Best Savings Accounts in Arkansas of August 2021

Victoria Daniel

If you are looking for a savings account in Arkansas, we are here to help.

Arkansas has dozens of banks that offer high-yield savings accounts to its residents. Whether you prefer online or in-person banking, there is a wide variety of banking services to choose from.

When selecting the best account for you, look for one with the highest annual percentage yield (APY). Consider other factors like introductory rates, minimum balance, accessibility to your money and account information.

It is important to keep in mind that a high APY does not necessarily result in high returns. For example, some accounts have a high APY, with high monthly fees, and minimum initial deposit and balance requirements. Remember to weigh out the return on investment and the cost for account maintenance.

Knowing your individual preferences and saving habits will help to narrow down and focus your search on features that will work in your favour. For example, if you prefer using your mobile to complete transactions, a high-yield savings account with a robust mobile application would be an ideal choice for you. 

To find some of the best savings accounts in Arkansas, we compared factors such as APY, minimum balance requirements, convenience, and security. Use our list to choose an account that is most suitable fit for your financial needs.

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed