First Republic Bank Review 2021

Published December 2020 by Matthew Goldberg

AT A GLANCE
2.8

Bankrate Score

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ATM fee refunds

First Republic Bank’s accounts offer the best features and interest rates to those with high balances, making it a good choice for people who can deposit a lot of money into their account.

  • CDs
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    3.6
  • Checking
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    2.6
  • MMAs
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    1.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    2.8

    Bankrate Score

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

    What we like

    • Offers customer service via the phone seven days a week.

    • Offers a variety of CD terms.

    • Offers unlimited ATM refunds for one of its checking accounts.

    What we don't

    • Best interest rates require massive balances.

    • Requires high minimum balance to avoid fees.

    • You can earn higher rates elsewhere.

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

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    0.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    First Republic Bank’s CDs have a high minimum deposit requirement, and you can still find higher yields elsewhere. There are a lot of terms available; however, most people will find a better deal at another bank.

    What we like

    • Offers a variety of CD terms.

    What we don't

    • You can find higher yields elsewhere.

    • There’s a $10,000 minimum deposit to open a CD.

    Checking accounts

    2.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    First Republic Bank’s Classic Checking account requires at least a $500 deposit to open an account. It doesn’t pay interest and you’ll need to pay a $25 monthly service charge unless you keep at least $2,500 in the account.

    You’ll get a free order of checks with the Classic Checking account.

    First Republic Bank’s checking account is one of the bank’s best deposit accounts. It pays a small amount of interest and it allows you to use any ATM fee-free. It reimburses you for the fees that other banks charge. The downside is the account’s fees. You need to deposit $500 when you open the account and maintain a $3,500 balance to avoid the $25 monthly fee.

    What we like

    • Unlimited ATM fee reimbursement.

    • Free peer-to-peer payments.

    • You will earn a little interest.

    • Free first order of checks come with the Classic Checking account.

    What we don't

    • The Classic Checking account requires a $500 minimum deposit.

    • The Classic Checking account doesn’t earn interest.

    • Balances that fall below $2,500 will be charged a $25 monthly service fee.

    Money market accounts

    1.7

    Bankrate Score

    You’ll need $5,000 to both open and maintain your Money Market Savings account. Money Market Savings account holders will want to stay above $5,000 to avoid the $25 monthly maintenance fee.

    The Money Market Savings account has five interest tiers: below $50,000, $50,000 or more, $500,000 or more, $2,000,000 or more and $5,000,000 or more.

    The top-tier APY at $5,000,000 or more still isn’t competitive with money market accounts at online banks that don't have a minimum balance requirement.

    What we like

    What we don't

    • You’ll need a $5 million balance to earn the highest rate.

    • There’s a $5,000 minimum opening deposit requirement.

    • Not keeping at least $5,000 in the Money Market Savings account will cost you a $25 monthly service fee.

    Bank experience

    First Republic Bank offers phone support seven days a week, making it easy to get help over the phone when you need it. It also offers useful financial advice on its website and supports mobile apps that you can use to bank while on the go.

    First Republic Bank has a highly rated mobile app on iOS. Its app on Google has a decent rating of 4.0.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth