First Republic Bank Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
2.4
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Bankrate Score

bank-logo
Credit Card Cash

ATM fee refunds

Award Ribbon

Rewards Checking

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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    2.8
  • Savings
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    2.7
  • Checking
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    2.8
  • MMAs
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    1.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.80 % APY

    $ 0

    Min. balance for APY

    Sallie Mae

    Member FDIC

    CD

    1.05 % APY

    1 yr

    Term

    $ 2,500

    Min. deposit

    Sallie Mae

    Member FDIC

    CD

    1.05 % APY

    18 mo

    Term

    $ 2,500

    Min. deposit

    Overall

    2.4

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    Bankrate Score

    First Republic Bank is a bank and wealth management company with 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.

    CD rates

    2.8

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Sallie Mae

    Member FDIC

    CD

    1.05 % APY

    1 yr

    Term

    $ 2,500

    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.

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

    Savings accounts

    2.7

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.80 % APY

    $ 0

    Min. balance for APY

    The First Republic Bank savings account pays more in interest than the national average of 0.1 percent; however, you can still find higher yields elsewhere. To earn the bank’s top rate, you would need to meet the whopping $1 million balance requirement.

    What we like

    • No monthly fees.

    What we don't

    • Other banks offer higher yields.

    • $1 million balance requirement to earn the best available rate.

    Checking accounts

    2.8

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    What we don't

    • $500 minimum deposit.

    • $25 monthly fee with a balance under $3,500.

    Money market accounts

    1.2

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    Bankrate Score

    First Republic Bank’s money market account offers tiered rates. Even if you meet the massive $5 million balance requirement to secure the highest rate offered, the yield is still relatively low. The account also has a $5,000 minimum deposit, making it difficult for most people to open it.

    What we like

    • Check-writing privileges with the account.

    What we don't

    • $5 million balance required to earn the highest rate.

    • $5,000 minimum deposit.

    • You will pay a $25 monthly fee if your balance is below $5,000.

    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.

    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.

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