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125 Years Strong: Uncovering the History and Offerings of Amarillo National Bank

Amarillo National Bank is a financial institution that has a rich operating history dating back over 125 years. It began as a small community bank, and today boasts of a broad range of banking and lending services for individuals, families, and businesses.

This privately-run, family-owned bank is now in its fifth generation of ownership, demonstrating unwavering commitment and dedication to its clients. This article aims to provide readers with a comprehensive understanding of Amarillo National Bank, including its history, offerings, and target clientele.

History of Amarillo National Bank:

Amarillo National Bank was established in 1892 as the First National Bank of Amarillo. It remained the only bank in Amarillo for over 20 years, serving mainly the cattle industry.

In the 1920s, it became the first bank in the region to offer automobile loans, marking its transition into a full-service financial institution. In the following years, it experienced robust growth, opening more branches and extending its lending services to individuals and businesses outside the cattle industry.

During the Great Depression, Amarillo National Bank stood out as one of the few banks in the region that remained solvent, thanks to prudent management and sound financial practices. In the 1950s and 60s, the bank embraced technological advancements, adopting electronic data processing and opening the first drive-through banking facility in the region.

The bank has continued to expand its operations, opening more branches in different parts of Texas and New Mexico. Today, it has over 40 branches, over $4 billion in assets, and employs more than 1,000 people.

Despite its immense growth, Amarillo National Bank has managed to retain its status as a community bank with a focus on customer-centricity and personalized banking services. Offerings:

Amarillo National Bank offers a range of banking and lending services tailored to meet the needs of its diverse clientele.

Its offerings include personal and business banking, lending, wealth management, trust services, and insurance. Here is a breakdown of some of the services offered:

Personal banking- The bank offers a range of personal banking services, including checking and savings accounts, credit cards, CDs, and IRAs. The bank offers some of the best CD rates in the market, with interest rates as high as 1.15% APY.

Business banking- The bank offers a range of business banking services, including checking and savings accounts, credit cards, lines of credit, and loans. It specializes in providing tailored solutions to small and medium-sized businesses, including start-ups.

Lending- The bank offers lending services for various purposes, such as mortgages, home equity loans, auto, and personal loans. The bank’s lending rates are competitive, and it has flexible repayment terms.

Wealth management- The bank has a team of experienced wealth advisors who help clients manage their investments, trusts, and estates. They provide customized advice, portfolio management, and financial planning services.

Trust services- The bank offers comprehensive trust services, including estate planning, trust administration, and investment management. It helps clients safeguard their assets, plan their estates, and prepare for the future.

Insurance- The bank offers insurance products, including life, auto, property, and liability insurance. It partners with reputable insurance providers to offer clients competitive rates and comprehensive coverage.

Access to Fee-Free Allpoint ATMs:

Amarillo National Bank clients can access over 55,000 Allpoint ATMs worldwide without incurring any fees. Allpoint is a network of surcharge-free ATMs that includes many retail locations such as Target, Walgreens, and CVS.

Who Is Amarillo National Bank Best For? Amarillo National Bank is best suited for individuals, families, and small to medium-sized businesses who prefer personalized banking services provided by a privately-run, family-owned bank.

The bank offers a wide range of account types, with high annual percentage yields (APY) across its CD line. Teenagers and seniors who need specialized checking accounts will also find suitable options at the bank.

Conclusion:

Amarillo National Bank is a trusted and reputable financial institution with a rich operating history spanning over 125 years. It offers a range of banking and lending services tailored to meet the needs of its diverse clientele.

Clients can benefit from personalized banking services, access to fee-free Allpoint ATMs, and competitive rates on CD and lending products. The bank is best suited for individuals, families, and small to medium-sized businesses seeking a privately-run, family-owned bank with a long history of dedicated customer service.

Pros:

1. High CD Rates:

Amarillo National Bank offers one of the best CD rates in the market, with interest rates as high as 1.15% APY.

CD accounts are a type of savings account that offers higher interest rates in exchange for keeping the funds deposited for a fixed period. At Amarillo National Bank, clients can choose from a wide range of CD accounts with different terms and conditions to suit their saving goals.

The bank’s high CD rates make it a viable option for clients seeking to grow their savings without incurring high risks. 2.

Multiple Account Types:

Amarillo National Bank offers a variety of account types to cater to its diverse clientele. Clients can choose from personal and business checking and savings accounts, credit cards, CDs, and IRAs. The bank’s account selection caters to various financial needs and allows clients to choose what works for them.

Additionally, account holders receive personalized banking services that ensure all their financial needs are attended to. 3.

Senior and Student Checking Accounts:

Amarillo National Bank understands the unique banking needs of two groups of clients- seniors and students. Consequently, it offers specialized checking accounts for these groups.

The senior checking account is available for clients aged 50 and over and provides exclusive benefits, such as no monthly fees and premium interest rates. The student checking account is designed to help students manage their finances and offers no monthly fees and free e-statements.

4. Global Fee-Free ATM Access:

Amarillo National Bank belongs to the Allpoint network, which offers more than 55,000 fee-free ATMs worldwide.

Clients can access the network’s ATMs in retail locations, such as Target, Walgreens, and CVS. The network’s extensive fee-free ATM access makes it easy for clients to access their funds without incurring extra charges.

Cons:

1. Minimum Balances Required on Some Accounts to Avoid Monthly Fees:

While Amarillo National Bank offers a range of account types, some of the accounts require a minimum balance to avoid monthly fees.

For instance, the personal checking account attracts a monthly fee of $10 for balances below $1,000. Similarly, the savings account requires a minimum balance of $500 to avoid a monthly fee of $5.

Clients who don’t meet the minimum balance requirements may find the monthly fees a turn-off. 2.

Savings APY falls short of Online Competitors:

Amarillo National Bank’s savings account APY falls short of online competitors. While the bank’s APY of 0.05% is competitive among brick-and-mortar banks, it falls short of online banks that offer rates as high as 2.00% APY.

Clients who prioritize high APY rates may look to online banks as a better alternative. Conclusion:

Amarillo National Bank is a reputable financial institution that has been in operation for over 125 years.

It offers a broad range of banking and lending services tailored to meet the needs of its diverse clientele. The bank distinguishes itself with high CD rates, numerous account types, exclusive senior and student checking accounts, and fee-free access to ATMs worldwide.

However, some of its accounts come with minimum balance requirements, and the savings account APY falls short of online competitors. These factors may be a deal-breaker for clients seeking no-strings-attached banking services with high interest rates.

Types of Accounts Available:

Amarillo National Bank offers a broad range of account types to cater to the diverse financial needs of its clients. Here are the various account types available:

1.

Checking Accounts:

Amarillo National Bank offers five types of checking accounts, designed to cater to different client needs. They include:

a) Personal Checking Account- This account is suitable for individuals who require a basic checking account with no minimum balance requirements.

It attracts a monthly fee of $10 if the balance falls below $1,000. b) Free Checking Account- This checking account is designed for clients who need a no-strings-attached account with no monthly fees or minimum balance requirements.

It comes with a free check card, online banking, and bill pay services. c) Senior Account- This account is available to clients aged 50 and over.

It comes with exclusive benefits, such as no monthly fees and premium interest rates. d) Interest-Bearing Checking Account- This account is the only checking account offered by Amarillo National Bank that pays interest.

It is suitable for individuals who maintain a high balance in their checking account. e) Student Plastic Checking Account- This account is designed to help students aged 16-25 manage their finances.

It offers no monthly fees, free e-statements, and a free debit card. 2.

Savings Account:

Amarillo National Bank offers a savings account for clients looking to earn interest while saving their money. The savings account attracts a minimum balance requirement of $500, and a monthly fee of $5 is charged if the balance falls below the minimum requirement.

3. Money Market Account:

The money market account is a suitable option for individuals who want to earn higher interest rates than traditional savings accounts.

It offers tiered interest rates, and clients can withdraw funds from the account up to six times per month. 4.

CDs:

Amarillo National Bank offers a range of CDs with various terms and rates. The minimum deposit ranges from $1,000 to $100,000, and the interest rates offered are among the best in the market.

Clients can choose from CDs ranging from three months to five years. 5.

IRAs:

Amarillo National Bank offers three types of IRAs- Traditional, Roth, and SEP. These accounts offer clients tax benefits and allow them to save for retirement.

6. Loans:

The bank offers various lending services, including personal loans, auto loans, credit cards, and home loans.

The bank’s rates for lending products are competitive, and clients receive personalized attention to ensure that they get the best lending solution. Checking Accounts:

Amarillo National Bank offers five types of checking accounts, all tailored to meet different client needs.

1. Five Types of Checking Accounts with Varied Minimums, Fees, and APYs:

The five accounts available offer varied minimum balance requirements, fees, and APYs. The Personal Checking Account attracts a monthly fee of $10, while the Free Checking Account, Student Plastic Checking Account, and Senior Accounts don’t attract monthly fees.

The Interest-Bearing Checking Account, on the other hand, offers a higher APY and requires a higher minimum balance. 2.

Interest-Bearing Checking Is Only Account That Pays Interest:

Clients looking to earn interest on their checking account funds can opt for the Interest-bearing Checking Account. This account offers tiered interest rates, paid monthly, based on the daily balance maintained in the account.

3. Accounts Include Free Benefits Such As Check Card, Online Banking, and Bill Pay:

All Amarillo National Bank checking accounts come with free benefits such as a check card, online banking, and bill pay services.

Clients can use the check card to make purchases online and in retail locations, withdraw cash from fee-free ATMs worldwide, and pay bills electronically. 4.

NSF Fees of $19 per Transaction:

Amarillo National Bank charges a non-sufficient funds (NSF) fee of $19 per transaction. The fee is charged when clients attempt to make a transaction with insufficient funds in their checking account.

Conclusion:

Amarillo National Bank offers a wide range of account types tailored to cater to its diverse clientele. Clients can choose from various checking and savings accounts, CDs, IRAs, and lending services.

The bank’s checking accounts come in five types, each with distinct features aimed at meeting different client needs. The accounts attract varying monthly fees, minimum balance requirements, and APYs. The Interest-Bearing Checking Account is the only one that pays interest, and all accounts come with free benefits such as check cards, online banking, and bill pay services.

Clients should be aware of NSF fees when using the checking account. Savings:

Amarillo National Bank offers a savings account for clients looking to save money and earn interest.

Here is what clients can expect from the bank’s savings account:

1. Only One Savings Account with Monthly Fee That Can Be Waived with Minimum Balance:

Amarillo National Bank offers only one savings account, which is subject to a monthly fee of $5.

The fee can be waived if the account holder maintains a minimum balance of $500. The fee and minimum balance requirements make this account less accessible for clients with limited savings.

2. Restricted to Five Free Withdrawals Per Quarter:

Clients are limited to five free withdrawals each quarter from the savings account.

Additional withdrawals result in a fee of $10 per transaction. The withdrawal limit is a regulatory requirement enforced by the Federal Reserve.

3. APY Is Decent Compared to National Average, but Lags Behind Online Competitors:

Amarillo National Bank’s savings account APY is 0.05%, which is higher than the national average of 0.05%.

However, the APY falls short of online competitors’ rates, which range from 1.00% to 2.00% APY. Clients seeking high-interest savings accounts may find better rates with online banks.

Money Market Accounts:

Amarillo National Bank offers a single money market account for clients seeking to earn higher interest rates. Here are the key features of the bank’s money market account:

1.

Single Money Market Account with Monthly Fee That Can Be Waived:

Amarillo National Bank offers a single money market account that attracts a monthly fee of $10. However, the fee can be waived if the account holder maintains a minimum balance of $5,000.

2. High APY, but Top-Tier Requires a Large Deposit:

The bank’s money market account offers a high tiered interest rate structure.

Clients can earn up to 0.25% APY for balances above $250,000, but this rate is only accessible to clients who can afford to save sizable amounts of money. Clients with lower balances ranging from $5,000 to $250,000 earn interest rates ranging from 0.05%-0.20% APY.

3. Transaction Limits (Six Per Month):

Like the savings account, the money market account is subject to regulatory withdrawal restrictions.

Clients can make up to six withdrawals per month. Additional withdrawals are subject to a fee of $10 per transaction.

Conclusion:

Amarillo National Bank offers both savings and money market accounts to help clients grow their savings and earn higher interest rates. The savings account offers a decent APY, but the monthly fee and minimum balance requirements may limit accessibility for some clients.

The money market account offers a higher APY, but clients must have a sizable deposit to earn the top-tier interest rates. The transaction limits on both accounts are a regulatory requirement enforced by the Federal Reserve.

Clients should weigh the benefits and drawbacks of both accounts to choose the best option for their saving goals and financial needs. CD Rates:

Amarillo National Bank offers a range of CDs for clients seeking to earn a higher interest rate on their savings.

Here are the key features of the bank’s CD accounts:

1. Two Types of CD Accounts:

Amarillo National Bank offers two types of CD accounts – standard and $1,000,000-plus.

The standard CDs have minimum deposits of $

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