A year ago, Royal Bank America raised the rate on its 48-month CD and offered an additional 10 basis points for a checking relationship.
Today, the rate on the 48-month CD was increased (2.05% APY), with no relationship requirement, but the CD does require new money.
The minimum opening deposit $1K of new money and there is no maximum balance cap. The 48-month CD is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.
In the last year, Royal Bank America modified its Early Withdrawal Penalty (EWP) to be less punitive. According to CSR, the EWP can be up to 6 months interest, depending on the remainder of the term length.
Headquartered in Narberth (part of Main Line Philadelphia), Royal Bank America’s market area includes southeastern Pennsylvania and southern New Jersey.
Opening a CD, or any type of account, with Royal Bank America requires an in-person visit to any of twelve Pennsylvania branches located in Bridgeport, King of Prussia, Narberth, Philadelphia (4), Phoenixville, Shillington, Trooper, Villanova, and Willow Grove, or the Blackwood, New Jersey branch.
Currently, Royal Bank America’s online banking features are for account management and bill payment services.
Royal Bank America (FDIC Certificate # 18962) has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 21.11% (above average), based on September 30, 2015 data. In the past year, Royal Bank America has increased its total deposits by $41.16 Million, an excellent annual growth rate of 7.86%. Please refer to our financial overview of Royal Bank America for more details.
Royal Bank America was founded in 1963 as the Bank of King of Prussia, serving the local predominantly farming and residential community - a far cry from today’s King of Prussia, which boasts the largest shopping mall in the U.S. in terms of space and size. In the past 50 years, Royal Bank America has undergone management changes, expansion, acquisitions, and name changes to become the 48th largest bank in Pennsylvania, with assets in excess of $758 Million.
How the CD Compares
When compared to the 336 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, Royal Bank America’s 48-month CD currently ranks third.
The above rates are accurate as of 12/10/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.