Bank of Grand Lake review: Hispanic American-owned bank with free checking and money market accounts

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Bank of Grand Lake is Hispanic American-owned bank with 2 branches in Oklahoma.

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The bottom line: Bank of Grand Lake’s strongest products are its Bank of Grand Lake Free Eagle Checking Account and Bank of Grand Lake Presidential Money Market Account. 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

FeatureInsider rating (out of 5)Checking3.5Savings3.5CD3.75Money market account3.25Trustworthiness4Total3.5

Pros and cons

ProsConsHispanic American-owned bankNo monthly service fees on checking and money market accountCheck writing and debit card included with checking and money market accountCompetitive interest rates compared to other brick-and-mortar banksOnly available in OklahomaNo overdraft protectionOnline banks offer higher rates on savings accountsNeed to maintain a high balance on money market account to earn a good APYInterest compounded monthly, not daily

Savings

Bank of Grand Lake Regular Savings Account

The 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.

Checking

Bank of Grand Lake Free Eagle Checking Account

The 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.

CD

Bank of Grand Lake Certificate of Deposit

Bank of Grand Lake Certificate of Deposit 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 account

Bank of Grand Lake Presidential Money Market Account

If 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 works

Bank 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 compares

We 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.

You can learn more about these institutions, as well as see if any MDIs are in your state by looking through our Black-owned banks and Hispanic American-owned banks guides.

Oklahoma branches

2 (Langley, Grove)

Oklahoma branches

1 (Oklahoma City)

Oklahoma branches

3 (Hulbert, Tahlequah)

Standout feature

Free checking account

Standout feature

Free checking account

Standout feature

Solid interest rates

Bank of Grand Lake Regular Savings AccountFirst Security Bank and Trust Company Savings AccountBank of Cherokee County Statement Savings Account

Bank of Grand Lake vs. First Security Bank and Trust Company

Both Bank of Grand Lake and First Security Bank and Trust Company have free checking accounts with similar opening deposits. Neither bank offers overdraft protection, but First Security Bank and Trust Company charges a lower overdraft fee. Bank of Grand Lake doesn’t charge an out-of-network ATM fee, though.

If you’re looking to open a savings account, choosing between the two banks will depend on your preferences. Bank of Grand Lake has a free money market account, and First Security Bank and Trust Company has a free savings account.

Bank of Grand Lake vs. Bank of Cherokee County

Bank of Cherokee’s standout product is its Bank of Cherokee County Statement Savings Account. The account has a low minimum opening deposit and the APY is higher than Bank of Grand Lake’s savings account, which may make it more appealing.

You may prefer Bank of Grand Lake if you’re looking for a free checking account. With Bank of Cherokee, you’ll have to pay monthly service fees if you use a debit or if your account balance is under a certain amount.

Related Content Module: More Savings Coverage

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