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First Republic Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
2.9

Bankrate Score

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ATM fee refunds

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.

  • Checking
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    3.0
  • CDs
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    3.8
  • MMAs
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    1.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    2.40 % APY

    $ 0

    Min. balance for APY

    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.25 % APY

    $ 0

    Min. balance for APY

    Overall

    2.9

    Bankrate Score

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

    What we like

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

    • A variety of CD terms are available.

    • One of its checking accounts features unlimited ATM refunds.

    What we don't

    • 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.

    Checking accounts

    3.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

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

    The Classic Checking account comes with a free first order of checks.

    First Republic Bank’s ATM Rebate Checking account is an option for consumers who make frequent out-of-network ATM withdrawals and keep $3,500 or more in a checking account. Falling below a $3,500 daily average balance results in a $25 fee each month.

    First Republic doesn’t charge a fee on ATM withdrawals and rebates out-of-network fees, including those made outside the U.S. But some fees in certain countries might not be refunded.

    The ATM Rebate Checking account  pays a small amount of interest on balances of $3,500 or more and requires a $500 minimum opening deposit.

    What we like

    • The ATM Rebate Checking account offers unlimited ATM fee reimbursements and pays a bit of interest on balances of $3,500 or more.

    • The bank offers free peer-to-peer payments.

    • The first order of checks is free with the Classic Checking account.

    What we don't

    • The Classic Checking account requires a $500 minimum deposit and doesn’t earn interest.

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

    CD rates

    3.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    3.00 % APY

    1yr

    Term

    $ 500

    Min. deposit

    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.

    What we like

    • The bank offers a variety of CD terms.

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

    What we don't

    • 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.

    Money market accounts

    1.7

    Bankrate Score

    The Money Market Savings account requires a  $5,000 minimum deposit and account holders need to maintain that balance to avoid a $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 million or more, and $5 million or more.

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

    What we like

    • The Money Market Savings account offers either an ATM or debit card.

    What we don't

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

    • A $5,000 minimum opening deposit is required.

    • A minimum balance of $5,000 is required to avoid a $25 monthly service fee.

    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.

    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