Amarillo National Bank – Detailed Bank Review

Amarillo National bank was established in 1892 and headquartered in Amarillo, Texas, with $4 billion and $3 billion in deposits.

It does not provide premium support service to its customers through live chat service.

However, being a brick-and-mortar bank, it provides its services through online or mobile apps

It offers many banking products, including saving, checking, money market, CDs, IRAs, mortgage, brokerage accounts, and credit cards.

If you are looking for some stress-free banking options, this helps you as it does not have monthly charges and has better saving rates than the national average saving rates. 

While having easy access to your deposits provides you a high-interest rate with no-fee checking and helps provide you the maximum out of your resources. 

Amarillo-national-bank

Summary

BankAmarillo National Bank
Rating  4.5
Saving rate 0.80%
Monthly Fees $3.21
Savings Accounts Opening Fess$30
WebsiteClick Here

Key Takeaways

  • This bank charges you for withdrawing money from some other network ATM.
  • To open a checking account with this bank, you need to have $1000 as the minimum balance, $1000 for CD accounts, and $10,000 for Money Market accounts.
  • Amarillo National Bank offers two types of CD accounts, five types of checking accounts, three types of Individual Retirement Accounts, and more.
  • This bank has a national average rating is 3.6/5.

Overview

Rating 

Measured through the average of service quality, financial health, interest rate, and monthly fee, the rating is 4.5 out of 5, whereas the national average rating is 3.6 

Saving rate 

Its savings rates are 0.80%, which are not very high compared to other US banks’ rates.

It offers tiered CDs, and for the CD of one year, the APY rate is 2.25%while the CD rate of 5 years is 2.85%. The APY of its highest yielding money market account is 0.85%.

If you are looking for higher-earning rates, you may go for banks other than Amarillo National Bank that provide better saving rates. 

Monthly Fees

Amarillo National bank charges a low monthly fee as compared to the national average monthly fee.

Its checking account does not charge any monthly fee and is perfect for anyone looking forward to having a hassle-free banking experience.

It charges no monthly fee, whereas the national average monthly fee is $3.21. It just charges $1.25 for using an out-of-network ATM.

Hence this is an appropriate choice than the other banks if you frequently use an ATM. However, the bank does not reimburse ATM charges of other networks.

Hence, you will either be required to pay the charges of ATMs of other banks, or you will be required to look for the ATM of Amarillo National bank to avoid the ATM charges. 

Service Quality

With more than 21 branches in Texas, Amarillo National Bank is a brick-and-mortar bank. It provides the facility of on-the-go banking through mobile and web apps.

However, it does not provide live call service with the customer representatives.

The bank’s service hours during the weekdays from Monday to Friday are from 8:00 a.m. to 5:00 p.m. CT. 

The overall rating of Amarillo National Bank is 3.6 out of 5, as measured through 450 reviews from the Android and Apple platforms. However, the national average rating is 3.6 /5.

Through the mobile application of Amarillo National bank, you can manage your bank account, look at your statements, help you make transactions, and contact customer support service. 

Due to the relatively low number of complaints reported to the Consumer Financial Protection Bureau (CFPB), an independent consumer protection agency backed by the Government, Amarillo National Bank receives an excellent customer satisfaction rating.

Financial Health

Being a large bank with deposits of $3 billion and $4 billion assets, Amarillo National Bank is ranked as a large bank with an amazing Texas Ratio of 4.05%.

The texas ratio indicates the likelihood of failure. Moreover, it is FDIC insured, which provides security to your deposits up to the minimum amount allowed by the company, which is $250,000, in case of bank failure. 

Texas Ratio Analysis

The Texas ratio is the measure of bad assets against capital and indicates bank failure.

An increased ratio suggests a higher risk of failure; a low ratio indicates a smaller chance of failure.

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Products Offered

Most banking and lending customers need the products offered by Amarillo National Bank.

  •  The current terms and rates of Amarillo National Bank checking accounts are 0.75% and require only $1000 as the minimum balance
  •  The current terms and rates of Amarillo National bank’s savings accounts are 0.8% APY and require $1 as the minimum balance
  • There are different tiers from 12 months to 60 months for CD accounts. The APY rate for 12 months is 2.25%, for 24 months it is 2.25%, 2.30%for 36 months, 2.40% for 48 months and 2.85% APY for 60 months. However, the account balance requirement for all the tiers is at least $1000. 
  •  The current terms of Amarillo National bank’s Money Market accounts are 0.85% APY for the minimum account balance of $10,000 and 0.85% APY for the account balance of $15,000. 
Products Minimum balance to open account Monthly account maintenance fee %APY 
Checking account $20-$1,000$0-$80%-1%
Savings account $30$10.60%-0.80%
Money Market account $50$40.80%-1.40%
IRAsN/AN/AN/A
CDs$1,000-$1,000,000N/A1.60%-1.85%
LoansN/AN/A3.25%-3.87%

Checking Accounts 

Amarillo National bank comes with five different options for its checking accounts. 

  • Personal Checking 
  • Free Checking 
  • Interest-bearing checking 
  • Senior Checking 
  • Student plastic account 

The first three checking accounts are the main types of banking accounts, senior being for the elders and student plastic for younger students. 

Products Minimum open amountMonthly account maintenance fee APY Check writing 
Personal Checking$50$4(waivable $500 daily average) + $0.15/itemN/AUnlimited 
Free Checking$50$0N/AUnlimited 
Interest-Bearing Checking$1000$8(waivable $1000 daily average)0.80%Unlimited 
Senior Checking$50$0N/AOne free stock of checks 
Student Plastic Account$20$0N/ANo. 

 Checking account comes with the following products free 

  • Online banking 
  • Telephone banking 
  • Online bill pay 
  • Visa check card 
  • Overdraft protection. 

For every report card with As and Bs in the high school, a $10 cash reward is deposited in the student plastic account.

However, from this account, $50 can be withdrawn in a day, and the allowed visa card transaction in a day is $300. 

Read: Tri-City National Bank Review


Savings Accounts 

The savings account of Amarillo National Bank comes with very few monthly fees ($1, waivable on maintaining the average daily minimum balance of $30) and pays interest.

However, it limits you to making only six transactions in a month, and afterward, it charges $2 per transaction. 

Product Savings Account
Minimum account opening amount $30
Monthly fee $1
APY Up to 0.80%

Amarillo National Bank features

Following are the Amarillo National Bank features:

  • You need to have $50 to open your account in Amarillo National Bank
  • They don’t charge any service fee on a monthly basis
  • You get unlimited check writing

Money Market Accounts

Amarillo’s Money Market account offers a handsome interest rate, which is tiered.

If you want to earn at the highest tier 1.40%, you need to maintain a minimum deposit of $1,000,000.

However, it offers a limit of 6 transactions per month. Afterward, you will have to pay $10 per transaction.

Product Money Market Account
Minimum account opening amount $50
Monthly fee $4
APY 0.80%-1.40%

CD Rates 

There are two types of CD accounts 

  • Standard 
  • Jumbo 
  • Standard CD 
Term APY Minimum amount to open 
30-150 days1.60%$1,000
6 months1.70%$1,000
12 months1.80%$1,000
18 months1.80%$1,000
24 months1.80%$1,000
36 months 1.80%$1,000
48 months 1.80%$1,000
60 months 1.80%$1,000

It pays interest in the form of a check, or the amount can be deposited in your account or can be rolled back into the CD.

Moreover, it also charges an early withdrawal penalty. 

  • Jumbo CD 

 You can also opt for a Jumbo CD account, but the minimum deposit requirement for this account is $1,000,000

Term APY Minimum amount to open 
6 months 1.75%$1,000,000
12 months1.85%$1,000,000
18 months1.85%$1,000,000
24 months1.85%$1,000,000

Individual Retirement Accounts

There are three types of IRA accounts 

  • Traditional IRA
  • Roth IRA 
  • SEP-IRA

You can opt for any account depending upon your requirements. For getting the details of these accounts, you can contact their customer support at 806-378-8338.


What differentiates Amarillo National Bank from others?

Here are the reasons that differentiate Amarillo National Bank from others

  • You need only a $50 deposit amount to open your account
  • You get e-mail or paper statements 
  • It has NSF charges of $19 per item
  • You get unlimited check writing at Amarillo National Bank

Our experience with Amarillo National Bank

My experience with Amarillo National Bank has not been great because they offer such a low saving rate.

Yes, they only offer 0.80% on a saving account. It is less than any other bank in the US.

So, if you are looking forward to opening a savings account, I won’t ever suggest Amarillo National Bank bank at least.


Amarillo National Bank Comparison

Let’s compare Amarillo National Bank with similar services

Amarillo National Bank vs. National Bank of Bahrain

You need to have a minimum $50 deposit to open your account in Amarillo National Bank. They won’t charge you any monthly fees.

It offers an online bank option too. National Bank of Bahrain offers debit cards and international and local money transfer services for your convenience. 

Amarillo National Bank vs. National Bank of Arizona

You can pay your bills while using Amarillo National Bank online banking. You get an unlimited deposit and check writing services.

At the same time, the National Bank of Arizona offers standout amazing rate visa cards.

They don’t charge you any fee for this service. It also offers online and mobile banking for its customer’s convenience. 

Amarillo National Bank vs. Seacoast Bank

You get paper statements in Seacoast Bank, but you get a choice for Amarillo National Bank. You can choose between a paper statement and an e-mail statement. 

Read National Bank of Arizona Review


Frequently Asked Questions 

How Is Amarillo National Bank?

Generations of loyalty and pride back Amarillo National bank. In addition to its operating history, it offers various products. 

Is Amarillo National Bank An FDIC Insured?

It is FDIC insured, which provides security to your deposits up to the minimum amount allowed by the company, which is $250,000, in case of bank failure.

Is Amarillo National Bank Open Today?

The service hours of the bank during the weekdays from Monday to Friday are from 8:00 a.m. _5:00 p.m. CT. 

NPC Overall Rating

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