First Republic Bank Review 2023
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At a glance
CDs
Checking
MMA
About Bankrate Score
Overview
First Republic Bank failed on May 1, 2023. JPMorgan Chase purchased its deposits and almost all of its assets, according to the FDIC.
Highlights
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
First Republic Bank was a bank and wealth management company with around 88 offices in multiple cities across the United States. But due to massive deposit outflows in the wake of Silicon Valley Bank’s collapse, First Republic failed and was put under FDIC receivership.
JPMorgan Chase has acquired most of the bank’s assets, and First Republic’s offices will be converted into JPMorgan Chase branches, according to the FDIC. Moreover, depositors at First Republic Bank will become depositors at JPMorgan Chase after the transition is complete.
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
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Higher yields can be found elsewhere.
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A minimum $10,000 deposit is needed to open a CD.
First Republic Bank banking products
First Republic Bank CD overview
A variety of terms are available, but better deals can generally be found at online banks.
Money can be withdrawn from the liquid CD every seven days without incurring a penalty.
Pros
-
The bank offers a variety of CD terms.
-
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.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 3.1 rating.
About First Republic Bank
In May, First Republic Bank succumbed to banking pressures first ignited by SVB’s collapse. As a result, the bank closed and was put under FDIC receivership and subsequently sold to JPMorgan Chase.
The bank, which was founded in 1985, offered a host of checking, savings and money market accounts. If you’re a First Republic depositor, you’ll be converted into a JPMorgan Chase customer, since Chase purchased all of the troubled bank’s deposits. All deposits in your accounts are still insured, and “customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits,” according to the FDIC.
The agency has also said that First Republic Bank customers should continue to use their existing branch until notified that JPMorgan Chase has completed converting all customers and deposits.
Review methodology
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.
