Beal Bank is a Texas-based bank that focuses its product offerings on deposit accounts and is considered a wholesale bank because it doesn’t offer checking accounts or consumer loans. The bank is, however, active in trading various loans in the secondary market.
Beal Bank offers a savings account, money market accounts, CDs, and IRA CDs in its line of depository products. Its savings account has a minimum deposit requirement and requires a minimum monthly balance in order to earn interest. Money market accounts are available and come with a minimum initial deposit requirement. They also require a minimum account balance in order to earn interest, with interest levels varying depending on balance amounts. Certificates of deposit (CDs) are available in term lengths from 3 to 12 months. A minimum balance must be maintained in order to earn interest and rates vary based on location. Beal Bank is able to offer higher than average rates, compared to other banks its size, due to its limited overhead costs associated with operating fewer branches.
Beal Bank online banking provides a secure and sophisticated web-based platform from which customers can manage their accounts, pay bills, transfer funds, and track expenses. Beal’s website offers an information or knowledge tab to help guide consumers with basic banking questions and online safety tips.
Beal Bank was originally established in 1988 as Beal Savings Banc. In 1994 it changed its organization type with the FDIC to stock savings bank, and seven years later moved its headquarters from Dallas to Plano, Texas. In 2004, Beal Bank USA was started by Beal Bank’s founder, Andy Beal, and exists as a separate institution despite offering many of the same products and rates.