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Royal Savings Bank Review

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Royal Savings Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1887, Royal Savings Bank has $457 million in assets and $409 million in deposits, classifying it as a medium-size bank. Royal Savings Bank, whose headquarters are in Chicago, Illinois, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.1 stars out of 5, suggesting Royal Savings Bank is a good bank that warrants your consideration. Royal Savings Bank provides customers with a diversity of banking products, including savings accounts, checking accounts, CDs, IRAs and mortgage products. Royal Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Royal Savings Bank's standard checking account does not have a monthly fee. Using an institution with no-fee checking as well as a high savings APY is the best bet for gaining the highest income on your deposits while having 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

3.5
SmartAsset Average: 3.5

Royal Savings Bank features a savings rate of 0.15%, which is poor as compared against the national average. Its one-year CD earns at a rate of 1.03% and the five-year CD has a rate of 2.13%, while its highest-yielding money market account has an APY of 0.30%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Royal Savings Bank's Savings Rates Compare

Royal Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

Royal Savings Bank has typically average fees in comparison to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Royal Savings Bank is fair because it has an out-of-network ATM fee of $1.95, which is reasonable in comparison to the average U.S. bank. Also, Royal Savings Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Royal Savings Bank unfortunately does not reimburse out-of-network ATM charges, which means you'll have to search for a Royal Savings Bank ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.95 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Royal Savings Bank is a brick-and-mortar bank, with 10 total branches in Illinois. With mobile and web apps, Royal Savings Bank makes mobile banking convenient, even on the go. Additionally, Royal Savings Bank customers can access live chat for help, which may provide helpful service without getting on the phone. Royal Savings Bank gets moderate reviews from users for its mobile platform. The Royal Savings Bank mobile app has an overall rating of 3.5 out of 5 (out of 69 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Royal Savings Bank's app to manage your accounts by reviewing current statements, transferring money as well as reaching customer service. Royal Savings Bank gets an exceptional consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Royal Savings Bank is currently a medium-size bank and handles assets totaling $457 million as well as deposits totaling $409 million. Royal Savings Bank's Texas Ratio is 2.28%, denoting that Royal Savings Bank is in superb financial condition and far from failure. Additionally, Royal Savings 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 Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $2500
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.03% APY
  • 24 Month: 1.24% APY
  • 36 Month: 1.42% APY
  • 48 Month: 1.60% APY
  • 60 Month: 2.13% APY
$1000 for all terms
Money Market Accounts 0.3% APY 0.3% APY $10000 $15000

Royal Savings Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Royal Savings Bank does not have the best savings rate, which means you should consider 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 Savings Bank's CD rates are fair as compared against the national average.

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Find a Royal Savings Bank Near Me

Royal Savings Bank has 10 physical branches across the U.S.

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Save more with these rates that beat the National Average
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