![]() ![]() To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. First Republic describes itself as having a company culture of exceptional, relationship-based client service. The bank offers full-service banking, with a strong focus on private banking, wealth management and other investment, trust and brokerage services. About First Republic Bankįirst Republic Bank was founded in 1985 and is headquartered in San Francisco, with 80 offices in seven states. If you compare CD rates across several banks and credit unions and consider how long of a term and how much of a minimum deposit you can commit to, you’ll be more likely to get the highest possible return on your investment. Some banks or credit unions offer higher rates than others. If you want to get the best CD rates, do your research and shop around. However, First Republic Bank’s CD rates are higher than the national averages, according to data from the FDIC. Most banks and credit unions paying the best CD rates offer significantly higher rates than First Republic. How Much Can You Earn With First Republic Bank’s CD Rates?įirst Republic’s CD rates are slightly higher than the near-zero rates offered by major national banks.įind out what you can earn with First Republic Bank’s CDs using our CD calculator:įirst Republic Bank CDs are not competitive compared to the best CD rates. Grace Period for Penalty-Free Withdrawals After Maturity Terms of more than 1 year: 15 months’ interest Terms of up to 1 year: 6 months’ interest You can open a CD by calling the bank, visiting an office or filling out an online form and having the bank contact you.ģ, 4 (Special), 6, 7 (Special), 8 (Liquid Special), 12, 18, 24, 36, 48, 60, 72 months For CD terms of more than one year, the early withdrawal penalty is 15 months of interest.Īs mentioned above, you must be located within 50 miles of a branch to open a CD through First Republic Bank. (The only exception to this is the bank’s Liquid CD, which offers penalty-free partial withdrawals up to every seven calendar days.) For CD terms of up to one year, the early withdrawal penalty is six months of interest. If you take money out of your First Republic CD before the agreed-upon term is up, you will owe a penalty for early withdrawal. You can withdraw interest at any time without paying an early withdrawal penalty, but withdrawing your interest will reduce your earnings because you will have less money in the CD to compound over time. You can choose to have interest credited to the account monthly, quarterly or semi-annually. Rates are accurate as of July 5, 2023.įirst Republic requires a minimum opening balance of $10,000 for all of its CDs. For the purposes of this article, we’ve used the New York City ZIP Code of 10001. Here’s an overview of First Republic Bank’s CD rates. ![]() A hefty $10,000 minimum deposit was required to open a CD. The bank’s CD rates tended to be lower than the best CD rates from online banks, but higher than those of major national banks. If you’re looking to open a new account, make sure you shop around for the best CD rates.įirst Republic Bank offered a wide variety of certificate of deposit (CD) terms, ranging from 30 days to six years. However, the national bank has stated that over time, it will transition rates to align more closely with Chase CD rates-which tended to be lower than First Republic’s rates. You can still contact your team at First Republic and use the bank’s website to log on to your online account.Ĭhase will continue to honor First Republic CD rates for current fixed-interest accounts. First Republic Bank deposits and branch locations have been transferred to Chase Bank, so First Republic clients can now bank as usual with Chase. First Republic Bank failed on May 1, 2023, and was sold to JPMorgan Chase Bank in a purchase agreement with the FDIC. ![]()
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