Certificate of deposit (CD) rates have been on a rollercoaster ride recently. So, too, has First Republic Bank.
In May 2023, banking regulators closed First Republic and subsequently sold the majority of its assets to Chase Bank. Now under Chase’s corporate umbrella, First Republic still offers CDs.
Rates for First Republic’s CDs are relatively competitive, peaking at 5.00% APY for a six-month CD, but you can nail down higher rates elsewhere, and you can certainly find a bank that doesn’t require a minimum opening deposit of $10,000.
Account details and annual percentage yields (APYs) are accurate as of August 29, 2023.
Overview of First Republic Bank CDs
First Republic Bank’s CDs come with 11 terms, and the APYs range between 0.05% and 5.00% APY. Perhaps more important than the rates is the minimum opening deposit of $10,000, which will be out of reach for many savers. In many cases, you can find high-yield CDs with lower minimum deposits.
How much can you earn with First Republic’s CDs?
Here’s how much you can earn with a $10,000 balance during the given term and rate of each CD.
How First Republic Bank CD rates compare
Rates for First Republic’s CDs aren’t the best you’ll come across, but they’re not the worst, either.
With a 5.00% APY, First Republic’s rate for a six-month CD beats a number of other financial institutions. But to open this or any other CD at First Republic requires a minimum opening deposit of $10,000, an amount that far exceeds that of CDs from many other financial institutions.
Otherwise, rates for most other CDs at First Republic are 2.00% APY or 3.00% APY. By comparison, none of the national average CD rates tracked by the Federal Deposit Insurance Corp. (FDIC) surpass 1.76% APY as of Aug. 21, 2023.
In this side-by-side look, First Republic outdoes the three other banks for rates on six-month CDs but lags when it comes to one- and two-year CDs. First Republic also requires a larger minimum opening deposit ($10,000) than any of the other banks.
How to open a First Republic Bank CD
To get the CD process started at First Republic, you can call the bank, visit a branch, or fill out an online form and have a bank representative contact you by phone or email.
Alternatives to CDs at First Republic Bank
In addition to CDs, First Republic Bank also offers savings and money market accounts (MMAs).
Their Passbook Savings account has a $500 minimum opening deposit and earns 1.30% APY. There are no monthly service fees and your money is not locked up for a set amount of time, like in a CD.
Their Money Market Checking and Money Market Savings accounts both have a $5,000 minimum opening deposit and earn 1.30% APY. There is a monthly service fee of $25 on both accounts, but that can be waived with a $5,000 minimum average balance.
About First Republic Bank
First Republic Bank has been in the headlines recently — and not for its CD rates.
In May 2023, banking regulators in California shut down San Francisco-based First Republic and turned over the bank to the Federal Deposit Insurance Corp. (FDIC). First Republic represented the second biggest U.S. bank failure since the Great Recession.
Chase Bank then acquired First Republic Bank, with First Republic’s 84 locations in eight states becoming Chase Bank branches. Over time, First Republic customers will gain access to other Chase branches and ATMs. In June 2023, Chase said it planned to close 21 First Republic Bank branches by the end of the year.
As part of the deal, Chase picked up all of First Republic’s deposits, both insured and uninsured. As of April 2023, First Republic had about $203 billion in assets and $92 billion in deposits. Based on assets, Chase Bank now claims the top spot.
Interest on First Republic CDs accrued through April 30, 2023 were paid at the same rate, but Chase planned to review rates on First Republic CDs after that date, according to the FDIC. At that time, if you are not happy with the new terms you may withdraw your funds from the CD with no penalty.
Frequently asked questions (FAQs)
CD rates at First Republic Bank range from 0.05% APY for an eight-month “liquid” CD, which allows partial withdrawals without paying an early withdrawal penalty, to 5.00% APY for a six-month CD.
Banking regulators closed First Republic Bank in May 2023, but Chase Bank bought nearly all of the bank’s assets and converted First Republic’s more than 80 branches to Chase branches. Chase acquired all of First Republic’s insured and uninsured deposits.
The highest rate on a CD at First Republic Bank is 5.00% APY for a six-month CD.
