What makes a bank good?

For most High schoolers and College Students, there are a few key features that matter more than others.

1. A nice UI and App design

2. ATM deposit and withdrawal

3. No fees or minimum balance

4. Lots of Mobile Banking features ( Deposit checks with pictures, lock card, Zelle)

5. High yield Savings account

Most banks offer an arrangement of these, but it can be difficult to find a bank that does all of these well.

Let's start with Amarillo National Bank

Physical vs Online banks

1. Pretty good App design, unable to lock card, or request new card, but easy to do in person

2. Plenty of ATM locations with zero fees.

3. Several accounts with no fees or minimum balance

4. Able to deposit checks and free use of Zelle

5. Rates are low, but still 3x the national average

Captial One (360 Checking and 360 Savings)

Amarillo National Bank is honestly a great bank for 90% of people. With a decent savings account, and plenty of physical locations to offer quick support when needed, it offers great competition for every other bank. However, if you do not live in Amarillo, or planning on moving, you lose a lot of benefits ANB has over other banks.

SoFi

Physical banks like Amarillo National, or mostly local bank, offer great customer service, quick local card replacements, and easy cash deposits.

Online banks, not having to pay for as many employees, or cost of having physical locations, generally have significant higher Savings rates, and an extremely nice app. However, it could take multiple days to receive a new card, and customer service can range greatly compared to physical banks.

Capital One offers one of the most popular (and my personal choice) online banking options in the United States. With thousands of fee free ATMs, one of the best mobile banking experiences, and a highly competitive savings rate, Capital One serves as a great banking option. I would not switch unless your comfortable managing your finances digitally (Anyone under 30 should take to this easily), and have a good reason to switch. Either being because of leaving Amarillo, or searching for a better Savings rate.

1. Amazing App design, easy to use, snappy notifications and transfers

2. Plenty of ATM locations with zero fees, but very few physical locations (Average 2 per state)

3. Zero fees or minimum balances

4. Able to deposit checks and free use of Zelle, as well as lock and request a new card

5. Very competitive rates, consistently being 2x ANB

Especially for High-school Students and College Students, I highly recommend having a checking and savings at your bank, instead of having 2 separate banks for checking, and savings. This will ensure if there is an emergency, you can access your money quickly, and without a fee.

Also keep an eye out for hidden fees, like getting a replacement card, or minimum balance fees.

Quick Tips

1. Amazing App design, easy to use, snappy notifications and transfers. Little cluttered

2. Plenty of ATM locations with zero fees. No physical locations

3. Zero fees or minimum balances

4. Able to deposit checks and free use of Zelle***, as well as lock and request a new card

5. Very, very competitive rates***, consistently 0.5% higher than Capital One

Sofi can be very misleading in what features are available. Zelle, and their high saving accounts are only available if you have direct deposit enabled, and is getting deposited once a month. Without direct deposit, you only get 1% on their savings account, which isn't even as good as ANB. I couldn't recommend Sofi for an online bank unless you have a consistent job, and will have some form of income for at least 5 years. As soon as you stop working, or stop getting paid, you lose a lot of features.

Final Thoughts

If you are planning on staying in Amarillo, and already bank with ANB, I recommend staying with them, and checking out all of their different accounts they offer. They offer several with a lot of benefits.

However, if you are leaving Amarillo, and okay banking online, Capital One offers many great features, and rates that'll make sure you're making the most of every dime.