A week ago, Royal Bank added a 7-month CD (1.30% APY) to its product line. The minimum opening deposit is $1k, with no stated balance cap.
Of all the CDs listed on Royal Bank’s website, the 7-month is by far the most competitive.
As stated in the Truth-In-Savings disclosure, 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The fee we may impose will equal 90 days interest on the amount withdrawn subject to penalty.
Headquartered in Chicago, Illinois, Royal Bank’s market area includes the Chicago metropolitan area, aka Chicagoland.
Opening an account with Royal Bank must be done in person at any of eight full-service Illinois branches located in Chicago (6), 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 1.66% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $95.37 million, an excellent annual growth rate of 58.59%. 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’ 129th largest bank with assets in excess of $313 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.” In the past two years, Royal Bank has acquired two Chicago banks – PNA Bank and Park Federal Savings Bank.
How the CD Compares
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the Bank’s market area, Royal Bank’s 7-month CD APY currently ranks first.
The above rates are accurate as of 6/19/2017.