The Best Banks in Oklahoma for 2023
Oklahoma has a protracted, proud agrarian custom. Farming and ranching nonetheless dominate lots of its far-flung rural communities, whilst oil and gasoline extraction has turn out to be increasingly more essential to its hinterlands and extra trendy industries now dominate its two greatest towns, Tulsa and Oklahoma City.
These ancient industries and the communities they serve have given upward thrust to one of the crucial nation’s maximum lively state-level group banking cultures. If you’re keen on banking on a first-name foundation, you’ll have a variety of choices in Oklahoma. Some made our record of the most productive banks within the state.
And should you choose a big-bank revel in, that’s positive too. Oklahoma is house to a number of huge monetary establishments protecting all the state and in some circumstances the encircling area. Our “perfect banks in Oklahoma” record has a couple of of those as neatly. See which is best for you.
The Best Banks in Oklahoma
These are the most productive FDIC-insured client and small-business banks running in Oklahoma now. All have bodily branches someplace within the state. That stated, financial institution department protection is usually spotty in carefully populated western Oklahoma, in particular within the a ways northwestern Panhandle area.
Best Overall: BOK Financial (Bank of Oklahoma)
- Headquarters: Tulsa, Oklahoma
- Number of Branches in Oklahoma: 50+
- Areas Served: Tulsa, Oklahoma City, a lot of japanese and central Oklahoma
The handiest explanation why we selected BOK Financial as the most productive total financial institution in Oklahoma is as a result of “BOK” stands for “Bank of Oklahoma.”
Just kidding — kind of. With dozens of branches throughout Oklahoma and deep ties to communities in each and every nook of the state, Tulsa-based BOK Financial lives as much as its call. Its largest strengths come with:
- Hundreds of fee-free ATMs throughout Oklahoma (and plenty of extra out of state)
- Comprehensive non-public deposit account lineup, together with unfastened or cheap checking, financial savings, cash marketplace, and CD accounts with aggressive charges
- Comprehensive banking services and products for small and midsize companies, together with enterprise checking accounts, SBA loans, and treasury control services and products
- Multiple checking account choices for minor youngsters, together with custodial accounts and UTMA/UGMA accounts
- Home acquire, refinance, and residential fairness loans, together with much less not unusual mortgage sorts like new development loans
- Award-winning customer support thru BOK CategoricalBank, a telephone and virtual fortify community
- Comprehensive funding control (decrease internet price) and wealth control (increased internet price) services and products, together with ESG making an investment
- Extensive fortify for charities founded in or serving Oklahoma, together with thousands and thousands donated to United Way
BOK Financial does enterprise in Oklahoma because the Bank of Oklahoma. Elsewhere, it makes use of other business names, regardless that the emblem is the same around the gadget. If you’re on the lookout for a one-stop monetary establishment that’s with you nearly anywhere you pass in Oklahoma (and perhaps past), it’s tricky to do higher.
Best Bank in Oklahoma City: City National Bank and Trust
- Headquarters: Lawton, Oklahoma
- Number of Branches in Oklahoma: 40
- Areas Served: Oklahoma City, Tulsa, Lawton, rural central and japanese Oklahoma
Oklahoma City is the bigger of Oklahoma’s two primary inhabitants facilities; its metropolitan space is house to about one in 3 Oklahomans. So it will have to come as no wonder that the most productive financial institution in Oklahoma City — OKC, for brief — is without doubt one of the perfect banks in Oklahoma writ huge.
That honor is going to OKC-based City National Bank and Trust — which isn’t to be puzzled with California-based City National Bank, West Virginia-based City National Bank, or Florida-based City National Bank. The Oklahoma model is concentrated nearly fully on serving its house state, with the only largest focus of branches and ATMs in better Oklahoma City.
Like BOK Financial, City National Bank and Trust has a complete product and repair lineup. One spotlight: A selection of much less leisure belongings loans, together with boat and RV loans. Some banks don’t hassle with those.
Best Bank in Tulsa: MidFirst Bank
- Headquarters: Oklahoma City, Oklahoma
- Number of Branches in Oklahoma: 45
- Areas Served: Tulsa, Oklahoma City, rural central and western Oklahoma
As the state’s second-largest metropolitan space by means of a large margin, what works in Tulsa carries a large number of weight throughout Oklahoma. Which is why MidFirst Bank, our best pick out for banking shoppers in Tulsa, is without doubt one of the perfect banks in its house state too.
Like BOK Financial and City National Bank and Trust, MidFirst Bank has an exhaustive lineup of private and small-business accounts and lending choices. It has branches and ATMs all the way through Oklahoma’s primary inhabitants facilities, regardless that its rural protection isn’t as nice as any other “statewide” banks.
What in reality units MidFirst Bank aside is its industry-specific industrial lending and deposit services and products. If you run a small or midsize healthcare or actual property enterprise, MidFirst has customizable lending answers which might be arduous to search out at each smaller group banks and bigger nationwide banks. And MidFirst’s Company Club club program is going the additional mile to scale back banking prices — and make lifestyles more uncomplicated — for companies and nonprofits serving Tulsa and surrounding spaces.
Best Community Bank: Arvest Bank
- Headquarters: Lowell, Arkansas
- Number of Branches in Oklahoma: 75
- Areas Served: Statewide
Arvest Bank has the most productive product and repair lineup of any group financial institution in Oklahoma, and the most productive geographical protection as neatly. Even should you’re neatly out of doors Tulsa or Oklahoma City, you’re most likely no more than an hour from the closest Arvest Bank department.
Despite its relationship-driven solution to banking, Arvest Bank has one thing many smaller group banks don’t: a very good on-line and cellular banking revel in. The latter runs during the Arvest Go app, which is strong sufficient to take care of maximum on a regular basis banking actions, together with debit and bank card control, cellular take a look at deposit, and digital transfers.
Best Native American-Owned Bank: F&M Bank
- Headquarters: Edmond, Oklahoma
- Number of Branches in Oklahoma: 8
- Areas Served: Oklahoma City, Edmond
Oklahoma has a protracted custom of Native American-owned monetary establishments, a few of which date again to the pre-statehood generation (prior to 1912). One of the longest-running and best-regarded of those is F&M Bank, whose homeowners (a couple of generations of the Anderson circle of relatives) hint their lineage again to the Citizens Potawatomi Nation.
Though it stays small, with fewer than 10 branches basically in OKC and Edmond, F&M sticks out due to:
- Very aggressive financial savings and CD yields
- A lot of actual property loans — together with jumbo loans, which aren’t not unusual in Oklahoma because of fairly inexpensive housing costs
- A high-interest bank account with one of the crucial perfect charges round (BonuSelect Checking)
- Business loans specializing in farming, ranching, and production companies
Best Bank for Online Banking: Gateway First Bank
- Headquarters: Jenks, Oklahoma
- Number of Branches in Oklahoma: 6
- Areas Served: Tulsa, rural north-central Oklahoma
Despite having just a handful of branches in northern Oklahoma, Gateway First Bank isn’t your conventional group financial institution. Future Oklahoma governor Kevin Stitt based Gateway as an immediate loan lender again in 2000, then all of a sudden expanded around the United States amid the mid-2000s housing increase. Gateway weathered the typhoon and endured doing what it did perfect till 2019, when it merged with a small group financial institution and expanded its product and repair portfolio.
Today, Gateway First provides checking, financial savings, CDs, and nonmortgage loans for customers and a forged deposit account and mortgage lineup for companies. It’s flexible sufficient to be a one-stop banking answer for any individual founded in its business space. And it advantages from a relic of its direct loan lending days: an excellent generation platform that arguably makes it your only option for on-line banking in Oklahoma, no less than a few of the state’s true group banks.
Best Branch and ATM Coverage: BancFirst
- Headquarters: Oklahoma City, Oklahoma
- Number of Branches in Oklahoma: 95
- Areas Served: Statewide
BancFirst has probably the most Oklahoma branches and ATMs of any financial institution in this record. And they’re now not concentrated in a single or two portions of the state — total protection is best even than Arvest Bank, whose succeed in is downright spectacular. So should you price in-person banking or want money steadily, BancFirst is tricky to overcome.
BancFirst has different benefits too, together with a unfastened bank account, a (very) high-yield financial savings account, and a singular “skip a mortgage fee” program that permits you to cast off one fee and not using a have an effect on for your credit score and only a one-time $50 commission (plus deferred curiosity) for the difficulty. BancFirst does so much for higher-net-worth purchasers as neatly, with lively agree with and wealth control departments and intensive non-public banking services and products.
Methodology: How We Select the Best Banks in Oklahoma
Oklahoma hosts just about 200 homegrown and nationwide banks, greater than maximum different states. This is particularly notable in mild of the state’s fairly low inhabitants — and approach Oklahomans have a variety of banking choices to fit their wishes.
Of route, such a lot selection is usually a curse too. To lend a hand Oklahomans in finding the most productive banks for his or her wishes, we review key components like charges, yields, virtual comfort, department availability, customer support, and product selection.
Product Lineup
It’s now not strange for savvy customers to have a couple of banks, however we acknowledge that many of us like to have one major monetary establishment to name their very own. That’s why we’re fanatics of Oklahoma banks with wide product and repair mixes — without reference to what number of bodily branches they have got or how a lot buyer cash they grasp. You gained’t in finding any area of interest banks right here focusing on only one or two product sorts.
Rates and Yields
We’ve decided on those banks with an eye fixed to the competitiveness in their mortgage and credit score line rates of interest and the yields they pay on deposits.
You would possibly in finding increased rates of interest in Oklahoma if you recognize the place to appear, particularly should you enlarge your seek to on-line banks founded out of doors the state. But not one of the banks in this record will shortchange you.
Online and Mobile Banking Capabilities
Most Oklahomans do no less than a few of their banking on-line, and plenty of infrequently if ever challenge right into a financial institution department or use an ATM. That’s why we give desire to Oklahoma-based banks with powerful virtual interfaces, together with cellular banking apps (or mobile-friendly web pages) that let customers to finish maximum not unusual banking movements on a smartphone.
Areas Served
From a geographic point of view, all the banks in this record do one of the crucial following, if now not each:
- They serve all the state of Oklahoma, from the far flung western Panhandle to the japanese border
- They have loads of ATMs and branches in a selected geographic space or inhabitants heart
Not everybody cares about having the ability to financial institution in user. But should you do, it’s essential to have a financial institution that doesn’t ask you to spend all day within the automobile to seek advice from.
Customer Service Ratings
We indisputably take user-generated opinions with a grain of salt — sorting high quality opinions from biased or outright fabricated ones is all however not possible. That stated, we’re excellent at telling which banks have constructed up goodwill with their shoppers and which will’t get out of their very own means. Naturally, we give desire to the previous team.
ATM Access
Even the smaller banks in this record belong to bigger ATM networks that supply low- or no-cost withdrawals at tens of 1000’s or extra machines national. That’s essential for other people whose paintings or recreational travels take them out of doors their banks’ house territories.
Oklahoma Banking FAQs
If you haven’t but noticed a solution on your query about banking in Oklahoma, we have now them right here. Some of them, no less than.
How Many Banks Does Oklahoma Have?
There are just about 200 FDIC-insured banking establishments founded in Oklahoma. The precise quantity adjustments annually, in most cases downward — there have been round 300 within the yr 2000, for instance. But given the state’s fairly low inhabitants, the per-capita financial institution rely is fairly excessive in Oklahoma, reflecting the state’s lengthy historical past of group banking.
Dozens of different banks that do enterprise in Oklahoma are headquartered in other places. Many have deep historic roots within the state, continuously tied to longstanding native industries like oil and gasoline extraction, ranching, and farming.
What Bank Has the Best CD Rates in Oklahoma?
We love group banks up to any individual, however the truth of the topic is that they usually don’t be offering probably the most aggressive CD charges in Oklahoma. They have increased overhead prices than branchless on-line banks like Synchrony Bank, Capital One Bank, and Ally Bank, which will go their low inside prices directly to their shoppers.
To take only one instance, Ally Bank’s five-year CD recently yields 4.10%. That’s neatly increased than the standard Oklahoma group financial institution, for higher or worse.
What Bank Has the Best Savings Rates in Oklahoma?
The common sense above additionally applies to financial savings accounts, sadly. You would possibly in finding an occasional new buyer teaser fee at this or that Oklahoma-based financial institution, however the basic rule is that on-line banks have the most productive high-yield financial savings accounts.
The silver lining, similar to it’s, is that gigantic nationwide brick-and-mortar banks — your Wells Fargos and Banks of America — have even worse financial savings account yields. So should you’re set on fending off on-line banks, your place of origin Oklahoma financial institution is indisputably the second one most suitable choice.
What’s the Best Bank for Mortgages in Oklahoma?
Mortgage charges have a tendency to be aggressive, which is excellent and dangerous information for Oklahoma-based banking shoppers.
The excellent information is that your place of origin financial institution — or any of the most productive Oklahoma banks in this record — most likely isn’t out of line with its competition at the loan entrance. That stated, if a simple vanilla typical loan gained’t do, they may not have the precise mortgage product you’re on the lookout for.
The dangerous information is that smaller banks have a tendency to have out of date underwriting processes, which means it takes extra paintings to use for a loan with one. The hole is narrowing slowly however certainly, however an enormous nationwide financial institution or direct loan lender continues to be your perfect wager should you price a easy utility revel in over all else. One imaginable exception comes to group banks with deep loan lending revel in, similar to Gateway First Bank.
One extra bit of recommendation: in case you have a preexisting dating with financial institution founded in Oklahoma, ask them if they are able to lower you a ruin for your loan fee (or your mortgage’s ultimate prices). You may well be stunned by means of how a lot this protects you over the lifetime of the mortgage — like, 1000’s of greenbacks.
How to Choose a Bank in Oklahoma
Let’s take a step again and overview what issues maximum in the case of opting for a financial institution in Oklahoma. These are crucial components, in no specific order:
- Coverage and Access: You would possibly assume you’ll by no means want in-branch or ATM carrier, however that’s dangerous. I’d counsel opting for a financial institution that’s available on your group, or no less than now not too a ways out of doors it.
- Account and Service Fees: Do you’re keen on financial institution charges? Didn’t assume so. The perfect banks have a tendency to supply unfastened deposit accounts (particularly unfastened checking) and no-annual-fee bank cards, amongst different low- or no-cost monetary merchandise to your on a regular basis wishes. If you’ll’t discover a financial institution that doesn’t rate upkeep charges or annual charges in any respect, search for one that provides simple techniques to waive them.
- Personal Service (or Lack Thereof): Every financial institution claims to care about their shoppers. Few in reality observe thru. Community banks are much more likely to take action, however they’re now not all created equivalent both. make a selection correctly.
- Deposit Account Options: Checking accounts. Savings accounts. Money marketplace accounts. Certificates of deposit. It’s great to have the opportunity to do all of your spending and saving in a single position, even supposing you’re comfy having multiple lively financial institution at a time.
- Credit Options: Most folks wish to observe for a mortgage — or no less than a bank card — in the future in our lives. Choosing a financial institution with a pleasant lineup of credit score merchandise now can prevent some trouble down the street. Plus, by means of organising your buyer dating early on, you’ll have a variety of time to qualify for money-saving dating perks.
- Technology: Just as you wish to have a financial institution that’s available the place and the way you are living, even supposing you don’t financial institution in user on a daily basis, you wish to have a financial institution with powerful on-line and cellular generation even supposing you favor in-person carrier.
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