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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


Established in 1887, Royal Savings Bank has $457 million in assets and $409 million in deposits, ranking it as a medium-size bank. Royal Savings Bank, whose headquarters are in Chicago, Illinois, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Royal Savings Bank 4.1 out of 5 stars, suggesting it is a respectable bank that warrants your consideration. Royal Savings Bank offers numerous banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Royal Savings Bank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best option for gaining the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Royal Savings Bank features a savings rate of 0.15%, which is fair compared to the average U.S. bank. Royal Savings Bank's CDs feature a rate of 1.03% and 2.13% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its poor savings rate, you should consider looking at the competition to open savings accounts.

How Royal Savings Bank's Savings Rates Compare

Royal Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Royal Savings Bank has typically average fees compared to the average U.S. bank. With no monthly fee, Royal Savings Bank is ideal for people who want a basic checking account. For those who use cash often, Royal Savings Bank is fair because it has an out-of-network ATM fee of $1.95, which is reasonable compared to other U.S. banks. Also, it has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. Royal Savings Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a Royal Savings Bank ATM or pay the cost of withdrawal.

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

SmartAsset Average: 3.7

Royal Savings Bank is a brick-and-mortar bank, with 10 total bank locations in Illinois. With mobile and web apps, Royal Savings Bank makes mobile banking easy, even on the go. Additionally, Royal Savings Bank customers can access live chat for help, an alternative customer service tool if you can't call in during business hours. Royal Savings Bank receives moderate reviews from customers for its mobile banking services. Out of 69 ratings on both iOS and Android platforms, the Royal Savings Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Royal Savings Bank's mobile app allows you to control your funds by reviewing current statements, transferring money as well as reaching customer service. Royal Savings Bank gets an excellent consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

SmartAsset Average: 4.8

Royal Savings Bank is a medium-size bank owning $457 million in assets and $409 million in deposits. Royal Savings Bank has an excellent Texas Ratio of 2.28%, denoting that the bank is in terrific 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 Account 0.3% APY $10000

Royal Savings Bank has several deposit products including 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 taking a look 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 in comparison to other U.S. banks.

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Find a Royal Savings Bank Near Me

Royal Savings Bank has 10 branches in the U.S.

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