Tuesday, 24 November 2020

First Republic Bank Review of Checking, Savings, CD, Money Market and IRAs

First Republic Bank Review of Checking, Savings, CD, Money Market and IRAs
25 Oct
2:22

First Republic Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

First Republic Bank Passbook Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.50%

CD Rates

First Republic Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.65%

CD Rates

First Republic Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.90%

CD Rates

First Republic Bank 5 Year CD

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

First Republic Bank’s checking accounts

Many banks offer a completely free basic checking account, but First Republic Bank’s Basic Checking does charge a nominal fee. However, the account doesn’t pay any interest.

The account is designed for First Republic Bank customers who don’t make a large number of transactions, as only eight checks are allowed to clear for free each month. After that, the bank charges $1 per transaction. However, First Republic Bank’s ATM transactions are fee-free.

The account does provide customers with certain basic services — not all free, however — that are available with all accounts, including:

  • ATM card and ATM/debit card
  • Student loan refinancing
  • Wire transfers
  • Online and mobile banking
  • Personal banking services

For example, the bank charges $30 for outgoing wire transfers. Overdraft fees are also extremely high.

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How First Republic Bank’s checking accounts compare

First Republic Bank’s checking accounts suffer from some significant limitations, both in terms of fees and interest rates. Although fees on the bank’s other checking accounts can be waived with minimum balance deposits, the bank’s Basic Checking account has no such waiver provision. For the other accounts, a dip below the required minimum balance results in a significant monthly fee assessment.

Overdraft fees are also extremely high across the board. Interest is only paid on a single First Republic Bank checking account, and the rate paid is essentially nonexistent, particularly when compared with national average checking account rates and the best checking account rates available nationwide.

First Republic Bank savings account

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How First Republic Bank’s savings account compares

First Republic Bank’s Passbook Savings account has significant limitations for those who need flexibility with their deposits and withdrawals, as no ATM or mobile access means that such transactions need to take place in a branch. However, for those seeking high interest rates in a savings account, the bank offers rates far above the national average for savings accounts. Rates aren’t in the same competitive arena as the best available savings rates nationally, but they are still respectable for a basic savings account. The $0 monthly maintenance fee is attractive, but the account is plagued with the same high overdraft fees that exist across the bank’s line of products.

First Republic Bank’s CD rates

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How First Republic Bank’s CD rates compare

For the most part, First Republic Bank’s CD rates are at or above the national average for CD rates, in some cases significantly higher. The liquid CD option is an unusual offering not available at many other banks, but the trade-off is a significant reduction in APY. Minimum deposit requirements are fairly high, and there are no tiered rates, meaning larger deposits don’t earn higher yields.

First Republic Bank’s money market accounts

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How First Republic Bank’s money market accounts compare

First Republic Bank’s money market rates straddle the national average, with half of the tiers falling below the national average for money market accounts and the upper tiers exceeding that average. The best available money market accounts pay about double the best rates on First Republic Bank’s money market accounts. The accounts’ features are straightforward, with no particularly notable bells or whistles. Minimum deposit amounts are fairly high, as are the overdraft fees.

First Republic Bank’s IRAs

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How First Republic Bank’s IRAs compare

First Republic Bank’s IRA CDs are similar to the bank’s regular CDs. One difference between the IRA CDs and the regular CDs is that the Liquid CD option is not available in IRA format. The minimum deposit requirements are fairly high compared to other IRA CDs. The bank doesn’t share its IRA CD rates online, so you may want to call the bank and do a comparison against these IRA CDs before making your decision.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/first-republic-bank/

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