2.75% Savings Account at Regal Financial Bank in Washington State

Update 5/09/09: The savings account rate has fallen to 2.50% APY. Please check the bank's website for the latest rates.

Regal Financial Bank is offering a savings account called Emerald Savings with a rate of 2.75% APY for balances of $2,500 to $250,000. The rate is 0.50% for balances under $2,500. These rates are listed at the bank's rate table as of 5/03/09. According to a reader who mentioned this account, the rate has recently fallen from 3% to 2.75% APY.

My last post on this bank was in February when they were offering a 4% 12-month CD. Currently, they don't seem to be offering any good CD deals.

After my February post, the bank began restricting accounts to Washington State residents. Regal Financial is a small bank based in Seattle, Washington. The bank's ratings for safety and soundness have gone down a bit and are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 2002 (FDIC Certificate # 57236).

Thanks to the reader Rav who mentioned this bank in the Daily Deals & News Post.

Tags: Washington, Regal Financial Bank, savings account