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• First Republic Bank Cd Rates
• First Republic Bank New York Cd Rates
• First Republic Bank Cd Rates In Calif

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. They offer checking accounts, money market accounts, savings accounts and CDs (certificates of deposit). In our review below we will focus on the 12 certificates of deposit products sold by First Republic Bank. First Republic Bank’s CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

First Republic Bank got its start in 1985 as a small thrift company. Today, the firm offers personal banking, business banking, and wealth and trust management services.

They have ~70 branch locations in 6 states (California, Connecticut, Florida, Massachusetts, New York and Oregon) with most being centered in major metropolitan areas.

Because they cater to high net-worth, low risk individuals, many of their banking products come with steeper minimum deposit requirements than those at other online banks and/or nationally available credit unions.

First Republic bank offers a full suite of deposit products. They offer checking accounts, money market accounts, savings accounts and CDs (certificates of deposit).

In our review below we will focus on the 12 certificates of deposit products sold by First Republic Bank.

First Republic Bank’s CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. All of their CDs come with a minimum deposit requirement of $10,000.

To view First Republic Bank’s current CD rates on their website, you’ll have to use their “Rate Finder” tool. This tool requires you to specify your region before populating a list of their going CD rates. That said, we’ve run this scenario for all available regions and found rates to be static across the board. In normal interest rate environments, however, these rates may vary slightly by region.

First Republic Bank currently has 12 CDs to choose from. They have 10 standard term CDs and 2 promotional CDs. The promotional CDs consist of a “4 Month Special” and an “8 Month Liquid CD.”

The 4 month special, for all intents and purposes, is just like a regular CD but it comes with a higher APY. Its current annual percentage yield is listed in our table below.

The liquid CD comes with the same guaranteed interest rate that a standard CD does, but allows you access to your funds without incurring a penalty. You are allowed to withdraw funds once per week (every 7 days), however you must maintain a minimum balance of $10,000 in this account. If you dip below this threshold First Republic Bank may close the CD and transfer the funds to another account.

First Republic Bank CD Rates

To give these offers above some context, the current national average for a 12 month CD and a 60 month CD sit at just 0.22% APY and 0.47% APY, respectively.

Outside of the 8 month liquid CD all of First Bank Republic’s other CD options come with early withdrawal penalties if you need funds prior to maturity. It should also be noted that First Bank Republic’s early withdrawal penalties are more expensive than other banks and credit unions.

Early withdrawal penalties are as follows:

• CDs with terms of 1 year or less have a penalty equal to six months’ interest on the amount you withdraw.
• CDS with terms of 1 year or greater have a penalty equal to 15 months’ interest on the amount you withdraw.

First Republic Bank Cd Rates

The best way to access the funds from your CD is to wait until it matures. Consider locking in one of First Bank Republic’s shorter term deposits if you’re unsure whether or not you can keep your money tied up for longer periods of time.

Opening a CD with First Republic Bank

There are three ways to open a certificate of deposit with First Republic Bank, none of which are online.

1. The first is to give the bank a call at (888) 408-0288. They have banking specialists available during regular working hours to get you set up with any CD you choose.
2. The second option is to complete an online form and have the bank reach out to you. You can find this form here.
3. The third would be to stop into a branch and speak with a representative in person. You can locate a First Republic Bank branch here.

When you speak with a representative either in person or via the phone you will need the following information to get your CD account open and funded:

• Full name (drivers license)
• Address
• Phone Number
• Email
• Social Security Number

To fund the account you will need the routing number and account number of the institution and bank account that you will be transferring the funds from. You can also mail them or hand them a check (if meeting in person).

While in most cases First Republic Bank’s CD rates beat out the national average for each respective term, better yields can be found through online banks and nationally available credit unions.

Because First Republic Bank caters to higher net worth individuals, they impose steep minimum deposit requirements on their deposits and expensive early withdrawal penalties if you need access to your funds prior to maturity.

All of this should be considered before deciding to open a CD with First Republic Bank.

First Republic Bank New York Cd Rates

First Republic Bank was founded in 1985 and offers a variety of products and services from personal and business banking to wealth management. Overall, First Republic Bank CD rates aren’t the best on the market, and they come with a high minimum deposit requirement when compared to competitors.

Bankrate’s overall rating of First Republic Bank's offerings is a 2.4 out of 5.

First Republic Bank CD rates

First Republic Bank CDs include traditional and liquid options. A liquid CD provides a guaranteed interest rate on your deposit for a fixed amount of time while also allowing you to withdraw your money without penalty as often as every seven days. Traditional CD accounts, on the other hand, require you to keep your full deposit amount in the account until it matures to avoid penalties but offer higher interest rates an incentive.

Note: The APYs (annual percentage yield) shown are as of Sept. 3, 2020. The APYs for some products may vary by region.

How First Republic Bank compares to top-yielding banks

When comparing First Republic Bank’s CD rates to the best CD rates on the market, First Republic is at the back of the pack. The bank’s one-year CD rate is 0.35 percent APY while the best banks offer up to 1.00 percent APY. The three-year APY sits at a mere 0.45 percent APY while competitors range from 0.50 percent up to 1.05 percent at Comenity Direct.

When looking at other CD terms, First Republic also falls behind: The bank requires a deposit of at least $10,000 on all CDs while several other banks require $2,000 or even $0 along with better rates.

Other savings options at First Republic Bank

In addition to CDs, First Republic Bank also offers its Passbook Savings account. The account has no monthly fee, only requires a $500 deposit to get started, and offers a variable interest rate with daily compounding interest. The APY you get depends on your location and the amount you deposit into the account.

First Republic Bank Cd Rates In Calif

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