Asian American-Led Bank, Solid CD Rates

Pat J. Fraley


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Overall bank rating

Pros and cons

Savings


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


$100


Annual Percentage Yield (APY)


0.05% APY


Minimum Deposit Amount


$100

Pros

  • Possible to waive the monthly service fee

Cons

  • Low interest rate
  • $100 minimum opening deposit
  • $3 monthly service fee

More Information

  • More than 20 branches in Los Angeles, Las Vegas, New York, and Chicago; one branch in New Jersey and one in Hawaii
  • To waive the $3 monthly service fee, you must maintain at least $300 in your account daily
  • Interest compounded and deposited monthly
  • Member FDIC

The Royal Business Bank Personal Savings Account is a decent choice if you can maintain at least $300 in your account daily, so you won’t have to pay a $3 monthly service fee. 

However,


online banks

are better options if you’d like to earn a competitive interest rate. Our best high-yield savings accounts guide highlights savings accounts with minimal bank fees. 

Checking


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


$100


Annual Percentage Yield (APY)


None


Minimum Deposit Amount


$100

Pros

  • Possible to waive monthly service fees
  • 4 reimbursements from out-of-network ATMs each month

Cons

  • $100 minimum opening deposit
  • $10 monthly service fee
  • $25 overdraft fee
  • No ATM network
  • No overdraft protection available

More Information

  • More than 20 branches in Los Angeles, Las Vegas, New York, and Chicago; one branch in New Jersey and one in Hawaii
  • To waive the $10 monthly service fee, you must maintain at least $800 in your account daily
  • Member FDIC

Royal Business Bank Regular Checking has the lowest minimum opening deposit out of all the bank’s


checking accounts

. You’ll need to keep at least $800 in your account daily to waive the $10 monthly service, though, which is pretty steep for a basic checking account.

Another downside to the account is Royal Business Bank doesn’t have an ATM network. You’ll only receive four reimbursements on out-of-network ATM fees each month.

CD


Annual Percentage Yield (APY)


0.25% to 0.40% APY


Minimum Deposit Amount


$2,500


Annual Percentage Yield (APY)


0.25% to 0.40% APY


Minimum Deposit Amount


$2,500

Pros

  • Good interest rates, compared to other brick-and-mortar banks
  • Variety of short-term CDs
  • Standard-to-low early withdrawal penalties

Cons

  • $2,500 minimum opening deposit
  • Online banks offer a higher interest rate
  • No terms over 4 years
  • Interest compounded monthly, not daily

More Information

  • More than 20 branches in Los Angeles, Las Vegas, New York, and Chicago; one branch in New Jersey and one in Hawaii
  • Terms range from 7 days to 4 years
  • Early withdrawal penalties: For terms under 30 days, the penalty is all interest earned; For terms between 30 days and 1 year, the penalty is 30 days of interest; For terms over 1 year, the penalty is 90 days of interest
  • Interest compounded and deposited monthly
  • Member FDIC

Royal Business Bank pays good interest rates on short-term CDs compared to other brick-and-mortar banks. You’ll need at least $2,500 for CD, though. Most banks require a minimum of $1,000 or less.

Money market account


Annual Percentage Yield (APY)


0.05% to 0.20% APY


Minimum Deposit Amount


$2,500


Annual Percentage Yield (APY)


0.05% to 0.20% APY


Minimum Deposit Amount


$2,500

Pros

  • Possible to waive the monthly service fee
  • Check writing included

Cons

  • Low interest rate
  • $2,500 minimum opening deposit
  • $10 monthly service fee
  • No debit card

More Information

  • More than 20 branches in Los Angeles, Las Vegas, New York, and Chicago; one branch in New Jersey and one in Hawaii
  • To waive the $10 monthly service fee, maintain at least $2,500 in your account daily
  • Earn 0.05% APY on account balances under $49,999
  • Earn 0.10% APY on account balances between $50,000 and $100,000
  • Earn 0.15% APY on account balances between $100,000 and $250,000
  • Earn 0.20% APY on account balances over $250,000
  • Interest compounded and deposited monthly
  • Member FDIC

You might find the Royal Business Bank Personal Money Market Account appealing if you can maintain at least $2,500 in your account daily to waive the $10 monthly fee. Otherwise, consider going through our best money market accounts guide for fee-free options. 

How Royal Business Bank works

Royal Business Bank is an Asian American-led financial institution with more than 20 branches in major cities like Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There’s also a branch in Edison, New Jersey.

Royal Business Bank doesn’t have an ATM network. You won’t be charged out-of-network ATM fees, and you’ll get four free reimbursements on fees charged by ATM providers each month. 

Call customer support from 10 a.m. to 3 p.m. on weekdays in your respective time zone.

The bank’s mobile app is rated 4.7 out of 5 stars in the Apple store and 3 out of 5 stars in the Google Play store. 

Royal Business Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.

The role of community development financial institutions

Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers. 

Royal Business Bank provides services in Chinese and English. The bank also offers college scholarships to high school students in local communities and hosts workshops for financial literacy education and small businesses.

Is Royal Business Bank trustworthy?

The Better Business Bureau rates banks according to how they respond to customer issues.

Royal Business Bank has an A+ rating from the BBB. A good BBB rating does not guarantee your relationship with a bank will be perfect, though. Talk to current customers or read online customer reviews to see if Royal Business Bank is a good fit. 

Royal Business Bank hasn’t been involved in any recent public scandals. 

How Royal Business Bank compares 

We compared Royal Business Bank to Cheese and OneUnited Bank.

Cheese is an online-only platform that supports Asian American communities and makes it easy for immigrants to open an account if they don’t have a social security number. OneUnited Bank is a Black-owned bank that’s also certified as a CDFI. 

If you want to open a strong checking account, it’ll likely be a toss-up between Cheese or OneUnited Bank. 

Cheese has a fee-free checking account with early direct deposit, so you won’t have to worry about maintaining your account balance or meeting certain requirements. However, the one downside to the account is it doesn’t have overdraft protection. If you attempt to overdraw from your account, Cheese will just deny your transaction.

Meanwhile, OneUnited Bank has overdraft protection and early direct deposit. However, you might have to deal with monthly service fees if you don’t meet certain requirements.

If you’re looking for a bank with competitive interest rates, Cheese pays the highest rates out of all three banks.

The Cheese Account earns 3.00% APY on balances up to $10,000 for 30 days if you refer a friend. Even if you don’t meet this requirement, you’ll still earn 0.30% APY, which is higher than what most brick-and-mortar banks pay. 

Royal Business Bank might be worth exploring if you’d prefer to keep your money in a CD. Cheese doesn’t have any savings accounts, and OneUnited Bank has lower


CD rates

.

Frequently asked questions

Is Royal Business Bank FDIC insured? 

Royal Business Bank is FDIC insured. You can keep up to $250,000 in an individual bank account or $500,000 in a joint bank account, and it will be secure.

Where is Royal Business Bank located? 

Royal Business Bank has 20 branches in several major cities, including Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There’s also a branch in Edison, New Jersey.



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