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Lock & Earn Account

Grow your savings faster and earn a higher rate when you lock your funds for 8 months.

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Reach your savings goals faster with Royal’s Lock & Earn account!

Whether you’re saving for college, a vacation, wedding, or a down payment on a house, Royal’s Lock & Earn account offers a higher rate so you can earn more money compared to leaving your funds in a savings account.



Lock & Earn Features:

  • No minimum opening balance
  • Locked-in rate with guaranteed returns
  • Higher earnings than a savings account

Grow Your Savings In 3 Easy Steps:

  1. Move any amount of funds into a Lock & Earn account.
  2. Leave those funds in the Lock & Earn account for 8 months.
  3. Get rewarded with your original funds plus your earnings!

Savings vs. Lock & Earn

A Lock & Earn account can help you reach your savings goals faster!

  Ending Balance after 8 months
Starting Balance Savings Account 0.40% APY* Lock & Earn Account 1.68% APY*
$1,000 $1,002.67 $1,011.16
$5,000 $5,013.33 $5,055.80
$10,000 $10,026.66 $10,111.60

Lock & Earn Account Rate


How Does A Lock & Earn Account Work?

A Lock & Earn account is a special account that earns a higher interest rate in exchange for leaving your money in the account for 8 months. There is also no minimum balance required to open a Lock & Earn account, so you can open one with any amount of money! Once a Lock & Earn account is opened, the funds are locked in for 8 months and funds cannot be deposited or withdrawn without penalty.

Who Should Have A Lock & Earn Account?

If you’re saving for a future goal and don’t need immediate access to some of your funds right now, a Lock & Earn account is a smart option for anyone! They’re especially popular with people who enjoy earning higher rates without worrying about investment risk. A Lock & Earn account is also an excellent choice for medium-term savings goals like tuition, weddings, or vacations. Lock & Earn accounts are also good for kids that won’t need access to their money for a while!

What Happens At The End Of The 8 Months?

Once the 8 months have passed, the Lock & Earn account enters a 10-day period where you can make any changes to the account including closing it out and adding or withdrawing funds. If no action is taken in those 10 days, the Lock & Earn account will re-lock for another 8 months. Members can set up preauthorized transactions to send monthly dividends to a savings or checking account, or to automatically close out the Lock & Earn account after the 8-month period is over.

How to Get Started

Not a Member?

If you don’t have any open Royal accounts, or if you're not the primary owner of an existing Royal savings account, use the button below to get started!

Already a Member?

If you already have an open Royal personal account, log in to online or mobile banking to start your new account application.

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