The bottom line: Bank OZK is a good option if you live in one of the eight US states with branches, especially if you are looking for a free checking account for your small business.

Overall bank rating

Pros and cons

Business checking

Annual Percentage Yield (APY)

None

  • Pros & Cons
  • Details

  • Pros
    • $100 minimum opening deposit
    • No monthly service fees
    • 250 transactions per month
    Cons
    • Limited branch locations
    • $0.50 fee per transaction after 250 monthly limit
    • $1 out-of-network ATM fee
    • $10 to $15 outgoing domestic wire transfer fee
    • $5 incoming domestic wire transfer fee
    • $35 international wire transfer fee
    • Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
    • 250 transactions per month, then $0.50 per transaction
    • FDIC insured

    The Bank OZK Small Business Checking Account is on our list of the best free business checking accounts. There are no monthly service fees, and you can make 250 free transactions each month.

    Bank OZK has several other checking accounts, too, including one with more free transactions and one that pays interest.

    Business savings

    Annual Percentage Yield (APY)

    Varies by location

  • Pros & Cons
  • Details

  • Pros
    • $50 minimum opening deposit
    • Easy to waive $3 monthly service fee
    Cons
    • $3 monthly service fee
    • Low APY
    • Interest compounds monthly, not daily
    • Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
    • Waive $3 monthly service fee by maintaining a $100 daily balance
    • Interest compounded monthly, paid monthly
    • FDIC insured

    The Bank OZK Commercial Savings Account pays a different interest rate depending on where you live, but rates are low in general. On the plus side, you only need to maintain a $100 daily balance to waive the $3 monthly service fee.

    Business money market account

    Annual Percentage Yield (APY)

    Varies by location

  • Pros & Cons
  • Details

  • Pros
    • Easy to waive $10 monthly service fee
    • Includes a debit card and paper checks
    Cons
    • $1,000 minimum opening deposit
    • $10 monthly service fee, or $3 if you qualify
    • Low APY
    • Only compounds interest monthly
    • $1 out-of-network ATM fee
    • Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
    • Waive $10 monthly service fee by maintaining a $1,000 daily balance; you will still pay a $3 monthly service fee
    • Interest compounded monthly, paid monthly
    • FDIC insured

    You can request a debit card and paper checks with your Bank OZK Investors Choice Money Market Account, so it’s a good option if you want easy access to your company’s savings. You’ll pay a $3 monthly service fee, though, or a $10 fee if your balance falls under $1,000.

    How Bank OZK business banking works

    Bank OZK has personal and business banking products. There are around 240 branches in Alabama, Arkansas, Florida, Georgia, New York, North Carolina, South Carolina, and Texas.

    To contact customer support, call Monday through Friday from 7:00 a.m. to 7:00 p.m. CT, or Saturday from 7:00 a.m. to 4:00 p.m. CT.

    The Bank OZK mobile app has 4.6 out of 5 stars in the Apple store, and 3 out of 5 stars in the Google Play store.

    The deposits in your business accounts are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

    Is Bank OZK trustworthy?

    The Better Business Bureau gives Bank OZK a B- in trustworthiness, primarily because the bank hasn’t responded to all of the customer complaints on the BBB website.

    In 2019, a former executive filed a lawsuit against Bank OZK, claiming her colleagues engaged in sexual misconduct and discriminated based on age.

    How Bank OZK compares to similar business banking options

    We’ve compared Bank OZK to business banking options in similar parts of the US: First Citizens Bank and IberiaBank.

    Bank OZK vs. First Citizens Bank

    First Citizens Bank has branches in more states than Bank OZK, so depending on where you live, it might be the clear choice. It could also be a good fit if you frequently use ATMs, because it doesn’t charge any fees for using an out-of-network machine.

    Bank OZK allows 250 free transactions from its free checking account each month, while First Citizens Bank only allows for 175. First Citizens Bank has other

    checking accounts
    with more free transactions, but those accounts charge hefty monthly fees that are hard to waive.

    Bank OZK vs. IberiaBank

    If you make more than 250 transactions from your checking account each month, you may prefer IberiaBank. Iberia’s free checking account includes 500 free monthly transactions. Your choice between the two banks could come down to where you live, though.