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Beal Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Beal Bank Savings
0.25% APY

Overview

Our Rating: 3.3/5 How we calculated this rating here

Beal Bank was founded in 1988 and is headquartered in Plano, Texas. Beal Bank has assets totaling $2 billion along with deposits totaling $1 billion, which makes it a large bank. Beal Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a poor 3.3 stars out of 5, Beal Bank is a fair bank that does not stack up to some of the other banks. 

Beal Bank has a complete suite of banking products, including savings accounts, money market accounts, CDs and IRAs. It offers a standard savings account APY, making it a suitable option if you need a place to store your money.

Beal Bank USA is a financial institution that was established in 2004. As you might expect, it's directly affiliated with Beal Bank, though it currently runs more branches than Beal Bank. In fact, you'll find the presence of Beal Bank USA in various cities across Arizona, California, Colorado, Maryland, Virginia, Florida, Georgia, Illinois, Kansas, Massachusetts, Michigan, Minnesota, New Jersey, Nevada, New York, Oregon, Pennsylvania and Washington.

Despite being its own entity entirely, Beal Bank USA and Beal Bank offer many of the same banking products, including a money market account (MMA), a statement savings account, CDs and more. However, Beal Bank USA's APYs are generally a bit higher than what Beal Bank has to offer. You can check out more about its offerings and rates below.

Service Quality

Beal Bank is a brick-and-mortar bank, with 19 total branches in Alabama, California, Florida, Illinois, Maryland, Missouri, New York, Ohio, Pennsylvania and Texas. It also offers access to a web app, for an easy online-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. CT. 

Beal Bank receives a superb consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Here's a breakdown of all the products, terms, rates and minimums of Beal Bank and Beal Bank USA. Note that although specific APYs are shown below, these can vary by location and zip code.

Beal Bank Overview
Product Current Terms and APYs Minimum Balance for APY  
Savings Account 0.25% $500 Compare Offers
CDs
  • 1-Month: 0.30%
  • 2-Month: 0.30% 
  • 3-Month: 0.25%
  • 6-Month: 0.50%
  • 9-Month: 0.75%
  • 12-Month: 0.95%
  • 18-Month: 1.20%
  • 24-Month: 1.20%
  • 30-Month: 1.20%
  • 36-Month: 1.20%
  • 48-Month: 1.20%
  • 60-Month: 1.20%
$1,000 for all tiers Compare Offers
Money Market Account
  • $0 - $999: 0.00%
  • $1,000 - $24,999: 0.65%
  • $25,000+: 1.11%
$1,000 - $25,000 Compare Offers

 

Beal Bank USA Overview
Product Current Terms and APYs Minimum Balance for APY  
Savings Account 0.25% $500 Compare Offers
CDs
  • 1-Month: 0.30%
  • 2-Month: 0.30%
  • 3-Month: 0.25%
  • 6-Month: 0.50%
  • 9-Month: 0.70%
  • 12-Month: 1.20%
  • 18-Month: 1.40%
  • 24-Month: 1.40%
  • 30-Month: 1.40%
  • 36-Month: 1.40%
  • 48-Month: 1.40%
  • 60-Month: 1.40%
$1,000 for all tiers Compare Offers
Money Market Account
  • $0 - $999: 0.00%
  • $1,000 - $24,999: 0.65%
  • $25,000+: 1.26%
$1,000 - $25,000 Compare Offers

Beal Bank and Beal Bank USA have several deposit products that include savings accounts, money market accounts and CDs, giving you many options to manage your money. Beal Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Beal Bank's CD rates are stellar in comparison to the average U.S. bank.

Rates

With a savings rate of 0.25%, Beal Bank and Beal Bank USA rank below the mean in comparison to the average U.S. bank. Beal Bank's one-year and five-year term CDs earn at a rate of 0.95% and 1.20%, respectively, while its highest-yielding money market account has an APY of 1.11%. With a fair APY, Beal Bank's savings account is perfect if you would like to save towards a key landmark such as paying off loans.

Compare Beal Bank to Other Competitive Offers

Fees

There is insufficient data on Beal Bank's fees to provide a full SmartAsset rating.

Financial Health

Beal Bank is currently a large bank owning $2 billion in assets as well as $1 billion in deposits. Beal Bank's Texas Ratio is 41.05%, signifying that the bank is in satisfactory financial well-being. Additionally, Beal Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Beal Bank Near Me

Beal Bank has 19 branches across the U.S.

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