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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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.Back to Overview
Compare Royal Savings Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.15% APY||$2500|
|Checking Account||0.15% APY||$1|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Royal Savings Bank Near Me
Royal Savings Bank has 10 physical branches across the U.S.Back to Overview