American National bank, with an asset of $4 billion and $3 billion deposits, is ranked as a large bank. It has headquarters in Nebraska and Omaha.
However, this traditional brick-and-mortar bank provides services at its physical location and does not offer any all-day telephone or live chat service.
It offers a complete set of products that include
- Savings Accounts
- Checking accounts
- Money market accounts
- Certificate of deposits
- IRA CDs
- Specialty saving accounts
- Mortgages
- Credit cards.
It provides fairly good savings rates, though you may find better savings rates.
However, if you want hassle-free online banking, it does not cost you a monthly account maintenance fee.
It provides you a maximum income from your deposits through a high-interest rate and free checking.
Summary
| Bank | American National Bank |
| Rating | 4.6 |
| Saving rate | 0.70% |
| Monthly Fees | $3.21 |
| Savings Accounts Opening Fess | $50 |
| Website | Click Here |
Key Takeaways
- American National Bank charges a $15 monthly account maintenance fee.
- This bank is FDIC insured, so your deposits up to the maximum allowed, i.e., $250,000, are insured even if the bank fails.
- You can open a checking account with a $1 minimum balance, savings account with $100 as a minimum balance, Money Market accounts with $1,000 as a minimum balance.
- It also offers non-interest-bearing and interest-bearing options.
Overview
Saving rates
The National average saving rate is $0.09. However, the interest rate of the American National Bank is 0.15%.
The CDs account for the term of 1 year earned at 0.70%, and for five years, the interest rate is 1.70%. The savings rate of a money market account is 0.35%.
Monthly fee
American National Bank does not charge any monthly account maintenance fee.
However, the national average monthly account maintenance fee is almost $3.21. Moreover, it also does not reimburse any out-of-network ATM fees.
So, if you do not want to pay this fee, you will need to locate the ATM of ANB.
FDIC insurance
The American national bank is FDIC insured, so your deposits up to the maximum allowed, i.e., $250,000, are insured even if the bank fails.
Products and their APY rates
- The current terms and rates of American National Bank checking accounts are 0.11% and require only $1 as the minimum balance.
- The current terms and rates of American National Bank savings accounts are 0.15% and require $100 as the minimum balance.
- There are different tiers from 12 months to 60 months for CD accounts. The APY rate for 12 months is 0.70%, for 24 months it is 1.20%, 1.40%for 36 months, 1.55 for 48 months and 1.70% APY for 60 months. However, the minimum account balance for all the tiers is $10,000.
- The current terms and rates of American National Bank Money Market accounts are 0.28% for the minimum account balance of $1,000 and 0.35% APY for the account balance of $15,000.
American National Bank features
Following are the features of American National Bank:
- You need to have a minimum $100 amount for opening an account
- You will get charged $15 on a monthly basis
- Various interest rates depend on balance
Checking Accounts
| Minimum Opening balance | $50 |
| Monthly charges | $0 |
| Other bank ATMs | 3 waivers per month |
| Check writing | Unlimited |
All checking accounts provide the opportunity of online and mobile banking to its consumers.
It also provides free email alerts, text messages, and eStatements. Moreover, it also provides a 24/7 telephone banking service.
You can deposit your resources through mobile banking. Moreover, it also allows you to make online purchases through Google Pay, Apple Pay, and Samsung Pay.
Checking accounts instantly issues the visa debit cards.
Saving accounts
The American National Bank savings account provides you an opportunity to save an emergency fund for a rainy day, and you can get additional benefits from the youth saving accounts.
| ACCOUNT | Easy Save | Easy Save Plus | UTMA Easy Save |
| Description | A savings account helps you make savings easily. | Savings account for consumers under 18 or over 60 | A savings account that allows Uniform Transfers to Minors Act |
| Monthly Account Maintenance Fee | $5 (waivable on maintaining a minimum $200 balance) | N/A | N/A |
| Interest | Yes | Yes | Yes |
| Minimum Account Opening Balance | $50 | $10 | $100 |
| Open Online | Online account opening service available | Online account opening service available | Service not available for UTMA |
Money market account
Money market accounts provide you the opportunity to earn at comparatively flexible rates.
Moreover, it also provides you with six withdrawals a month without any charge.
| ACCOUNT | Money Market | Premium Money Market |
| Description | A Competitive money market account at American National Bank | A money market account that provides a high interest |
| Monthly account maintenance fee | $15 (Waivable on maintaining a $2,500 daily balance) | $20 (waivable on maintaining a $25,000 daily balance) |
| Interest rate | Tiered | Tiered |
| Minimum Account Opening Amount | $500 | $25,000 |
CDs and IRAs
Certificate of deposits and Individual Retirement Accounts provide you an opportunity to make savings.
It also does not charge any penalty and provides maturity options.
| Product | CDs | IRAs CDs |
| Description | With a fixed rate, grow your savings | Take advantage of tax advantages to maximize your savings |
| Minimum account opening amount | $500 | $500 |
| Penalty | No penalty | No penalty |
| Tier terms | 3 -5 year maturity | 3 -5 year maturity |
There are 2 IRA options that provide tax advantages to your deposits.
- Roth IRAs
- Traditional IRAs
Your contributions may be tax-deductible with traditional IRA, and hence with this account.
You don’t pay tax on distributions in the case of Roth IRA. Hence your contributions are tax-deductible.
Specialty saving accounts
The American National bank helps you build your credit through the Christmas easy saving, ReStart Saving, and Health saving account to meet the saving needs for events and occasions.
| ACCOUNT | Christmas Easy Save | ReStart Savings | Health Savings Account (HSA) |
| Description | Helps you save for Christmas | Restart Loan proceeds from AMNB | Using a high-deductible insurance account to your advantage |
| Monthly account maintenance fee | N/A | N/A | $2.25 |
| Interest | Paid annually in November | Paid quarterly | Paid quarterly |
| Minimum Account Opening Amount | $10 | $3,000 | N/A |
| Miscellaneous | Just two free withdrawals a year afterward $10 fee. | Contributions are tax-deductible,Include HSA debit card included |
What differentiates American National Bank from others?
Here are the facts that differentiate American National Bank from others:
- You get certificates of deposits that range from 1 week to 5 years
- With a connected checking account, you get offered special interest rates
- It offers non-interest-bearing and interest-bearing options
Our experience with American National Bank
It has an interest rate of 0.15%, and I had my saving account here.
The monthly $15 fees pinched me sometimes because most bank in the US doesn’t cut any fee from your account.
Overall my experience with American National Bank has been normal. I would give 3.5 stars to this bank.
American National Bank Comparison
Let’s compare it with other similar services:
American National Bank vs. National Bank of Arizona
You need to have a minimum $100 deposit amount to open your account in American National Bank, and you will get charged $15 monthly fees.
But in Bank of Arizona, you don’t have minimum balance requirements, and you won’t get charged any fee every month.
American National Bank vs. First National Bank
You will have access to the loan balance, and you can make loan payments while using First National Bank.
In American National Bank, you will get different interest rates based on the amount you have in your account.
Read First National Bank
American National Bank vs. Peoples Security Bank & Trust
Peoples Security Bank & Trust offers personal and business banking services.
So, whether you want to get a convenient service in a business or a personal bank, this bank will entertain you.
This is not the case with American National Bank. Their banking style is quite different from this one.
Frequently asked questions
What Are The Customer Service Hours For The American National Bank?
The customer service hours from Monday to Friday are 7 am to 7 pm. On Saturday, it’s 8 am to 1 pm. However, it does not provide a 24/7 telephone or live chat service.
Is American National Bank FDIC Insured?
FDIC insurance is the best way to protect your money in a bank. American National bank is an FDIC-insured bank that provides security to your deposits to the maximum amount allowed.
How Large Is The American National Bank?
American National bank, with an asset of $4 billion and $3 billion deposits, is ranked as a large bank and is headquartered in Nebraska and Omaha,
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.