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First Republic Bank Review 2022

Updated December 2, 2022
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At a glance

2.9
Rating: 2.9 stars out of 5
Bankrate Score
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CDs

Rating: 3.8 stars out of 5

Checking

Rating: 3 stars out of 5

MMA

Rating: 1.7 stars out of 5

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Overview

First Republic Bank offers the best features and interest rates to those with high account balances, making it a good choice for consumers who keep a lot of money in deposit products.

Highlights

  • ATM Fee Refunds

Overall

First Republic Bank is a bank and wealth management company with about 87 offices in multiple cities across the United States.

Pros

  • Checkmark

    The bank offers customer service via the phone seven days a week.

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    A variety of CD terms are available.

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    One of its checking accounts features unlimited ATM refunds.

Cons

  • The best interest rates require very high balances.

  • High minimum balances are required to avoid fees.

  • Higher rates can be found elsewhere.

  • First Republic isn’t a member of an ATM co-op, so it has a limited number of ATMs in only certain markets.

First Republic Bank bank products

3.8
Rating: 3.8 stars out of 5
Bankrate Score

First Republic Bank CD overview

First Republic Bank’s CDs have a high minimum deposit requirement, but higher yields can be found elsewhere.

A variety of terms are available, but better deals can be found at other banks.

Money can be withdrawn from the liquid CD every seven days without incurring a penalty.

Pros

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    The bank offers a variety of CD terms.

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    The liquid CD permits penalty-free withdrawals as often as once every seven days.

Cons

  • Higher yields can be found elsewhere.

  • A minimum $10,000 deposit is needed to open a CD.

  • The eight-month liquid CD doesn’t earn a competitive APY for a no-penalty CD.

Bank experience

First Republic Bank offers phone support seven days a week, making it easier for customers to get help when they need it. Financial advice is offered on its website, and its mobile app is highly rated by iOS device users, though those with Android devices are less enthusiastic, giving the app an overall 3.6 rating.

About First Republic Bank

First Republic Bank is a bank and wealth management company with offices in multiple cities across the United States. The bank, which was founded in 1985, offers checking, savings and money market accounts. It also offers a variety of CD terms.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.