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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

Royal Business Bank started in 2008 with its headquarters in Los Angeles, California. It owns assets of $2 billion and $1 billion in deposits, ranking it as a large bank. Royal Business Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 3.6 stars out of 5, Royal Business Bank should be near the middle of the pack in your search for a bank. Royal Business Bank has a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. Locating an institution with free checking and a high savings APY is the best bet for returning the highest income from your deposits alongside easy access to your money.

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 in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 2.18% and 1.70%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

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. It also offers access to mobile and web apps for straightforward access and banking on the go. Royal Business Bank's mobile app allows you to manage your finances by reviewing current statements, transferring funds as well as accessing customer service. Royal Business Bank gets an outstanding consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 ranks as a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Royal Business Bank's Texas Ratio is 0.11%, suggesting a negligible possibility 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: 2.18% APY
  • 24 Month: 2.48% APY
  • 36 Month: 2.68% APY
  • 48 Month: 2.60% APY
  • 60 Month: 1.70% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Royal Business Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Royal Business Bank does not have the best savings rate, which means you should consider 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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