Choosing to save money is a good thing, but you want to make sure you’re putting your hard earned cash in an account where it’s not only safe, but where you can earn some interest as well.
Unfortunately, not all banks offer competitive interest on savings, and some charge high monthly maintenance fees.
Finding an account that strikes the right balance is often easier said than done. In this Grand Bank review, I’ll let you know if the Oklahoma-based financial institution is a worthwhile place to store your savings.
- Grand Bank offers a money market account with a 5.20% APY.
- The account is available through a partnership with Raisin.
- Grand Bank also offers an interest-bearing checking account option.
What Is Grand Bank?
Grand Bank is a family-owned, regional bank with branches located Tulsa, Dallas, and Houston. It offers a full range of personal and business banking products, including checking and savings accounts, CDs, personal and business loans, and in-branch and mobile banking services. Grand Bank has been in business for over 40 years, and prides itself on delivering top- notch customer service.
What Does It Offer?
Grand Bank offers both business and personal banking products. While you can borrow money through Grand Bank, I will focus on the deposit account options available through the bank in this review.
Money Market Account
Through its partnership with Raisin, Grand Bank offers a money market account. As of writing in November 2023, the APY offered is 5.20%. You can open an account with a minimum deposit of $1 and there are no monthly fees.
Certificates of Deposit
Grand Bank has several CD options. Unfortunately, they don’t advertise the CD terms or rates available. Instead, you must call the bank to determine what rates and terms are being offered that day. If you are already a Grand Bank customer, this effort might be worth it. But if you aren’t, it’s likely easier to look for top CD rates elsewhere.
Interest-Bearing Checking Accounts
Interest-bearing checking accounts are relatively rare. But Grand Bank offers two different interest-bearing checking account options.
The first is the Grand Checking Plus account, which pays interest on balances over $1,000. While there are no monthly transaction fess, you’ll need a minimum balance of $100 to get started.
The second option is the Grand Investor Checking account, which offers tiered interest on balances over $25,000. There is a $10 monthly fee unless you maintain a balance of $25,000 or more.
While both checking accounts pay interest, Grand Bank doesn’t advertise the interest rate offered for either account. If you don’t want to call the bank for more information, consider other interest-bearing checking account options.
Grand Bank offers a ‘Grand Savings’ account as a place to store your savings. There is a minimum deposit requirement $100. This account is interest-bearing, but as with their CDs and checking accounts, Grand Bank doesn’t post any rates on its website. The Grand Savings account includes a $5 monthly fee unless you maintain a balance of at least $500.
Are There Any Fees?
Grand Bank’s fees vary based on the types of accounts you use. For example, many of the accounts charge a money maintenance fee. But the money market account available through Raisin doesn’t. Before signing up, read the fine print to ensure you are comfortable with all of the fees you’ll face.
How Does Grand Bank Compare?
Grand Bank offers a competitive APY with its Money Market account through Raisin. But if you are determined to get the highest possible rate on your savings, you may want to consider the following Grand Bank alternatives.
New York-based Ponce Bank offers a money market account, which you can also access through Raisin. At the time of writing, the APY 5.28%. It also offers a 12-month CD with a 5.50% APY.
If you are interested in CDs but don’t want to call Grand Bank for rates, consider Western Alliance Bank. As of writing, it offers a 5.46% APY on a 6-month CD term and a 5.51% APY on a 12-month CD term. It also offer a high-yield savings account, with a current APY of 5.25%.
How Do I Open An Account?
If you want to tap into Grand Bank’s money market account option, you’ll need to work with Raisin. This savings platform will ask for an email address, name, password, Social Security number, and funding account information to open an account.
But if you want to open another account offered through Grand Bank, you can visit a local branch to get started. Or call 918-369-6600. Come prepared with the same information to open your account.
Is It Safe And Secure?
Grand Bank offers FDIC insurance, which means your funds in deposit accounts at this bank are protected for up to $250,000. Additionally, the financial institution uses several security measures to keep your information safe.
How Do I Contact Greenlight?
You can get in touch with Grand Bank by walking into one of the four physical branches. These are located in Bixby, Tulsa, Houston, and Dallas. If you prefer to connect over the phone, you can call 918-369-6600.
The bank also offers online banking, which could help you manage your funds without having to speak to a representative in-branch of over the phone.
Is It Worth It?
Grand Bank offers a way to make your savings work for you. The high-yield money market account is an especially enticing option, thanks to the competitive interest rate. It’s available through Raisin, a partner of Grand Bank. But if you are looking for the highest possible rates, you may find those at other financial institutions.
If you aren’t ready to work with Grand Bank, explore your other options. You can find out more about our favorite banks today.
Check out Grand Bank here >>
Grand Bank Features
Money Market, Checking, Savings, CDs
Web/Desktop Account Access