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Royal Business Bank Review

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

Overview

Started in 2008, Royal Business Bank has $2 billion in assets along with deposits totaling $1 billion, classifying it as a large bank. Royal Business Bank, whose headquarters are in Los Angeles, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.6 stars out of 5, Royal Business Bank proves it is a decent bank that leaves room for improvement. Royal Business Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Royal Business Bank has a fair savings rate; other popular banks have higher rates. Locating a bank with no-fee checking and a high interest rate savings account is your best option for returning the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.10%, Royal Business Bank ranks poorly compared to the national average. Royal Business Bank's CDs feature a rate of 1.00% and 1.70% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given Royal Business Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Royal Business Bank's Savings Rates Compare

Royal Business Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

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

Monthly Fee N/A 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

Royal Business Bank is a brick-and-mortar bank, with 14 total branches in California and Nevada. With mobile and web apps, Royal Business Bank makes account access convenient, even on the go. Royal Business Bank's mobile app allows you to manage your accounts by monitoring current statements, transferring money as well as reaching support representatives. Royal Business Bank gets an outstanding consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

5.0
SmartAsset Average: 4.8

Royal Business Bank is a large bank and owns assets totaling $2 billion as well as deposits totaling $1 billion. Its Texas Ratio is 0.11%, signifying a low chance of failure. Additionally, Royal Business 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 Royal Business Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $300
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 2.40% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.60% APY
  • 60 Month: 1.70% APY
$500 for all terms
Money Market Account 0.25% APY $10000

Royal Business Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Royal Business Bank does not have the best savings rate, which means you should think about other options 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 Business Bank's CD rates are fair compared to the average U.S. bank.

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Find a Royal Business Bank Near Me

Royal Business Bank has 14 locations across the U.S.

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