Bank of Grand Lake review: Hispanic American-owned bank with free checking and money market accounts
The bottom line: Bank of Grand Lake's strongest products are its checking and money market accounts. Both accounts have no monthly fees and several ways to access your money. But if you're searching for a high interest rate on a savings account, online banks may offer better options.
Overall bank rating Pros and cons SavingsAnnual Percentage Yield (APY)
0.15% APY ProsThe Bank of Grand Lake Regular Savings Account is a good option if you can manage your account to avoid possible fees. There's a $2 monthly service fee, 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 charge on each additional withdrawal.
While the Bank of Grand Lake Regular Savings Account offers a decent rate in comparison to other brick-and-mortar banks, online bank accounts will provide a higher rate.
CheckingAnnual Percentage Yield (APY)
None ProsThe Bank of Grand Lake Free Eagle Checking 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 one drawback to this account is that there isn't any overdraft protection. You'll have to be careful of overdrawing from your account so that you don't have to pay the $35 overdraft fee.
CDAnnual Percentage Yield (APY)
0.10% to 0.50% APY ProsBank of Grand Lake offers a competitive APY for CD rates with shorter term lengths. However, the minimum opening deposit is a bit steep at $2,500.
You'll also want to look at other banks for CDs that are five years or longer. Bank of Grand Lake only has CD terms from 30 days to four years.
Money market accountAnnual Percentage Yield (APY)
0.10% to 0.25% APY ProsIf you're looking for a money market account with easy access to your money, the Bank of Grand Lake Presidential Money Market Account may appeal to you. The account includes checks and a debit card.
The account is best if you can maintain a high balance in your account – that way, you can earn the highest APY. If you'd prefer to look at options with lower balances or a higher APY, our guide on money market accounts may offer better choices.
How Bank of Grand Lake worksBank of Grand Lake is a Hispanic American-owned bank with two branches in Grove and Langley, Oklahoma. The bank has free ATMs at bank locations is also part of the TransFund ATM network around the US.
Customer support is available at bank locations or over the phone Monday to Friday from 8:00 a.m. to 5:00 p.m. CT and Saturday from 9:00 a.m. to 12:00 p.m.
Ratings from Bank of Grand Lake's mobile app are mainly 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 FDIC insured, so one account is protected up to $250,000.
Is Bank of Grand Lake trustworthy?We typically use ratings from the Better Business Bureau to provide insight into how a bank resolves customer issues. However, the Bank of Grand Lake hasn't been rated yet by the BBB.
BBB ratings aren't the only factors that you should consider when deciding if a bank is trustworthy. If you want to see if a bank may be a good fit, get feedback from friends or family who have been customers. You can also read online customer reviews.
Bank of Grand Lake hasn't been involved in any recent public scandals.
How Bank of Grand Lake comparesWe compared Bank of Grand Lake to two other banks in Oklahoma designated as minority-owned banks by the FDIC: Bank of Cherokee County and First Security Bank and Trust Company.
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