Business Insider's personal finance team compared to the best banks and found its bank account in need of improvement.
It may be worth exploring if you'd like to bank with an Asian American-led financial institution that closely serves Asian American and local communities. It won't be ideal if you struggle to maintain high account balances or want to avoid monthly service fees.
Royal Business Bank Overview
is an Asian American-led financial institution with more than 25 branches in major cities like Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There's also a branch in Edison, New Jersey.
The 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 9:30 a.m. to 4 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 3.2 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 U.S. Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
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.
Royal Business Bank Pros and Cons
Royal Business Bank Pros
- Majority of board members are Asian American, and bank serves an Asian American community
- Certified as a community development financial institution and serves disadvantaged communities
- Possible to waive monthly service fees
Royal Business Bank Cons
- Locations only in Los Angeles, Las Vegas, New York, and Chicago; only 1 branch each in Honolulu and Edison (New Jersey)
- Monthly service fees on most accounts
- High minimum opening deposits required
Banking Options with Royal Business Bank
Royal Business Bank Savings Account
The Royal Business Bank Personal Savings Account is a decent choice if you can maintain at least $100 in your account daily, so you won't have to pay a $5 monthly service fee.
Royal Business Bank Regular Checking
Royal Business Bank Regular Checking has the lowest minimum opening deposit out of all the bank's checking accounts. You'll need to keep at least $800 in your account daily to waive the $15 monthly service fee, though, which is pretty steep for a basic checking account.
Royal Business Bank CD
The minimum opening deposit for 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 terms and rates vary by region, so you'll need to call your nearest branch more information about current rates.
Royal Business Money Market Account
You might find the Royal Business Bank Personal Money Market Account appealing if you can maintain at least $2,500 in your account daily to waive the $15 monthly service fee. Otherwise, consider going through our best money market accounts guide for fee-free options.
Is Royal Business Bank Trustworthy?
The Better Business Bureau rates banks according to how they respond to customer issues.
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 Alternatives
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 U.S.
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 may have shorter terms.
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 . Enterprise Bank & Trust has a free checking account with a $0 minimum opening deposit. Meanwhile, at Royal Business Bank, you'll need to reach certain minimum balance requirements each month to waive monthly service fees.
Enterprise Bank & Trust Review
Why You Should Trust Us: How We Reviewed Royal Business Bank Accounts
For our review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and ethics and security of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, minimum opening deposit requirements, miscellaneous features, and fees.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Royal Business Bank Review: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3 |
| CD | 3.25 |
| Money market | 3 |
| Trustworthiness | 5 |
| Total | 3.5 |
Royal Business Bank FAQs
Is Royal Business Bank FDIC insured?
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?
has 25 branches in several major cities, including Los Angeles, Las Vegas, New York, Chicago, and Honolulu. There's also a branch in Edison, New Jersey.
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