Wednesday, 25 November 2020

Republic Bank of Chicago Review: Checking, Savings, CD, Money Market and IRA Accounts

Republic Bank of Chicago Review: Checking, Savings, CD, Money Market and IRA Accounts
30 Nov
3:18

Republic Bank of Chicago’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Republic Bank of Chicago Statement Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.25%

CD Rates

Republic Bank of Chicago 9 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.45%

CD Rates

Republic Bank of Chicago 36 Month Breakable CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.50%

CD Rates

Republic Bank of Chicago 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Republic Bank of Chicago’s checking account options

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How Republic Bank of Chicago’s checking accounts compare

Based on the name and pricing structure, one might think that Republic Bank of Chicago’s Elite Checking account is the bank’s best checking offering; however, that isn’t the case. For balances under $50,000, the Friends & Family Checking account pays a rate more than six times the highest APY offered on the Elite Checking account, and it does it for one-third of the fee, although the fee can be waived on both accounts.

The top Friends & Family Checking account rate is about five times the national average checking account rate, a rate competitive enough to rank near the best checking account rates.

Republic Bank of Chicago’s savings account options

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How Republic Bank of Chicago’s savings accounts compare

Republic Bank of Chicago offers four interest-bearing savings accounts, though two are meant for minors. None of the accounts pay a notable rate of interest, with the top rates for all four accounts paying less than half of the national average. You can find much better rates by looking at the best rates available on savings accounts nationwide.

Republic Bank of Chicago’s CD account options

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How Republic Bank of Chicago’s CD accounts compare

Republic Bank of Chicago’s CD rates can be tough to compare because for the most part, they are not listed on the bank’s website. Of the four maturities listed, the highest rates are found on the nine-month and five-year CDs. Both offer rates above the national average — very much so in the case of the nine-month CD — but they still fall a bit short of the best CD rates available around the country.

Republic Bank of Chicago’s money market account options

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How Republic Bank of Chicago’s money market account compares

Republic Bank of Chicago’s Executive Money Market account is nothing to write home about. It carries standard features, with nothing of particular note, and its APY is less than half of the national average. If you’re looking for a great money market yield, check out these best available money market rates in the nation.

Republic Bank of Chicago’s IRA options

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How Republic Bank of Chicago’s IRA products compare

As with the bank’s non-IRA CDs, Republic Bank of Chicago’s IRA CD rates can be tough to compare because only four are listed on the bank’s website. The highest IRA rates, on a relative basis, are on the nine-month and five-year CDs, which both pay rates better than the national average. If you’re looking for the best available IRA CD rates, however, you’ll find that other banks can top Republic’s IRA CD rates.

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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/republic-bank-of-chicago/

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