Lock & Earn Account

Royal’s Lock & Earn account is a special type of savings account that earns a higher interest rate in exchange for leaving your money in the account for 8 months. It works well for anyone looking to earn more on funds they don't need immediate access to. 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 personal savings account.

No. There is no minimum opening balance, so you can open a Lock & Earn account with any amount of money! This makes it an accessible option for anyone looking to earn a higher rate on their savings, regardless of the amount.

The difference can be significant. For example, a $1,000 starting balance would grow to $1,002.67 in Royal’s personal savings account at 0.40% APY after 8 months, but would grow to $1,021.94 in a Lock & Earn account at 3.30% APY. A $10,000 starting balance would grow to $10,026.66 in savings versus $10,219.41 in a Lock & Earn account.

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 adding funds, withdrawing funds, or closing it out. 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.

Royal’s Lock & Earn account is designed to keep your funds locked in for the full 8-month term. Once a Lock & Earn account is opened, the funds are locked in for 8 months and funds cannot be deposited or withdrawn without penalty. If you have additional funds to save, you could open a separate Lock & Earn account at any time since there is no minimum balance required.