Royal Bank America and its sister bank Royal Asian Bank are offering a special 2.05% APY 26-month CD. Other good deals include a 1.75% APY 14-month CD and a 2.25% APY 3-year CD. Minimum deposit is $1,000. These rates are listed at Royal Bank America's rates page and on the front page of Royal Asian Bank as of 9/28/2010.
The last time I checked with these banks, I was told that accounts must be opened in person at one of the banks' branches. However, accounts can be opened by residents of any state. Royal Asian Bank branches are located in the New Jersey cities of Fort Lee and Palisades Park, in Flushing, New York, and in the Pennsylvania cities of Philadelphia and Upper Darby. Royal Bank America has 14 branches in Southeast Pennsylvania and one in New Jersey.
Royal Asian Bank and Royal Bank America are part of the same bank holding company, Royal Bancshares of Pennsylvania. It was recently reported that they are behind on their TARP dividend payments.
Royal Asian Bank has an overall health score of 2 out of 5 with a Texas Ratio of 48.19% (average) and Royal Bank America has an overall health score of 2 out of 5 with a Texas Ratio of 81.24% (poor). Both are based on 6/30/2010 data. Please see our financial overviews of Royal Asian Bank and Royal Bank America for more details. Royal Asian Bank has been a FDIC member since 2006 (FDIC Certificate # 58196) and Royal Bank America has been a FDIC member since 1963 (FDIC Certificate # 18962).
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