand Lake is a Spanish-American bank with two branches in Grove and Langley, Oklahoma. The bank has free ATMs in its bank locations and is also part of the TransFund ATM network in the United States.

    Customer support is available in bank branches or by phone Monday to Friday 8:00 a.m. to 5:00 p.m. CT and Saturday 9:00 a.m. to 12:00 p.m.

    Bank of Grand Lake’s mobile app reviews are mostly positive; it has 4.6 out of 5 stars on the Google Play Store and 4.8 out of 5 stars on the Apple Store.

    The bank is also insured by the FDIC, so an account is protected up to $ 250,000.

    Is Grand Lake Bank Trustworthy?

    We typically use Better Business Bureau ratings to provide insight into how well a bank is solving customer issues. However, the Bank of Grand Lake has yet to be rated by the BBB.

    BBB ratings aren’t the only factors to consider when deciding whether a bank is trustworthy. If you want to see if a bank might be right for you, ask for feedback from friends or family who have been customers. You can also read customer reviews online.

    Bank of Grand Lake has not been involved in any recent public scandals.

    How Bank of Grand Lake Stacks Up

    We compared the Bank of Grand Lake to two other Oklahoma banks designated as minority-owned banks by the FDIC: Bank of Cherokee County and First Security Bank and Trust Company.

    You can learn more about these institutions and see if there are MDIs in your state by checking out our guides to Black Owned Banks and Hispanic American Owned Banks.

    Bank of Grand Lake v. First Security Bank and Trust Company

    Bank of Grand Lake and First Security Bank and Trust Company have

    verify accounts
    with similar opening deposits. Neither bank offers overdraft protection, but First Security Bank and Trust Company charges lower overdraft fees. However, Bank of Grand Lake does not charge an off-network ATM fee.

    If you are looking to open a savings account, the choice between the two banks will depend on your preferences. Bank of Grand Lake has a free money market account, and First Security Bank and Trust Company has a free savings account.

    Bank of Grand Lake v Bank of Cherokee County

    The flagship product of the Bank of Cherokee is its Bank of Cherokee County Savings Account. The account has a low minimum opening deposit and the APY is higher than the Bank of Grand Lake savings account which may make it more attractive.

    You may prefer Bank of Grand Lake if you are looking for a free checking account. With Bank of Cherokee, you will need to pay a monthly service fee if you use a debit or your account balance is below a certain amount.

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