12 Best Banks in Arkansas

1. Chase

Chase runs 13 branches in Arkansas, and it will pay you $400 to open a checking account. That is the largest new-checking bonus any major bank is offering right now, and it is money most Arkansans leave on the table by keeping the account they opened years ago.

Here is the entire requirement. Open a new Total Checking account, then have $1,000 or more in qualifying direct deposits arrive within 90 days of enrolling in the offer. It is cumulative, so two or three ordinary paychecks clear it, and the bonus is paid within 15 days of you meeting the requirement. The $15 monthly service fee drops to $0 in any statement period with $500 or more in qualifying electronic deposits, a $1,500 daily beginning balance, or $5,000 in average beginning day balance across linked accounts. One trap to know: Zelle, cash, checks, wires and interest do not count toward either number.

Set your expectations on the footprint. 13 branches across Arkansas is not a bank on every corner, so treat Chase as a national account you can occasionally reach in person rather than a neighborhood bank. What carries it is the nationwide side: 5,000+ branches and 14,000+ ATMs, Zelle built in, a well-rated app, and the option to add a Chase savings account or credit card later under the same login.

The catch worth naming: the bonus is only open to people who are not already Chase checking customers, and you can collect one new-checking bonus every two years. It is reported to the IRS on a 1099-INT. If that fits you, open a Total Checking account and route your paycheck to it.

If you want the biggest checking bonus on the market alongside a real Arkansas branch network, claim the $400 with Chase here.

2. Current

Between a Little Rock rent payment and the next deposit, timing is the whole problem. The gap between when a bill is due and when your paycheck lands is where most budgets actually break, and it is the specific problem Current is built for.

The signup math is simple. Open an account with promo code WELCOME75 and get $75 once your Eligible Payroll Deposits total $1,500 or more in your first 35 days. It is cumulative rather than one big deposit, it is new customers only, and the cash arrives about 10 business days after you cross the line. Recurring wages from an employer, a payroll provider or a government payer count. Non-direct-deposit ACH transfers, Venmo, Cash App, Zelle, PayPal, Google Pay, mobile check deposits, cash and one-off deposits such as a tax refund do not.

The feature that earns its keep after the bonus is Paycheck Advance, which lets you draw up to $750 of pay before payday and is offered by Finco Advance LLC rather than a bank. There is no monthly fee on the account, and the whole thing opens from your phone, which is the point in a state where the nearest branch may not be convenient.

One thing to be clear about, because it is routinely written up wrong: Current is a financial technology company, not a bank. Banking services come from Choice Financial Group and/or Cross River Bank, both Member FDIC, so deposit insurance reaches you on a pass-through basis up to $250,000 and depends on those conditions being met. If that structure is fine with you, open an account with code WELCOME75 and claim the $75.

3. Alcoa Community Federal Credit Union

This Arkansas credit union was established in 1957 and continues to serve not only the residents of Benton but also the entire state's population. Alcoa Community Federal Credit Union ranks among Arkansas's top 15 largest credit unions. 

You’ll find several perks at this credit union, which offers checking and savings accounts. You can access competitive interest rates for savings accounts, low minimum deposit requirements, and multiple account options. 

Alcoa Community Federal Credit Union also participates in co-op shared branching. This means you can access your account from several other banks. 

You are limited on withdrawals from your Alcoa Community Federal Credit Union account, and monthly maintenance fees apply. However, your funds are protected by the NCUA. 

4. Wells Fargo

Arkansans can trust Wells Fargo as a dependable banking partner, with over 60 branches and a network of ATMs throughout the state. Whether you’re in Little Rock or Fayetteville, Wells Fargo’s Everyday Checking account offers flexibility and security. 

Plus, new customers can qualify for a $325 bonus by opening an account with a $25 minimum deposit and receiving $1,000 or more in direct deposits within 90 days. 

Wells Fargo is known for its robust online and mobile banking tools, making it easy to manage your finances from anywhere in the Natural State. 

The account comes with a $15 monthly service fee that’s easily avoidable with qualifying activities. Start your journey with Wells Fargo today and enjoy a banking experience designed for Arkansas residents.

5. Arvest Bank

Arvest Bank is known for offering Arkansas residents some of the best checking accounts. You can choose from half a dozen checking accounts with waivable monthly fees. 

You’ll find nearly 140 physical Arvest Bank locations scattered across the state. Arvest Bank operates in four other states, so you can bank while traveling. 

You’ll need at least $100 to open a checking or savings account with Arvest Bank. You can also earn a respectable APY without meeting sky-high minimum balance requirements. 

Arvest Bank is also known for its superior customer service. However, it does not have a robust ATM network to help you manage your finances. 

6. Bank of America

Among many other banks that don’t require Social Security numbers, Bank of America serves residents of Arkansas and the nation alike. You’ll find over 4,300 branches scattered nationwide, with a network of 17,000 ATMs. 

Bank of America promotions can also make opening an account super rewarding. Check BofA’s website to see what the financial institution offers that you can take advantage of. 

Most of Bank of America’s accounts come with a monthly fee. However, you can waive most of them if you: 

• Have a $5,000 minimum daily balance
• Spend at least $250 on debit card purchases within a single statement period
• Become a Preferred Rewards member 

Bank of America also supports local small business owners. Customers can take their banking on the go with a user-friendly mobile app. 

You can also open an Advantage Savings account and waive the $8 monthly fee. You’ll need at least $100 to deposit into the account when you open it. 

7. Bank OZK

If you’re looking for some of the best CD rates, check out Bank OZK. Formerly known as the Bank of the Ozarks, Bank OZK offers a handful of checking and savings accounts. 

For example, the My Choice Checking account has no monthly fees and unlimited check writing. You can also earn interest on your balance if you connect a direct deposit. 

Bank OZK has been in business for over 100 years and continues to serve Arkansas residents. You can visit over 300 locations in eight states, but some of the best physical locations can be found in Arkansas. 

You must have at least $50 to open a savings account. The $3 monthly fee is waived for the first two months, but you’ll need a minimum daily balance of $100 or more to continue to waive that fee. 

Bank OZK also offers IRAs, money market accounts, and more. Check out Bank OZK if you’re a resident of Arkansas to see how this bank can help you achieve your financial goals. 

8. Centennial Bank

Small business owners in Arkansas should definitely give Centennial Bank some time. This bank is preferred among businesses that do around or under 375 monthly transactions and want to work with a bank they can trust. 

If you go over the free 375 transactions per month, Centennial Bank only charges you $0.40 per transaction after that. While many accounts come with monthly fees, you can easily waive them, just like many other banks on our list. 

Centennial Bank requires that you have $100 to open most of the accounts it offers. Beyond that, you can open the accounts online without a minimum daily balance after the initial deposit. 

You’ll find seven checking accounts and five savings accounts at Centennial Bank. These accounts may accrue interest, but you must check with a bank representative for updated rates. 

9. First Arkansas Bank & Trust

Based out of Jacksonville, First Arkansas Bank & Trust offers four checking accounts and numerous savings accounts. Here’s a quick breakdown of the four checking accounts you can choose from: 

• Basic: This account comes with no monthly fees. 
• Prime: Earn a competitive APY on your balances with this account. 
• Premier: Balances over $1,000 earn interest. 
• Legacy: This account is designed for seniors who want to earn interest on balances of $500 or more. 

First Arkansas Bank & Trust also offers credit cards, loans, wealth management, and home equity lines of credit (HELOCs). 

10. First Western Bank

First Western Bank offers FDIC insurance for up to $250,000 on all its accounts. This bank is headquartered in Boonville, Arkansas.  

While First Western Bank can’t compete with online-only banks in offering higher interest rates for savings accounts, this bank does offer several rewards checking accounts. You can also access the widespread MoneyPass ATM network to bank on the go. 

First Western Bank doesn’t offer live chat to speak with a customer service agent. In addition, most accounts come with monthly maintenance fees you may or may not be able to waive. 

However, First Western Bank does set its minimum deposit requirements low. It also offers loans, credit cards, and many other financial products. 

11. Regions Bank

With over 85 branches in Arkansas alone, Regions Bank offers customers plenty of above-average financial products and services in Arkansas and the South. You can choose from six checking accounts and several savings accounts to help you keep track of your finances. 

Minimum opening deposits are typically $50 for most Regions Bank accounts. You can also waive many of the monthly fees associated with these accounts. 

Open a LifeGreen or LifeGreen Preferred Checking account, and you can earn interest on your balance. The Regions Now Savings account doesn’t come with monthly fees, and the minimum deposit is only $10. 

Regions Bank also offers CDs, credit cards, investment accounts, loans, and lines of credit. Some accounts require you to visit a physical branch while others are available to open online. 

12. Simmons First National Bank

Featured on Forbes’ list of the World’s Best Banks in 2022 and 2023, Simmons First National Bank was founded in Pine Bluff, Arkansas. This regional bank operates over 200 branches in Arkansas, Oklahoma, Tennessee, Kansas, and Texas. 

Many business credit cards Simmons First National Bank is known for have no annual fees. This bank also lets you open many of the accounts it offers online.

Simmons First National Bank lets you open several personal bank accounts to keep your finances in order. This bank offers six different checking accounts and five savings accounts, most of which require a $100 opening deposit. 

Of the six checking accounts, the basic Coin Checking account comes with no monthly fees. You can also open a Simply Youth Savings account with only $10 if you’re under 18. 

Digital banking with Simmons First National Bank is easy. You can also obtain credit cards, personal loans, investment accounts, and home loans from this community bank. 

In March of 2023, Simmons First National Bank celebrated its 120th birthday. The bank opened in 1903 and opened its first drive-in just 50 years later.