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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 at maturity
Higher earnings than a savings account

Grow Your Savings In 3 Easy Steps:

Move any amount of funds into a Lock & Earn account.
Leave those funds in the Lock & Earn account for 8 months.
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 3.30% APY*
$1,000	$1,002.67	$1,021.94
$5,000	$5,013.33	$5,109.70
$10,000	$10,026.66	$10,219.41

Lock & Earn Account Rate

Term

Dividend

APY

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What is Royal’s 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.

Is there a minimum balance required to open Royal’s Lock & Earn 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.

How much more can I earn with a Lock & Earn account compared to a savings account?
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.

What happens when the 8-month Lock & Earn term ends?
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.

Can I add or withdraw funds from my Lock & Earn account before the 8 months are up?
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.