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R Bank Review

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R Bank Savings
0.35% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 2009, R Bank has assets totaling $454 million and $401 million in deposits, classifying it as a medium-size bank. R Bank, whose headquarters are in Round Rock, Texas, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated the bank 4.1 stars out of 5, indicating that R Bank is a respectable bank that warrants your consideration. R Bank offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. R Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, R Bank's ordinary checking account does not have a monthly fee. Locating a bank with no-fee checking, in addition to a high savings APY is your best option for getting the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.35%, R Bank ranks poorly as compared against the national average. Its one-year CD earns at a rate of 1.21%, while its highest-yielding money market account earns at a rate of 0.35%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How R Bank's Savings Rates Compare

R Bank Savings 0.35 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, R Bank charges customers extremely low fees as compared against the national average. With no monthly fee, R Bank's checking account is perfect for those who want a hassle-free checking account. R Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will have to search for an R Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

R Bank is a brick-and-mortar bank, with eight total branches in Texas. With mobile and web apps, R Bank makes account access easy, even on the go. R Bank's mobile app lets you manage your funds by checking monthly statements, transferring funds and accessing customer service. R Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

R Bank ranks as a medium-size bank with assets totaling $454 million as well as deposits totaling $401 million. R Bank's Texas Ratio is 2.38%, signifying that R Bank is in outstanding financial shape and far from failure. Additionally, R Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare R Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.35% APY $200
Checking Account 0.1% APY $1000
Certificates of Deposit
  • 12 Month: 1.21% APY
  • 24 Month: 1.87% APY
  • 36 Month: 2.02% APY
$1000 for all terms
Money Market Account 0.25% APY $5000

R Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. R Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. R Bank's CD rates are fair compared to other U.S. banks.

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Find a R Bank Near Me

R Bank has eight branches in the U.S.

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