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Royal Business Bank: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 2.75 |
| CD | 3.5 |
| Money market | 3 |
| Trustworthiness | 5 |
| Total | 3.5 |
Royal Business Bank: Pros and Cons
| Pros | Cons |
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Royal Business Bank Personal Savings Account - Product Name Only
The
However, online banks are better options if you'd like to earn a competitive interest rate.
Royal Business Bank Regular Checking - Product Name Only
Royal Business Bank Certificate of Deposit - Product Name Only
The minimum opening deposit for Royal Business Bank CDs varies depending on which state you live in. If you're a resident of California, Nevada, or Hawaii, you'll need at least $2,500. If you live in Illinois, New York, or New Jersey, you'll need at least $1,000.
CD rates vary by region, so you'll need to call your nearest branch more information about current rates.
Royal Business Bank Personal Money Market Account - Product Name Only
You might find the
How Royal Business Bank Works
Royal Business Bank is an Asian American-led financial institution with more than 20 branches in major cities like Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There's also a branch in Edison, New Jersey.
Royal Business Bank has access to surcharge-free ATMs in Allpoint and Citibank ATM networks.
Customer support varies depending on your nearest branch hours. Generally, you can call a branch anytime from 10 a.m. to 2 p.m. on weekdays in your respective time zone.
The bank's mobile app is rated 4.7 out of 5 stars in the Apple store and 3.1 out of 5 stars in the Google Play store.
Royal Business Bank is FDIC insured. Up to $250,000 is secure in an individual bank account.
The role of CDFIs
Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Royal Business Bank provides services in Mandarin and English. The bank also offers college scholarships to high school students in local communities and hosts workshops for financial literacy education and small businesses.
Is Royal Business Bank Trustworthy?
The Better Business Bureau rates banks according to how they respond to customer issues.
Royal Business Bank has an A+ rating from the BBB. A good BBB rating does not guarantee your relationship with a bank will be perfect, though. Talk to current customers or read online customer reviews to see if Royal Business Bank is a good fit.
Royal Business Bank hasn't been involved in any recent public scandals.
Royal Business Bank vs. OneUnited Bank
OneUnited Bank is a Black-owned bank that's also certified as a CDFI. OneUnited Bank has branches in Boston, Los Angeles, and Miami. If you don't live near a branch, you can bank online with OneUnited from anywhere in the US.
OneUnited Bank is a solid choice for opening a strong checking account. OneUnited Bank has a free checking account with early direct deposit.
If you'd prefer to keep your money in a CD, it could be a toss-up between the two banks. OneUnited Bank has low minimum opening deposits for CDs, but Royal Business Bank may have more variety.
Royal Business Bank vs. Enterprise Bank & Trust
Enterprise Bank & Trust is another CDFI with branches in California and Nevada.
For checking accounts, you'll likely lean more toward Enterprise Bank & Trust over Royal Business Bank. Enterprise Bank & Trust has a free checking account with a
If you're looking for a savings account, it's pretty even between the two banks. Both financial institutions have a savings accounts with low interest rates and monthly service fees. You can find free savings account with higher interest rates by going through our best savings accounts guide.
Royal Business Bank: Frequently Asked Questions
Is Royal Business Bank FDIC insured?
Royal Business Bank is FDIC insured. You can keep up to $250,000 in an individual bank account or $500,000 in a joint bank account, and it will be secure.
Where is Royal Business Bank located?
Royal Business Bank has 20 branches in several major cities, including Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There's also a branch in Edison, New Jersey.