Last week, Royal Bank added a 11-month CD Special (3.14% APY) to its product line. The minimum opening deposit is $1k, with no stated balance cap.
Royal Bank also added a 7-month CD Special, but its 2.31% APY isn’t that competitive. Like the 11-month, the 7-month CD Special requires a $1k minimum deposit.
As stated in the Certificate of Deposit page, the Early Withdrawal Penalty for CDs with terms of less than one year reads as follows:
The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.
The Certificate of Deposit page also states that earned interested cannot be withdrawn prior to maturity.
Headquartered in Chicago, Illinois, Royal Bank’s market area includes the greater Chicago metropolitan area, aka Chicagoland.
Opening a CD Special at Royal Bank must be done in person at any of nine full-service Illinois branches located in Chicago (7), Niles, and Westmont.
Royal Bank’s online banking platform is currently limited to account management and bill payment services.
Royal Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.6% (excellent) based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $42.93 million, an excellent annual growth rate of 15.53%. Please refer to our financial overview of Royal Bank (FDIC Certificate # 28068) for more details.
Originally established in 1887 as the Royal Savings and Loan Association of Chicago, Royal Bank is currently Illinois’ 102nd largest bank with assets in excess of $406 million. Royal Bank’s history began with and was tied to Chicago’s booming steel industry, and is still a “key player in the development of the [Chicago] south and southeast sides.” Between September 2015 and December 2017, Royal Bank has acquired three Chicago banks – PNA Bank, Park Federal Savings Bank, and Washington Federal Bank for Savings.
How the CD Special Compares
When compared to 357 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Royal Bank’s 11-month CD Special APY currently ranks first.
The above rates are accurate as of 2/19/2019.
To look for the best CD rates, either nationwide or in your state, please refer to our CD Rates Rable page.