Thursday, 21 January 2021
|
APY |
Account Type |
Account Name |
Compare Rates from Similar Accounts |
||
|---|---|---|---|---|---|
|
0.05% |
Savings |
Republic Bank Advantage Savings |
2.10% |
American Express National Bank High Yield Savings Account |
on American Express National Bank’s secure website Member FDIC |
|
2.00% |
CD Rates |
Republic Bank 12 Month CD |
2.50% |
Goldman Sachs Bank USA High-yield 12 Month CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
|
2.00% |
CD Rates |
Republic Bank 36 Month CD |
2.80% |
Goldman Sachs Bank USA High-yield 5 Year CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
Republic Bank’s checking accounts are not on par with the competition. APY offerings are either too low or nonexistent, and many of the accounts have monthly fees. You can find a much more flexible account that pays a decent interest rate by shopping around for other checking accounts.
But if you have an HSA and are concerned about paying more than six bills a month, the fact that this tax-advantaged account is classified as a checking account at Republic Bank may be appealing to you, regardless of the APY.
Check out other savings accounts. You’ll find dramatically higher APY offerings that will help your money grow faster. You’ll also find a wider range of account offerings with different benefits, such as club accounts at credit unions that can help you reach specific savings goals and kids’ accounts that enable you to teach your children about savings at a young age.
While Republic Bank’s certificate rates aren’t the worst around, they’re also not the best. Check out other CDs to ensure you’re getting the best rate possible. There are other offers out there with similar minimum opening deposit requirements, especially when you’re looking at shorter term lengths.
Money market accounts traditionally offer higher APYs than normal savings accounts. While the gap has gotten smaller in recent years, that’s no excuse for Republic Bank’s rates. They are so low that the money market competition is ahead of it by entire percentage points. You could open a regular savings account with another financial institution and still be earning at least a couple percentage points more in interest.
The longer the term length, the more competitive Republic Bank’s IRA CDs get. But they do not come out on top, even over a 60-month term. Because a certificate is already an extremely conservative portfolio holding, you want to be sure to maximize your returns by looking for the best IRA CD offers on the market.
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Source: https://www.magnifymoney.com/blog/reviews/republic-bank/
