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Overall bank review
Pros and cons
Savings
Annual Percentage Yield (APY)
0.10% to 0.33% APY
Pros
- Easy to waive $5 monthly service fee
Cons
- $100 minimum opening deposit
- $5 monthly service fee
- Interest only compounds quarterly
- Limited to 2 free withdrawals per month, then a $5 fee per withdrawal
- Hispanic-owned bank with 7 branches in Texas (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)
- Waive $5 monthly service fee by maintaining a $200 minimum daily balance
- Tiered interest rates: Earn a higher rate when your balance reaches $100, $5k, and $50k
- Interest compounded quarterly, paid quarterly
- Member FDIC
You may like the Texas National Bank Personal Savings Account if you can maintain a $200 balance, because then you’ll qualify to waive the monthly service fee. You’ll earn a decent rate on higher balances, but you’ll get more with an online high-yield savings account.
Checking
Annual Percentage Yield (APY)
None
Pros
- $50 minimum opening deposit
- No monthly service fees
- Unlimited check writing
Cons
- $35 overdraft fee, plus 18% APR on amount overdrawn (up to 8 times per day)
- $3 fee for sweeping money from savings into checking as overdraft protection
- $2 out-of-network ATM fee
- Hispanic-owned bank with 7 branches in Texas (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)
- 8 free ATMs, plus 55,000 free ATMs nationwide in the Allpoint network
- Member FDIC
Texas National Bank Checking is a checking account with no monthly service fees. But keep an eye out for overdrafts, because overdraft fees can get expensive.
CD
Annual Percentage Yield (APY)
0.18% to 0.93% APY
Pros
Cons
- $1,000 minimum deposit
- Interest only compounds quarterly
- Must contact bank for early withdrawal penalties
- Hispanic-owned bank with 7 branches in Texas (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)
- Terms range from 3 months to 5 years
- Interest compounded quarterly, paid quarterly
- Member FDIC
Texas National Bank pays high rates on CDs, and the highest rate is on the 2-year term.
Money market account
Annual Percentage Yield (APY)
0.28% to 0.78% APY
Pros
- Competitive APY
- Includes a debit card and paper checks
Cons
- $2,500 minimum opening deposit
- $15 monthly service fee
- Interest only compounds monthly
- $2 out-of-network ATM fee
- Hispanic-owned bank with 7 branches in Texas (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, Weslaco)
- 8 free ATMs, plus 55,000 free ATMs nationwide in the Allpoint network
- Waive $15 monthly service fee by maintaining a $2,500 minimum balance
- Tiered interest rates: Earn a higher rate when your balance reaches $25k, $50k, $100k, $250k, $500k, and $1 million
- Interest compounded monthly, paid monthly
- Member FDIC
You may like the Texas National Bank Premier Money Market Account if you have $2,500 for an opening deposit and can maintain that balance to waive the monthly fee. Unlike the regular savings account, the money market account includes a debit card and paper checks. This makes it a convenient place to store your emergency fund so you can easily access your savings.
How Texas National Bank works
Texas National Bank is a Hispanic American-owned bank with seven branches around Texas (Edinburg, Elsa, McAllen, Mercedes, Mission, San Juan, and Weslaco). There are eight free Texas National Bank ATMs, and you can use over 55,000 Allpoint ATMs around the US for free.
The Texas National Bank mobile app has 3.5 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
To contact customer service, call Monday through Thursday from 9:00 a.m. to 4:30 p.m. CT, or Friday from 9:00 a.m. to 6:00 p.m. CT.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Texas National Bank trustworthy?
Texas National Bank does not have any public controversies.
Usually, we include Better Business Bureau grades when assessing a bank’s trustworthiness. The BBB has not evaluated Texas National Bank yet, though. You may want to read online customer reviews or ask friends and family about their experiences with the bank.
How Texas National Bank compares to similar institutions
We’ve compared Texas National Bank to two other Hispanic American-owned banks in some of the same areas: Lone Star National Bank and Rio Bank.
Texas National Bank vs. Lone Star National Bank
Your choice between Texas National Bank and Lone Star National Bank may come down to which has a branch closest to your home. Lone Star has more branches in various parts of South Texas.
Texas National Bank’s interest rates are more competitive, though. You have the potential to earn more on your savings, CDs, and
money market accounts
, depending on your balance.
Texas National Bank vs. Rio Bank
Again, the best choice could come down to whether you live closer to a Texas National Bank or Rio Bank branch.
Rio Bank has a variety of
checking accounts
to choose from, including one that pays interest and one for people who wouldn’t normally qualify for a checking account with most banks.
About the author
Laura Grace Tarpley is an editor at Personal Finance Insider, covering bank reviews and guides. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to save.
