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- First Republic Bank (Member FDIC) is a bank with branches in CA, CT, FL, MA, NY, OR, and WY.
- First Republic pays higher interest rates than many brick-and-mortar banks.
- The minimum opening deposits and monthly fees can be high, though you may be able to waive them.
- See Insider's picks for the best high-yield savings accounts »
This post was last updated and reviewed on July 15, 2021.
Overall bank rating
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Pros and cons
Although you'll earn higher interest rates with online First Republic Passbook Savings Account pays higher rates than many brick-and-mortar banks, especially if you have a high balance. There are no monthly service fees for this account, unlike with savings accounts at many physical banks., the
You do need at least $500 to open a First Republic Passbook Savings Account, which is steeper than what most banks require.
First Republic offers several types of checking accounts, but the First Republic ATM Rebate Checking Account could be a good choice if you use ATMs often. First Republic has its own ATM network, and it doesn't charge a fee when you use a machine outside its network — but an out-of-network ATM provider may charge you. With First Republic ATM Rebate Checking, you'll receive refunds for any fees charged by other banks' ATMs.
You'll need $500 to open this account, though, and there's a $25 monthly fee if you don't maintain a daily average balance of $3,500. You can find other banks with much lower monthly fees, and more lenient requirements to waive them.
First Republic CD rates are competitive, especially for a brick-and-mortar bank. But you'll need at least $10,000 to open an account, and the early withdrawal penalties are a little high. If you're worried about accessing your money before the CD matures, you might like the 8-month First Republic Liquid CD, which allows you to withdraw money every seven days.
A money market account is a lot like a savings account, except it typically provides you with an easier way to access your money, such as a debit card or paper checks. The First Republic Money Market Savings Account sends you a debit card, and the bank doesn't charge a fee for using out-of-network ATMs. An ATM provider may charge you, though, and First Republic won't reimburse you.
The minimum opening deposit of $5,000 is higher than what many banks require. You also won't earn a competitive interest rate unless you have at least $50,000.
First Republic also has a money market checking account, which comes with paper checks along with a debit card.
How First Republic Bank works
First Republic Bank is a brick-and-mortar institution with 76 branches in seven US states:
- New York
The banks also has free ATMs around the country.
The mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
To contact First Republic customer service, call Monday through Friday, 5:00 a.m. to 9:00 p.m. PT. Or call Saturday from 6:00 a.m. to 8:00 p.m. PT, or Sunday 7:00 a.m. to 5:00 p.m. PT.
Your deposits are FDIC insured for up to $250,000 for an individual account, and $500,000 for a joint account.
Is First Republic Bank trustworthy?
The Better Business Bureau gives First Republic an A+ in trustworthiness. A good BBB grade signifies a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.
First Republic Bank doesn't have any recent public scandals. Between its clear history and strong BBB grade, you may decide you feel comfortable banking with First Republic.
How First Republic compares to similar banks
The bulk of First Republic's branches are around California and in New York City. We've compared it to two other banks with large presences in these areas: Chase and Citibank.
7 US states
32 US states, DC
11 US states, DC
0.05% to 0.25% APY
0.01% to 0.05% APY
0.04% to 0.15% APY
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First Republic review vs. Chase review
You may prefer Chase if you travel frequently within the US. Chase has the second-highest number of branches in the country, after Wells Fargo. It could be a good option if you want to be able to walk into a branch when you travel. Chase also doesn't require any minimum opening deposits for itsor Chase Savings℠, while First Republic's minimum deposits are pretty high.
First Republic review vs. Citibank review
You might like Citibank if you travel abroad regularly. Citibank has free ATMs in over 20 countries, making it easy and affordable to access your money. However, Citibank has an F in trustworthiness from the Better Business Bureau. If this score worries you, First Republic could be the better choice — it has an A+ from the BBB.
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