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Zapata National Bank review: Hispanic American-owned bank with free checking

Overall bank review

Pros and cons

Checking

  • Pros & Cons
  • Details

  • Pros
    • $50 minimum opening deposit
    • No monthly service fees
    • No overdraft fees
    Cons
    • No option to overdraw
    • $1.75 out-of-network ATM fee
    • Hispanic American-owned bank with 1 branch in Zapata, TX
    • 2 free ATMs
    • No monthly service fees
    • Member FDIC

    Zapata has several

    checking accounts
    , but the Zapata National Bank Free Checking Account is the only one that never charges a monthly service fee. There are no overdraft fees, so any transaction that would overdraw your account will be denied. If you want the option to overdraw, you may prefer one of the other accounts.

    Savings

    Annual Percentage Yield (APY)

    0% to 0.05% APY

  • Pros & Cons
  • Details

  • Pros
    • Includes ATM card
    • Able to waive $5 monthly service fee
    Cons
    • $300 minimum opening deposit
    • Low interest rate
    • $5 monthly service fee
    • Only 1 free withdrawal per month, then $2 per withdrawal
    • Hispanic American-owned bank with 1 branch in Zapata, TX
    • 2 free ATMs
    • Waive $5 monthly service fee by maintaining a $300 balance
    • No interest earned when daily balance falls under $300
    • Interest compounded daily, paid quarterly
    • Member FDIC

    You may like the Zapata National Bank Savings Personal Account if you can maintain a $300 balance, because then you’ll earn interest and waive the monthly fee. However, you can only make one free transfer or withdrawal per month, while many banks let you make six monthly savings transactions.

    CD

    Annual Percentage Yield (APY)

    0.15% to 0.25% APY

  • Pros & Cons
  • Details

  • Pros
    • Competitive interest rates
    Cons
    • $2,500 minimum deposit
    • Only term options are 91 days, 6 months, and 1 year
    • Hispanic American-owned bank with 1 branch in Zapata, TX
    • Term options are 91 days, 6 months, and 1 year
    • Contact the branch to learn about early withdrawal penalties
    • Interest compounded daily
    • Member FDIC

    The Zapata CD pays better rates than many brick-and-mortar banks. However, it offers fewer term options than most institutions — just 91 days, six months, and one year.

    Money market account

    Annual Percentage Yield (APY)

    0% to 0.10% APY

  • Pros & Cons
  • Details

  • Pros
    • Able to waive $15 monthly service fee
    • 5 free paper checks per year
    Cons
    • Low interest rate
    • $2,500 minimum opening deposit
    • $15 monthly service fee
    • No debit card
    • Hispanic American-owned bank with 1 branch in Zapata, TX
    • Waive $15 monthly service fee by maintaining a $2,500 balance
    • No interest earned when your daily balance falls under $2,500
    • Interest compounded daily, paid monthly
    • Member FDIC

    The Zapata National Bank Money Market Personal Account pays a slightly higher rate than the regular savings account, and you can make up to six free monthly transactions. You’ll need to maintain a $2,500 balance to earn interest and waive the monthly fee, though.

    How Zapata National Bank works

    Zapata National Bank is a Hispanic American-owned bank in Zapata, Texas. It has one branch and two free ATMs (one at the branch and another near Highway 83).

    To receive assistance, call or visit the branch Monday to Thursday from 9:00 a.m. to 4:00 p.m., or Friday from 9:00 a.m. to 5:00 p.m. The bank is not open on weekends.

    Your accounts are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

    Is Zapata National Bank trustworthy?

    Zapata National Bank does not have any recent public controversies.

    At Insider, we usually include Better Business Bureau grades when evaluating a bank’s trustworthiness. The BBB has not assessed Zapata yet, though. You may want to ask family and friends about their experiences with the bank, or read online customer reviews.

    How Zapata National Bank compares

    We’ve compared Zapata National Bank to two other Hispanic American-owned banks in Zapata: Citizens State Bank and International Bank of Commerce.

    You may prefer Zapata National Bank if you want a small institution with a free checking account.

    Citizens State Bank does not have a free checking account, but it does pay better rates on savings and CDs. It also has a checking account that pays a decent interest rate.

    International Bank of Commerce is one of the largest Hispanic American-owned banks in the US, and it has over 180 branches around Texas. It’s a good option if you want to work with a big bank or if you frequently travel around the state. IBC also has a free checking account.

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