Explore First Republic Bank’s CD Rates for May 2024
You may have heard news about First Republic Bank closing in 2023. When the bank failed, JPMorgan Chase purchased it. Despite the change, customers can still access deposit products, like CDs, through First Republic Bank’s website. For now, Chase is committed to honoring the CD rates advertised by First Republic Bank.
First Republic Bank’s CD Rates
First Republic offers a range of CD terms, from 30 days to six years. While the bank’s offered CD rates are often lower than you can find from top online banks, some of the rates are competitive with larger banks that have a large footprint of branches.
Below is a look at First Republic Bank’s CD rates. Note that the rates offered can vary by location. The CD rates included in the chart below are based on the Florida region.
Term | APY |
|---|---|
All liquid CD terms | |
30 days | |
60 days, Special | |
3 months | |
6 months | |
9 months, Special | |
12 months | |
18 months | |
2 years | |
3 years | |
4 years | |
5 years | |
6 years |
First Republic Bank CD Details
When selecting the right CD for your situation, it’s critical to read the fine print. Without a close look at the fine print, it’s impossible to know exactly what you are getting yourself into. Here’s what you should know:
Minimum opening deposit: You’ll need to deposit at least $10,000 to open a CD with this financial institution.
Compounding schedule: Daily
Early withdrawal penalties: For terms of up to one year, you’ll pay a penalty worth 180 days of interest if you need to access your funds early. For terms of more than one year, you’ll pay a penalty worth 450 days of interest if you need to withdraw your funds before the maturity date.
Grace period: After the CD matures, First Republic Bank will automatically roll your funds into a new CD. But you’ll have 10 days to make a penalty-free withdrawal of the funds.
The standout detail of First Republic Bank’s CDs is the minimum opening deposit requirement. You’ll need at least $10,000 to open a CD with this bank, which is a hefty requirement. Many banks don’t require an opening deposit close to this large.
How Much You Can Earn
As you explore your CD options with First Republic and other financial institutions, it’s helpful to see how much you can earn through a CD term. The amount you can earn varies based on the CD term you choose, the APY you snag, and the amount of money you lock into the CD.
The table below highlights what you could earn through First Republic’s CDs with various deposit amounts.
Term Length | APY | $10,000 Deposit Earnings | $25,000 Deposit Earnings | $75,000 Deposit Earnings |
|---|---|---|---|---|
30 days | $0.17 | $0.42 | $1.25 | |
60 days, special | $81.65 | $204.12 | $612.36 | |
3 months | $49.63 | $124.07 | $372.22 | |
6 months | $148.89 | $372.23 | $1,116.69 | |
9 month, special | $354.18 | $885.44 | $2,656.32 | |
1 year | $200 | $500 | $1,500 | |
18 months | $377.33 | $943.34 | $2,830.01 | |
2 years | $506.25 | $1,265.62 | $3,796.88 | |
3 years | $768.91 | $1,922.27 | $5,766.80 | |
4 years | $1,038.13 | $2,595.32 | $7,785.97 | |
5 years | $1,314.08 | $3,285.21 | $9,855.62 | |
6 years | $1,596.93 | $3,992.34 | $11,977.01 |
How To Open a First Republic Bank CD
If you want to open a CD with First Republic Bank, you can do so by calling the bank or visiting a physical branch. The bank has locations in California, Connecticut, Florida, Massachusetts, New York, Oregon, Washington and Wyoming. You can also fill out an online form with your contact information and request for the bank to contact you.
How First Republic Bank CDs Compare
When it comes to opening a CD, annual percentage yields should play a big role in your decision-making process. A higher APY means you’ll have the opportunity to earn more interest from that CD than one with a lower APY. Of course, most savers want to get the most bang for their buck, which means locking in a CD with a top rate.
Overall, First Republic Bank’s CD rates are less than competitive with top options. While the bank offers a few standout rates, like the 4.75% APY for a nine-month term, that’s not enough to make all of First Republic Bank’s CD offerings competitive. Not surprisingly, online banks tend to offer the highest APYs for CDs. Since online banks have more limited expenses than banks with brick-and-mortar locations, online banks are usually able to offer more value to savers.
If you want to lock in a top CD rate for your savings, check out GOBankingRates’ list of top CD options today. You might be surprised by how much you can earn on your savings.
Takeaway
First Republic Bank offers a wide range of CD terms. But savers can find higher CD rates elsewhere.
FAQ
First Republic Bank is one option for savers looking to open a certificate of deposit. Below are some answers to questions you may have.
What are the CD rates at First Republic Bank?
First Republic Bank offers CD rates ranging from 0.01% to 5.00%. The exact rates available vary based on your location and the CD term.
Is my CD at First Republic safe?
First Republic Bank recently failed. After the failure, the bank was bought by JP Morgan Chase. Since Chase is an FDIC-insured bank, the deposits you make with either bank are FDIC-insured, which amounts to up to $250,000 in coverage per accountholder, per deposit type.
Can you get 6% on a CD?
Some credit unions offer CDs with at least a 6% APY. For example, Financial Partners Credit Union offers an 8-month CD special with an APY of 6.00%.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 8, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
This article originally appeared on GOBankingRates.com: Explore First Republic Bank’s CD Rates for May 2024
