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Royal 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
Royal Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Royal Bank started in 1932 and is headquartered in Elroy, Wisconsin. Royal Bank handles assets of $415 million along with deposits totaling $355 million, making it a medium-size bank. Royal Bank lacks premium access to support representatives, 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 apps. Overall, Royal Bank is a great bank that you should seriously consider, with a score of 4.2 stars out of 5 from our experts. Royal Bank has a mixture of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Royal Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Royal Bank offers an option without a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best option for accruing the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Royal Bank has a savings rate of 0.10%, which is fair compared to the national average. Royal Bank's one-year CD earns at a rate of 1.00%, while its highest-yielding money market account earns at a rate of 0.25%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Royal Bank's Savings Rates Compare

Royal Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Royal Bank generally has extremely low fees in comparison to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Royal Bank does not refund out-of-network ATM fees, meaning you'll have to locate a Royal Bank ATM or pay the ATM charge.

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

3.6
SmartAsset Average: 3.7

Royal Bank is a brick-and-mortar bank, with 19 total bank locations in Wisconsin. With mobile and web apps, Royal Bank makes account access convenient, even on the go. Royal Bank gets unsatisfactory reviews from users for its mobile platform. Out of 120 ratings across both iOS and Android platforms, the Royal Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). You can use Royal Bank's app to control your bank accounts by reviewing current statements, sending and receiving funds as well as accessing support representatives. Royal Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
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

Royal Bank ranks as a medium-size bank and has $415 million in assets and $355 million in deposits. Its Texas Ratio is 3.99%, signifying a minute chance of failure. Additionally, Royal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.99%
High Risk 75% 50% 20% 10% Low Risk

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 Royal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.11% APY
  • 36 Month: 1.66% APY
  • 48 Month: 2.53% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.25% APY $10000 $15000

Royal Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Royal 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. Royal Bank's CD rates are fair compared to the average U.S. bank.

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Find a Royal Bank Near Me

Royal Bank has 19 physical locations in the U.S.

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