RCB Bank Review | SmartAsset.com (2024)

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Savings Account

In terms of standard savings accounts, this is RCB Bank’s only offering. For starters, it requires a pretty high deposit to open, especially for a basic savings account. There is also a monthly fee, although you can waive it with a relatively low balance.

Certificate of Deposit (CDs)

RCB Bank offers a number of CD term lengths from 30 days to 60 months. This range allows you to open an account (or a variety of accounts) according to your savings goals, whether they’re in the near future or still far off. RCB Bank also helps along with your savings with good interest rates on its CDs. The best CD rateshere come with longer terms, though, starting at 15 months.

RCB Bank offers three types of CDs for even more choice and variety. Its main CDs are the Fixed accounts that lock in your rate at the opening for the entirety of the account’s term. If you don’t like that lack of rate flexibility, there is also a Variable CD. This means the interest rate may change after you open the account. This does allow for higher rates at some point, but it could also result in lower rates. Lastly, RCB Bank has a Pop-Up CD. This account allows you to request to change the interest rate once during the account term in case the posted rates increase.

RCB Bank also offers CDARS participation which allows you to make larger CD deposits, up to $50 million for FDIC insurance. This is done by distributing your deposits between multiple participation locations. You don’t have to deal with each institution separately though, so you can easily continue to work with RCB Bank.

Compare RCB Bank to Other Competitive Offers

my Money Market Account

RCB Bank’s my Money Market accounts offer more flexibility than the bank’s savings account. For starters, you have the opportunity to earn at higher rates with higher balances. You also have more access to the account. Just keep in mind that you’re still limited to six withdrawals per statement cycle with a money market account. After that, each withdrawal or debit purchase will cost $5 each.

my Cashback Checking Account

Cashback rewards are usually reserved for credit cards. But RCB Bank makes this great rewards system available to its my Cashback Checking customers. You can earn 5 cents on every purchase under $10 and 10 cents on every purchase $10 and over.

You’ll receive eStatements with this account. You need to use your debit card for at least 10 purchases each statement cycle.

my Interest Checking Account

If you’re not quite into cashback rewards and just want to grow your checking balance, the myInterest Checking account can do that for you. Plus, it has a great rate for lower balances which benefits those who don’t typically qualify for higher interest rates.

The requirements to maintain this account include at least 10 purchases per cycle, at least one automatic deposit or withdrawal and eStatement enrollment. RCB Bank will refund you up to $10 of the fees you pay at out-of-network ATMs.

my Senior Checking Account

This checking account is designed for senior customers. It earns interest on all balances, with a couple of opportunities to raise your rate. For one, keeping a balance below $15,000 will earn better rates than higher balances. This is different than most bank accounts, which offer higher rates for higher balances.

You can also easily earn at even better rates on your lower balance simply by signing up for eStatements.

Branch Locations

You can find most RCB Bank locations throughout Oklahoma with a few throughout Kansas, too.

Financial Statistics & Bank Health Rating

RCB Bank has $3.95 billion in assets and $2.27 billion in loans according to the FDIC. It holds $3.28 billion in customer deposits.

RCB Bank has a Texas Ratio of 4.14%. The Texas Ratio is an important indicator of a bank’s ability to protect your deposits. You can find a bank’s Texas Ratio by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. RCB Bank maintains an excellent score, while banks with a score close to 100% show poor reliability.