Beal Bank, headquartered in Plano, Texas, focuses its attention on providing competitive interest rates on deposit accounts for its customers.
Beal Bank is headquartered in Plano, Texas, and has been in business since 1988. According to its website, the bank held $3.2 billion in assets as of March 2010. The bank's two main lines of business are wholesale loan acquisition and personal savings vehicles.
Forbes Magazine profiled the bank and founder Andrew Beal in a March 29, 2010 article, complimenting him on his foresight about the financial crisis:
Lots of people claim to have seen the financial crisis coming, but few people banked on it. Andrew Beal did. In 'The Banker Who Said No' we chronicled how Beal virtually shut down his Beal Bank between 2004 and 2007 because he thought loans were going to blow up. By the time we caught up to him, he was buying assets furiously at steep discounts. His Beal Bank finished 2009 with $9.2 billion in assets, three times what it had in the fall of 2007.
A savings account or a CD can be opened online or at one of the bank's branches, which can be found in major metropolitan areas across the country. Customers can transfer funds from a checking account at another bank to a Beal Bank savings account, money market account, or IRA.
All depositor accounts at Beal Bank are fully FDIC-insured to the maximum limit of $250,000 per depositor.