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Amarillo National Bank is a rarity in the banking world, as it has been owned by a single family for over 127 years. B.T. Ware founded the bank in 1892, shortly after the city of Amarillo itself began. Currently, the fifth generation of Wares owns and operates the bank, with no outside shareholders.
Even though it’s privately run, Amarillo National Bank offers a wide range of banking and lending services, from checking and savings accounts to CDs, investment options, IRAs, personal loans and home mortgages.
To help determine if Amarillo National Bank might be a good option for you, here’s a look at exactly what types of accounts the institution offers, including its pros and cons.
Here’s what you’ll find in this review of Amarillo National Bank:
Not many banks have remained in the hands of a single family for over 100 years. If a financial institution backed by generations of pride and loyalty is appealing, Amarillo National Bank might be a good choice for you. In addition to its long operating history, the bank offers a fairly wide range of account types and services as well.
Although Amarillo National Bank is based in the Texas panhandle, it offers access to more than 55,000 fee-free Allpoint ATMs worldwide. The bank also pays a high annual percentage yield across its CD line. Special checking accounts for teens and seniors are also available.
If Amarillo National Bank sounds like the institution for you, you’ll generally have to visit a branch to open a basic banking account. Only personal loans, home mortgages and vehicle loans can be applied for online with Amarillo National Bank.
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If you want traditional banking service, Amarillo National Bank might not be the best choice for you if you don’t live in the greater Amarillo, Texas area. Only six Amarillo National Bank ATMs accept deposits, and the bank only has branches in the Texas panhandle area.
If you’re entirely fee-averse, Amarillo National Bank might not be the best choice for you, either. Although you can avoid most monthly fees on its checking and savings accounts, you’ll need to maintain a minimum balance in most cases. The Free Checking account is an exception, but it also doesn’t pay any interest. If you’re looking for top savings account APYs, you can find about double the rates of Amarillo National Bank with online banks.
| Who Is Amarillo National Bank Suitable For? | |
| Best For | Worst For |
| High CD APYs | High savings APYs |
| Broad range of accounts | In-house investments |
| Global fee-free ATM network | ATM deposit capability |
Amarillo National Bank offers the typical basic banking and lending products that most customers need. Investment options are outsourced to Raymond James Financial Services but are still available through the bank.
Here’s an overview of the characteristics of the accounts available at Amarillo National Bank.
| Amarillo National Bank Product Line | |||
| Product | Minimum to Open | APY | Fee |
| Checking | $20-$1,000 | 0%-1% | $0-$8 |
| Savings | $30 | 0.60%-0.80% | $1 |
| Money Market | $50 | 0.80%-1.40% | $4 |
| IRAs | N/A | N/A | N/A |
| CDs | $1,000-$1,000,000 | 1.60%-1.85% | N/A |
| Loans | Check with bank | 3.25%-3.87% | Check with bank |
Amarillo National Bank offers five types of checking accounts: Personal Checking, Free Checking, Senior Checking, Interest-Bearing Checking and the Student Plastic Account. As the names would suggest, the Personal Checking, Free Checking and Interest-Bearing Checking are the three main types of checking accounts, with the Senior and Student Plastic options for older and younger account holders, respectively. The minimum to open each type of account is $50, with the exception of the $1,000 required for the Interest-Bearing Checking account.
Here are the basic characteristics of each type of account:
| Amarillo National Bank Checking Accounts | |||
| Account | Minimum to Open | APY | Monthly Fee |
| Personal Checking | $50 | N/A | $4 + $0.15/item |
| Free Checking | $50 | N/A | $0 |
| Senior Checking | $50 | N/A | $0 |
| Interest-Bearing Checking | $1,000 | 0.80% | $8 |
| Student Plastic Account | $20 | N/A | $0 |
The Interest-Bearing Checking account is the only checking account at Amarillo National Bank that pays interest. Although this account also requires a $1,000 minimum, the APY paid is quite high, starting at 0.65% on accounts with up to $100,000. To hit the top rate of 1.00%, a deposit of at least $1,000,000 is required.
All checking accounts at Amarillo National Bank, with the exception of the Student Plastic Account, offer unlimited check writing, and the Senior Checking account includes one free order of stock checks. Additionally, accounts carry these additional benefits:
To avoid monthly service fees, daily minimum balances of $500 or $1,000 are required for the Personal Checking and Interest-Bearing Checking accounts, respectively.
For the Student Plastic Account, a $10 cash reward will be deposited for every report card with straight A’s and B’s throughout high school. However, ATM withdrawals are limited to $50 per day, and Visa check card transactions are limited to $300 per day.
NSF fees of $19 per transaction apply to all checking accounts. The bank’s overdraft protection service will cover your overdrawn transactions, but you’ll still be assessed the $19 fee per instance, up to $57 per day.
Amarillo National Bank has one savings account with no fees that also pays interest.
Here’s a snapshot of the characteristics of the Amarillo National Bank Savings account:
| Amarillo National Bank Savings Account | |||
| Type | Minimum to Open | APY | Monthly Fee |
| Savings Account | $30 | Up to 0.80% | $1 |
Although the savings account has a small monthly fee, it can be avoided with a $30 average daily minimum balance, which is the same amount required to open the account. To avoid a $2 service charge per instance, you’re limited to a maximum of six transfers per month and five withdrawals per quarter. Rates are higher than the national average of 0.09% APY but lag behind those of the best online competitors.
Amarillo National Bank offers a single money market account.
| Amarillo National Bank Money Market Account | |||
| Type | Minimum to Open | APY | Fee |
| Money Market account | $50 | 0.80%-1.40% | $4 |
The Money Market account at Amarillo National Bank pays a decent interest rate, but to get the top-tier rate of 1.40%, you’ll need to deposit at least $1,000,000. Transactions are limited to six per month, consisting of three check withdrawals and three transfers. A $10 fee applies to excess transactions.
You can avoid the $4 monthly maintenance fee if you maintain a balance of at least $1,000.
Amarillo National Bank offers two types of CD accounts: standard and $1,000,000-plus. Minimums for standard CDs are $1,000. Here’s the list of current CD offerings at Amarillo National Bank:
| Amarillo National Bank Certificate Accounts (CDs) | ||
| Term | Minimum to Open | APY |
| 30-150 days | $1,000 | 1.60% |
| 6 months | $1,000 | 1.70% |
| 12 months | $1,000 | 1.80% |
| 18 months | $1,000 | 1.80% |
| 24 months | $1,000 | 1.80% |
| 3 years | $1,000 | 1.80% |
| 4 years | $1,000 | 1.80% |
| 5 years | $1,000 | 1.80% |
Interest can be paid in the form of a check or can be rolled back into the CD. You can also opt to have your interest deposited into your account. Early withdrawal penalties apply to funds taken out before maturity, but you’ll have to call the bank to determine the amount of your penalty. At maturity, you’re allowed a 10-day grace period during which you can add to or withdraw from your CD without penalty.
Jumbo certificates typically require a $100,000 deposit. At Amarillo National Bank, however, jumbo CD rates are only paid on deposits of at least $1,000,000. Terms are also more limited than with standard CDs, as follows:
| Amarillo National Bank CD Rates Over $1 Million | ||
| Term | Minimum to Open | APY |
| 6 months | $1,000,000 | 1.75% |
| 12 months | $1,000,000 | 1.85% |
| 18 months | $1,000,000 | 1.85% |
| 24 months | $1,000,000 | 1.85% |
You can open either a Traditional, a Roth IRA or a SEP-IRA, if eligible, at Amarillo National Bank. For investment options, you’ll have to contact one of the bank’s retirement professionals at 806-378-8338.
Amarillo National Bank doesn’t offer its own investment options directly. However, it partners with Raymond James Financial Services to offer a broad range of non-bank investments, including the following:
Amarillo National Bank offers personal loans, vehicle loans, credit cards and home loans. Personal and vehicle loan rates are not disclosed on the bank’s website, but mortgage rates are as follows:
| Amarillo National Bank Home Loans | |
| Term | Rate |
| 15-Year Fixed | 3.25% |
| 20-Year Fixed | 3.87% |
| 30-Year Fixed | 3.87% |
Amarillo National Bank is the largest mortgage lender in the Texas panhandle. Its’ mortgages carry the following features and characteristics:
For more information, you can contact an Amarillo National Bank mortgage specialist at one of the following three offices:
Available vehicle loans include the following types:
Home equity loans are also available and can be applied for online as well.
To open most accounts with Amarillo National Bank, you’ll have to visit a branch. At the present time, only loan accounts can be opened online.
Amarillo National Bank recently updated its website and mobile app to include an additional array of features. Current tools available on the app include:
Amarillo National Bank customer service is currently available only via phone, although branch service is also an option. Customer service phone lines are open from 8 a.m. to 5 p.m. from Monday through Friday. No toll-free number is available; you must contact the bank at its local number, 806-378-8000.
For basic banking transactions, such as checking balances and transferring funds, you can also use the Bank by Phone service. This service is available 24 hours a day, seven days a week at 806-378-8123. You’ll need your Amarillo National Bank Visa Check Card and access code to use this service.
Some accounts at Amarillo National Bank come free-of-charge, but there are a few notable options. The Personal Checking, Interest-Bearing Checking, Money Market and Savings accounts all have monthly fees, although they can be waived if you keep a minimum average daily balance. For these accounts, the required minimum is $500, $1,000, $1,000 and $30, respectively. NSF fees for all of these accounts are $19.
If you use your ATM card at a non-network ATM, you’ll incur a fee of $1.25. This is in addition to any third-party terminal fees. After six months of non-use of your debit card, a $2 monthly fee will kick in.
You can use your Amarillo National Bank ATM/debit for both point-of-sale and ATM transactions. The daily limit on ATM withdrawals is $500. There’s no fee to use either the 116 Amarillo National Bank ATMs or the 55,000 worldwide ATMs in the Allpoint network. However, other ATMs carry a $1.25 fee, in addition to any third-party terminal fees.
Amarillo National Bank has lots to offer potential customers, but it also has some drawbacks. Here’s a quick overview of the pros and cons offered by the bank to help you make a final determination of whether or not it’s the best choice for you.
Amarillo National Bank offers a broad range of accounts and a decent service area for residents of the Texas panhandle. The bank has 116 branches of its own, and its fee-free ATM network is 55,000-strong thanks to its association with Allpoint.
For those that can maintain minimum balances, the bank’s Interest-Bearing Checking and Money Market accounts post relatively high yields for their categories. APYs are also high across the bank’s line of CDs. If you live in the Texas panhandle and are looking for a traditional bank that offers in-branch service coupled with reasonably high yields, Amarillo National Bank may be an appealing option.
Amarillo National Bank only has branches in the Texas panhandle, and only six of its ATMs accept deposits. Although the bank does use the global Allpoint network for fee-free ATM withdrawals, if you don’t live in the bank’s service area, it may be inconvenient to use them. Further adding to the inconvenience factor is the fact that you can’t open any banking accounts online with Amarillo National Bank, only loans.
Most of the bank’s savings, money market and checking accounts carry monthly fees that can only be waived with an ongoing minimum balance. Savings APYs amount to about half of those at numerous online banks, and the bank’s standard checking account doesn’t pay any interest at all.
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Rates are updated periodically and subject to change. All other information on accounts is accurate as of Feb. 13, 2020.
