Regal Bank Review

Overview

Established in 2007, Regal Bank has $519 million in assets along with $456 million in deposits, which makes it a medium-size bank. Regal Bank, whose headquarters are in Livingston, New Jersey, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Regal Bank is a top-tier bank that would be a perfect pick, with a rating of 4.6 out of 5 stars from the SmartAsset team. Regal Bank provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts and CDs. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Regal Bank's standard checking account does not have a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for accruing the most income from your deposits while having easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Regal Bank has a savings rate of 0.40%, which is poor compared to other U.S. banks. Regal Bank's one-year and five-year term lengths CDs earn at a rate of 1.41% and 1.61%, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Regal Bank's Savings Rates Compare

Regal Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Regal Bank is ideal for those who want a basic checking account. Regal Bank doesn't refund out-of-network ATM fees, meaning you will need to find a Regal Bank ATM or pay the withdrawal fee.

Regal Bank is a brick-and-mortar bank, with 11 total bank locations in New Jersey. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Regal Bank gets high marks from users for its mobile app. With 17 ratings across iOS and Android platforms, the Regal Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). You can access Regal Bank's mobile app to manage your finances by reviewing monthly statements, transferring funds as well as accessing customer service. Regal Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Regal Bank ranks as a medium-size bank owning $519 million in assets as well as deposits totaling $456 million. Its Texas Ratio is 5.82%, indicating a small opportunity of failure. Additionally, Regal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Regal Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Regal Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Regal Bank's CD rates are fair in comparison to other U.S. banks.

Find a Regal Bank Near Me

Regal Bank has 11 physical locations in the U.S.