Advertiser Disclosure

Best of

The Best Kasasa Checking Accounts in 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

A Kasasa checking account is a special type of banking product that is only available at certain credit unions and community banks. Kasasa checking accounts are free and offer various rewards, such as cash back or online shopping credits. Additionally, Kasasa checking accounts offer nationwide refunds on ATM withdrawal fees.

What is Kasasa checking account?

Developed by the Kasasa Corporation, a Texas-based financial services and marketing organization, Kasasa accounts help smaller banks compete against larger rivals by providing special features desired by consumers. In exchange for providing rewards and other benefits, Kasasa accounts require qualification. Typically, customers must enroll in online banking and/or electronic statements and undertake a certain number of monthly transactions, such as 12 debit card purchases and one or more ACH transactions.

While every Kasasa checking account comes with no monthly maintenance fees and national ATM fee rebates, the particulars of each individual bank or credit union’s account can differ. As banking is a competitive landscape, even among institutions that offer Kasasa accounts, rates and benefits will vary.

Here’s a look at the top Kasasa checking accounts, including both regionally available accounts and nationally available accounts. To select the best, we looked for Kasasa accounts that offered the highest APYs and generous rewards.

Top regionally available Kasasa checking accounts

InstitutionAvailabilityAPY

Kalsee Credit Union

Michigan4.25%

First Financial Bank

Arkansas and Mississippi4.07%

Peoples Bank

Louisiana4.01%

Bank of Frankewing

Tennessee4.00%

Liberty First Credit Union

Nebraska4.00%

Kalsee Credit Union Kasasa Cash+ Account

  • 4.25% APY
  • $0 minimum
  • $25,000 maximum
  • Available in the Kalamazoo, MI region

Kalsee Credit Union serves the Kalamazoo, MI region with a full menu of financial products. Kalsee offers four Kasasa accounts: Kasasa Cash+, Kasasa Cash, Kasasa Cash Back and Kasasa Saver. The credit union’s Kasasa Cash+ checking account earns 4.25% APY, the highest available rate we’ve found in our research.

To get the highest rate, you’ll have to open a Kasasa checking account, make 24 debit purchases per month, sign up for electronic account statements, log on to your account at least once per month, and receive direct deposits totaling at least $1,000 per month. You can earn the 4.25% APY on balances up to $25,000, while balances above this threshold earn 0.35% APY. In addition, Kalsee will refund up to $25 in ATM fees incurred at domestic ATMs.

Membership in Kalsee Credit Union is open to anyone who lives, works, or attends school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren. Membership also extends to anyone receiving a retirement annuity, pension, social security, or similar retirement payment from private or government sources, and live in, or belong to a retirement organization located in Kalamazoo County or an adjacent county.

LEARN MORE Secured

on Kalsee Credit Union’s secure website

NCUA Insured

First Financial Bank Kasasa Cash Account

  • 4.07% APY
  • $50 minimum
  • $15,000 maximum
  • Available in Arkansas and Mississippi

First Financial Bank is an Arkansas-based, community bank that serves local markets in Arkansas and Mississippi. The bank currently offers three types of Kasasa accounts: Kasasa Cash, Kasasa Cash Back and Kasasa Tunes. These accounts all have minimum opening deposits of $50, no monthly service fees, and unlimited rebates of ATM fees nationwide.

Kasasa Cash currently pays a 4.07% APY on balances of up to $15,000, with the rate dropping to 4.07% APY on balances above $15,000. You must be enrolled in and log in to online banking, accept electronic statements and make at least 12 debit card purchases monthly or else your rate on your entire balance will drop to 0.05% APY and you won’t earn your ATM fee rebates.

Kasasa Cash Back eschews the high interest rate and instead rewards customers with a 3% rebate on debit card purchases of up to $250 per month, as long as you meet the same qualifications outlined above. Kasasa Tunes provides rebates of up to $7.50 each month in iTunes, Amazon or Google Play purchases, with a one-time sign-up bonus of $10 in rebates.

LEARN MORE Secured

on First Financial Bank (AR)’s secure website

Member FDIC

Peoples Bank Kasasa Cash Account

  • 4.01% APY
  • $100 minimum
  • $15,000 maximum
  • Available to citizens of Louisiana

Peoples Bank has four branches in and around the Baton Rouge, LA area. Peoples Bank offers a Kasasa Cash account that pays an attractive yield of 4.01% APY. There’s no monthly service fee associated with the account, and in addition to the high interest you receive up to $20 monthly in ATM fee refunds. To earn this APY, you must have at least 15 debit card purchases post and settle within the qualifying period, receive electronic bank statements, log on to online banking at least once a month, and have at least one ACH payment post to the account every month.

If you fail to meet those requirements, you still earn 0.08% APY on your deposits. And even customers who meet the requirements will only enjoy the high interest rate on balances up to $15,000. If you have a higher balance, the part greater than $15,000 will earn an APY of 0.31%.

LEARN MORE Secured

on Peoples Bank (New Roads, LA)’s secure website

Member FDIC

Bank of Frankewing Free Kasasa Cash

  • 4.00% APY
  • $50 minimum
  • $20,000 maximum
  • Available in the south-central Tennessee region

Established in the Tennessee town of Frankewing in 1920, this small community bank offers a Kasasa checking account that offers a great APY. If you meet the qualifications for the account, you’ll earn an APY of 4.00% on balances up to $20,000 (and an interest rate of 0.40% on the amount of the balance greater than $20,000). In addition to the high APY, you also enjoy reimbursements of third-party ATM fees with a limit of $20 per month (and $4.99 per transaction).

What are the requirements you need to meet in order to earn these rewards? Have at least one ACH credit or debit transaction each month, post and settle at least 12 debit card purchases per month, and be enrolled in and agree to receive electronic bank statements. If you don’t meet these qualifications, then the APY on your entire balance drops to 0.01% and you don’t receive the ATM reimbursements.

LEARN MORE Secured

on Bank Of Frankewing’s secure website

Member FDIC

Liberty First Credit Union Kasasa Cash Account

  • 4.00% APY
  • $50 minimum
  • $40,000 maximum
  • Available in eastern Nebraska

Liberty First Credit Union is the third largest credit union in the State of Nebraska. Liberty offers two types of Kasasa checking accounts: Kasasa Cash and Kasasa Tunes. Both accounts have no monthly service fees and refund up to $15 per month in nationwide ATM fees. Membership in Liberty First Credit Union is open to anyone who lives, works, worships or attends school in Lancaster or Seward County, and to employees of nearly 20 partner companies.

Kasasa Cash pays a high APY on balances of up to $40,000 if qualifying conditions are met, with balances above $40,000 earning a 0.15% APY. Every month, account holders must: be enrolled and receive electronic bank statements, log on to the online banking portal, settle at least 12 debit card purchases, and have at least one direct deposit ACH transfer post and settle. Account holders failing to meet these conditions still get a free checking account, but their APY drops to 0.05%.

The Kasasa Tunes account at Liberty First Credit Union has the same requirements as the Kasasa Cash account but pays out its rewards in the form of iTunes, Amazon or Google Play reimbursements, up to $5 monthly. In the first 30 days, the credit union offers a $10 music credit.

LEARN MORE Secured

on Liberty First Credit Union’s secure website

NCUA Insured

Top nationally available Kasasa checking accounts

InstitutionAvailabilityAPY

One American Bank

Nationwide3.50%

Dover Federal Credit Union

Nationwide3.25%

Main Street Bank (MI)

Nationwide3.00%

Security State Bank

Nationwide3.00%

First Security Bank & Trust

Nationwide2.51%

One American Bank Kasasa Cash Account

  • 3.50% APY
  • $50 minimum
  • $10,000 maximum
  • Available nationwide

Based in Sioux Falls, SD, One American Bank was founded 135 years ago, before South Dakota had achieved statehood. Today this small regional bank packs a big punch, offering a nationally available Kasasa Cash checking account that earns a decent 3.50% APY on balances up to $10,000.

To earn your Kasasa reward APY, for each monthly qualification cycle simply do the following: Make at least 12 debit card purchase transactions of at least $5.00 each that post and settle to your account; receive electronic bank statements, account notices and disclosures; and log in to online banking at least one time.

LEARN MORE Secured

on One American Bank’s secure website

Member FDIC

Dover Federal Credit Union Free Kasasa Cash Account

  • 3.25% APY
  • $0 minimum
  • $30,000 maximum
  • Available nationwide

Headquartered in Dover, DE, Dover Federal Credit Union is the second largest credit union in the State of Delaware and serves banking customers nationwide. Dover FCU’s Kasasa Cash checking account pays a 3.25% APY on balances up to $30,000 as long as customers receive electronic statements, log in to online banking and settle at least 12 debit card purchases monthly. This accounts also rebates up to $25 per month in nationwide ATM withdrawal fees.

Membership in Dover FCU is open to anyone who joins the Friends of Bombay Hook association. You may also join if you are an active duty member of the U.S military with duty locations in Delaware; a civilian employee of the federal government working in Kent County or Sussex County, Delaware; or a member of the Delaware National Guard. Employees of over 400 partner companies are also eligible for membership.

LEARN MORE Secured

on Dover Federal Credit Union’s secure website

NCUA Insured

Main Street Bank (MI) Kasasa Cash Checking Account

  • 3.00% APY
  • $0 minimum
  • $30,000 maximum
  • Available nationwide

This small regional bank is based in Bingham Farms, MI, just north of Detroit. Their Kasasa Cash Checking account earns a decent 3.00% APY on balances up to $30,000 and doesn’t require a minimum deposit to open. One unusual perk that makes this account especially useful is that you receive unlimited reimbursements of up to $4.00 per transaction, for nationwide ATM withdrawal fees.

Qualifying for the reward APY is easy. Just make at least one direct deposit, ACH payment, or bill pay transaction per monthly qualifying period; post at least 10 debit card purchases in the month; and receive electronic bank statements and log into your account at least once per monthly qualifying period.

LEARN MORE Secured

on Main Street Bank (MI)’s secure website

Member FDIC

Security State Bank Kasasa Cash Account

  • 3.00% APY
  • $0 minimum
  • $10,000 maximum
  • Available nationwide

Security State Bank is a full-service community bank located in Scott County, KS. Nevertheless, Security State’s Kasasa Cash checking account is available nationwide, and earns a respectable 3.00% APY. The Kasasa account has no minimum deposit to earn rewards, and a ceiling up to and including $10,000 to earn the APY. All you have to do is post 12 debit card purchases in each monthly qualification period, enrollment in electronic statements and log on to online banking every month to qualify for rewards.

LEARN MORE Secured

on Security State Bank (KS)’s secure website

Member FDIC

First Security Bank & Trust Kasasa Cash

  • 2.51% APY
  • $0 minimum
  • $50,000 maximum
  • Interest or cash back

First Security Bank & Trust has been serving the north central Iowa region for more than a century, and now they can serve you wherever you are with an attractive yield on a Kasasa Cash checking account. First Security offers a notably high maximum balance of $50,000 on which you may earn 2.51% APY. They’ll also refund up to $25 of out-of-network ATM withdrawal fees per month. To earn the reward rate, all you need to do is post at least one ACH transaction and 12 debit card purchases in each monthly qualifying period, in addition to receiving electronic statements and maintain a valid email address on record with the bank.

LEARN MORE Secured

on First Security Bank & Trust’s secure website

Member FDIC

The bottom line: Are Kasasa checking accounts worth it?

Kasasa accounts can offer great benefits to customers who qualify. If you’re already making the required transactions, such as 12 debit card purchases per month, Kasasa accounts are something of a no-brainer, as they offer rewards, carry no monthly fees and reimburse domestic ATM withdrawals.

However, for those who might have to stretch to qualify for a Kasasa account, it might pay to shop around, as there are plenty of competitor accounts that also charge no monthly fees. Each individual customer will have to weigh out the benefits of a high interest rate – or one of the other Kasasa rewards – against the transaction requirements.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here

Advertiser Disclosure

Reviews

Zions Bank Review: Checking, Savings, CD, Money Market, and IRA accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Zions Bank’s checking account options

Anytime Checking

Anytime Checking is Zion’s bottom-tier checking account, with no fees and basic account services.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Customers looking to get a basic checking account at Zions Bank can look to the Anytime Checking account. With a low minimum opening deposit and no monthly fees, Anytime Checking can be a good introduction to Zions Bank’s services. There are no fees at any Zion ATMs, although fees are levied on non-Zions ATMs. Customers who travel abroad should be wary of the account’s high international ATM fees, which are standard across all Zions accounts. Anytime Checking also carries Zions Bank’s standard overdraft fee, which is high but can be reduced by setting up a backup overdraft account, like a savings account.

Servicewise, Anytime Checking doesn’t offer a lot beyond the basics. Customers get a Zions Bank debit card that can be used wherever Visa is accepted. Anytime Checking also offers online banking and bill pay, allowing customers to manage finances through mobile devices or computers, along with mobile check deposit. Customers also have access to the money transfer service Zelle.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Anytime Interest Checking

Anytime Interest Checking is the lowest-level Zions Bank checking account that pays interest.
APYMinimum Balance to Earn APY
0.07%$0.01
0.07%$1,000
0.07%$2,500
0.07%$5,000
0.07%$25,000
0.07%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $10; waived with a minimum daily balance of at least $1,500 or a combined deposit and consumer loan balance of $10,000+
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Anytime Interest Checking offers most of the same basic perks as Zions Bank’s Anytime Checking: online banking, mobile check deposit and access to money transfer service Zelle are all available. However, Anytime Interest also offers these additional benefits:

  • A no-fee, standard-sized (3” x 5”) safe deposit box, or a $10 discount on a larger box
  • One out-of-network ATM fee waiver per month
  • Free Zions Bank Exclusive checks, or a 45 percent discount on other check designs

As the name implies, Anytime Interest Checking also pays interest on all balances. In exchange for these added features, Anytime Interest Checking levies a monthly fee, although it can be avoided by maintaining a minimum balance.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Premium Interest Checking

Premium Interest Checking pays Zions Bank’s highest interest rates, although the hurdles to avoid a monthly maintenance fee are also higher.
APYMinimum Balance to Earn APY
0.08%$0.01
0.08%$1,000
0.08%$2,500
0.10%$5,000
0.12%$25,000
0.15%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20; waived with a combined deposit balance of $10,000+ or a combined deposit and consumer loan balance of at least $25,000
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: up to three per month at non-Zions ATMs
  • Overdraft fee: $32, up to five times per day; can be reduced to $0 with a transfer from a backup deposit account or credit reserve line.

The Premium Interest Checking account at Zions Bank carries the features of the Anytime Interest Checking account, including the discount on check orders and the free standard safety deposit box. Some key additional benefits are included though, including the following:

  • No-charge overdraft protection with linked account
  • Three non-Zions ATM fee rebates per month
  • No monthly fee on linked savings or money market account

The Premium Interest account pays Zions Bank’s highest checking rates, across six tiers. Deposits of $100,000 or more are required to earn the best APY.

How to get Zions Bank’s checking accounts

As mentioned above, all of Zions Bank’s checking accounts can be opened online in about five or 10 minutes. Customers also have the option to visit a Zions Bank branch or call customer service at (866) 761-8349.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

magnifying glass

How Zions Bank’s checking accounts compare

Overall, Zions Bank’s checking accounts don’t stand out on a national comparison basis. Although the basic Anytime Checking account provides some standard services for no fee, the bank’s other two checking accounts require maintaining balances to avoid fairly high fees. The payouts on the two interest-bearing accounts are below the national average, even at the highest tiers, and are not competitive at all when compared with the best rates for checking accounts available nationally.

Zions Bank’s savings account options

Savings account

This account is Zions Bank’s only primary savings account option; its simple name reflects the straightforward nature of the account.
APYMinimum Balance to Earn APY
0.10%$0.01
0.10%$1,000
0.10%$5,000
0.10%$25,000
0.10%$50,000
0.10%$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3; waived with a minimum daily balance of $200+ or monthly transfers from a Zion checking account of $25 or more
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

The Zions Bank Savings account doesn’t offer a lot of bells and whistles, but it does come with the standard features most customers look for when opening a savings account. Although there is a modest fee attached to the account, it’s easily waived with a small deposit. Customers have access to an ATM card that allows fee-free access at Zions Bank ATMs, although a fee is levied for non-network withdrawals. Interest is earned on all balances and is tiered, although rates are currently identical across all tiers.

Like other savings and money market accounts, withdrawals by check, debit card, or pre-authorized computer or telephone transfers to another account are limited to six per statement cycle. If these limits are broken three times over a 12-month period, Zions Bank will either close the account or change it to a different type of account. Additionally, a $5 fee will be assessed per excess transaction.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Young Savers

Unlike other banks’ youth savings accounts, eligibility for the Zions Bank Young Savers account extends all the way into an account holders mid-20s.
APYMinimum Balance to Earn APY
0.14%$0.01
0.14%$100
0.14%$500
0.14%$1,000
0.16%$10,000
0.16%$50,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0 for customers age 25 or younger
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

The Zions Bank Young Savers account is a variation of the bank’s basic Savings account, but for younger customers. The Young Savers account has a lower minimum than the standard savings account, along with no monthly fee. Standard online and mobile features apply, including access to an ATM card. However, online bill pay is not available with the Young Savers account.

Account holders can maintain this account until they turn 26, at which point it converts to a regular savings account. As with the standard savings account, certain withdrawals are limited to six per month, with a $5 fee applying to each additional withdrawal. Zions Bank also reserves the right to close or change the account if this limit is exceeded more than three times in a 12-month period.

How to get Zions Bank’s savings accounts

As mentioned above, all of Zions Bank’s savings accounts can be opened online in about five or 10 minutes. Customers also have the option to visit a Zions Bank branch or call customer service at (866) 761-8349.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

magnifying glass

How Zions Bank’s savings accounts compare

Zions Bank has limited options when it comes to savings accounts. The rates paid on both the standard Savings account and the Young Savers account are far below the national averages in their categories, and the accounts don’t come with any noteworthy additional features. The best available national savings rates are far better than those you can get at Zion.

Zions Bank’s CD account options

Regular CDs

Zions Bank’s regular CDs come in a wide range of maturities, from one month to five years.
TermAPYMinimum Balance to Earn APY
1 month0.05%$1,000
3 months0.20%$1,000
6 months0.50%$1,000
9 months0.65%$1,000
12 months1.31%$1,000
18 months1.41%$1,000
24 months1.51%$1,000
36 months1.61%$1,000
48 months1.77%$1,000
60 months1.92%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Zions Bank CDs have fixed rates that are compounded daily. At Zions, CDs renew automatically at maturity for a similar period unless otherwise notified by the bank. A grace period of 10 calendar days applies to most maturing CDs, during which time customers can withdraw funds without facing the early withdrawal penalty. That period drops down to three calendar days for certificates of 31 days or less.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Jumbo CDs

Zions Bank jumbo CDs have the same maturity schedule as the bank’s standard CDs, but with a higher required deposit.
TermAPYMinimum Balance to Earn APY
1 month0.05%$100,000
3 months0.20%$100,000
6 months0.60%$100,000
9 months0.75%$100,000
12 months1.41%$100,000
18 months1.51%$100,000
24 months1.61%$100,000
36 months1.71%$100,000
48 months1.87%$100,000
60 months2.02%$100,000
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Jumbo CDs require a minimum deposit of $100,000. At Zions Bank, they are otherwise identical to standard CDs. Both maturities and rates paid are currently the same at Zions for both jumbo and standard CDs.

Jumbo CDs also have the same automatic renewal policy as the bank’s standard CDs, meaning customers have a 10 calendar days in which to cash out a CD before triggering an early withdrawal penalty, or three days if the CD maturity is 31 days or less.

The early withdrawal penalty is also identical for both standard and jumbo CDs at Zion, ranging from all interest for the shortest maturities to 180 days’ interest for maturities of one year or longer. This penalty may be waived if a depositor is declared incompetent, dies, or at Zion’s discretion.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

CD Special

Zions Bank CD specials are subject to change at any time; currently, one maturity offers a special rate.
TermAPYMinimum Balance to Earn APY
12 months2.30%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest

To qualify for the special CD rate at Zions Bank, customers must have a qualifying checking relationship. Money must also be deposited from a new source, and not from another account at Zions. Otherwise, the special rate CD has the same minimum balance and early withdrawal penalty characteristics of Zions Bank’s standard CDs.

How to get Zions Bank’s CDs

As mentioned above, customers can apply for a Zions Bank CD through an online application form. Another option is to visit a Zions Bank branch or call customer service at (866) 761-8349.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

magnifying glass

How Zions Bank’s CD rates compare

Zions Bank’s CD rates are generally slightly below the national average CD rates across all maturities. The standout product is the special rate CD. Here, rates are far above average, and are even competitive with the best available national CD rates. Rates are subject to change at any time, but the current 12-month special is among the very best CDs you can find. You will, however, have to maintain a checking account relationship with the bank to earn this yield.

Zions Bank’s money market account options

Money Market Savings

The Zions Bank Money Market Savings account has a tiered interest structure, ATM and check writing access and no monthly maintenance fee.
APYMinimum Balance to Earn APY
0.20%$1,000
0.25%$5,000
0.30%$25,000
0.40%$100,000
0.45%$250,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn, an additional $5 fee is assessed, up to a maximum of 30 calendar days

For savers with at least $1,000 to set aside, the Zions Bank Money Market account pays a higher yield than the bank’s traditional savings account. The Money Market account also allows check writing and has ATM access. However, as with all money market and savings accounts, certain withdrawals are limited to six per month from this account. A $15 fee is assessed for each withdrawal after six per month, and Zions reserves the right to close or change the account after that limit has been reached three times in a 12-month period; in-branch and ATM withdrawals are unlimited and do not count towards this six-transaction limit. The Zions Bank Money Market account has no monthly maintenance fee and a relatively modest minimum opening deposit requirement for a money market account.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Online Money Market

The Zions Bank Online Money Market account’s APY tops the rates paid on any of the bank’s other checking, savings or money market accounts.
APYMinimum Balance to Earn APY
1.11%$1,000
1.11%$5,000
1.11%$25,000
1.11%$100,000
1.11%$250,000
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Zions Bank ATMs; $2 at domestic, non-Zions ATMs; 3 percent of US dollar amount of transaction at international ATMs
  • ATM refund: none
  • Overdraft fee: $32, up to five times per day; can be reduced to $5 with transfer from backup account; after five consecutive days of account being overdrawn an additional $5 fee is assessed, up to a maximum of 30 calendar days

Zions Bank’s Online Money Market account, as the name suggests, is an online-only account. As the account can only be accessed via a mobile phone, tablet or computer, it pays higher rates than the bank’s traditional money market account. All of the other parameters of the account are the same, from the minimum opening deposit to the monthly, ATM and overdraft fees. Check writing is also available with the Online Money Market account.

How to get Zions Bank’s money market accounts

As mentioned above, you can open a Zions Bank money market account online, via an application that takes between five and 10 minutes. Customers can also visit a Zions Bank branch or call the bank at (866) 761-8349.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

magnifying glass

How Zions Bank’s money market accounts compare

Both of the Zions Bank money market accounts pay rates above the national average. Minimum deposit requirements are low, and there is no fee on either account. The standout account is the online money market, paying an APY about triple that of the regular money market account. However, even this account pays a rate well below the best available money market rates nationwide.

Zions Bank’s IRA account options

IRA CDs

Zions Bank IRA CDs have the same terms and APY as the bank’s non-IRA CDs, although IRS penalties and taxes may apply to IRA withdrawals.
TermAPYMinimum Balance to Earn APY
1 month0.05%$1,000
3 months0.20%$1,000
6 months0.50%$1,000
9 months0.65%$1,000
12 months1.31%$1,000
18 months1.41%$1,000
24 months1.51%$1,000
36 months1.61%$1,000
48 months1.77%$1,000
60 months1.92%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Zions Bank IRA CDs have the same structure as the bank’s standard CDs. This means that the IRA CDs pay fixed rates that are compounded daily. IRA CDs also renew automatically at maturity for the same term, unless the bank notifies customers in advance. The grace period is three calendar months for IRA certificates maturing in 31 days or less, and 10 calendar days for all remaining IRA CD maturities. Other withdrawals will trigger the early withdrawal penalty.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

Jumbo IRA CDs

Zions Bank Jumbo IRA CDs are carbon copies of the bank’s non-IRA jumbo CDs in terms of maturity and APY, with the additional tax and penalty restrictions that apply to all IRA accounts.
TermAPYMinimum Balance to Earn APY
1 month0.05%$100,000
3 months0.20%$100,000
6 months0.60%$100,000
9 months0.75%$100,000
12 months1.41%$100,000
18 months1.51%$100,000
24 months1.61%$100,000
36 months1.71%$100,000
48 months1.87%$100,000
60 months2.02%$100,000
  • Minimum opening deposit: $100,000
  • Minimum balance to earn APY: $100,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms from 32 days to one year; 180 days’ interest for terms of over one year

Jumbo IRA CDs at Zions Bank have the same rules in place as its non-IRA jumbo CDs. Jumbo IRA CDs renew automatically at the same maturity unless notified in advance by the bank. Withdrawals outside of the grace period — three calendar days for short-term CDs and 10 calendar days for those maturing in longer than 31 days — will trigger the early withdrawal penalty. Interest is compounded daily.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

IRA CD Special

Zions Bank currently offers the same CD special in both its IRA and non-IRA accounts; special rates are subject to change at any time.
TermAPYMinimum Balance to Earn APY
12 months2.30%$1,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest

As with the bank’s non-IRA CD special, a qualifying checking relationship is required to earn the special CD rate in a Zions Bank IRA. Money must originate from outside Zions Bank, so deposits cannot be made from an existing Zions Bank account. Minimum balance requirements and early withdrawal penalties are the same as with Zions Bank’s standard CDs.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

IRA Money Market account

The Zions Bank Money Market account is a place you can stash your IRA funds and earn interest if you don’t want to tie them up in a CD.
APYMinimum Balance to Earn APY
0.20%$0.01
0.20%$2,000
0.30%$10,000
0.35%$25,000
0.40%$50,000
0.40%$100,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM refund: n/a
  • Overdraft fee: n/a

The Zions Bank IRA Money Market account pays interest in six tiers, with only a small minimum opening deposit requirement and no monthly maintenance fee. There is no ATM access with this account, and overdrafts are not permitted. A $15 fee is charged for certain transactions in excess of six per month, in line with government regulations applying to all savings and money market accounts. Zions Bank may also close the account if excess transactions occur more than three times in a 12-month period. As the account is in an IRA framework, IRS taxes and penalties may apply to certain withdrawals.

How to get Zions Bank’s IRA accounts

Zions Bank IRA products must be opened at a branch.

LEARN MORE Secured

on Zions Bank’s secure website

Member FDIC

magnifying glass

How Zions Bank’s IRA accounts compare

Zions Bank IRA CDs pay rates that are just about the national average across the board. As with the bank’s non-IRA CDs, the highest available rate at Zions Bank is in the 12-month special IRA CD, which is competitive with the best available national IRA CD rates. For those that don’t want to commit money to a CD, the IRA Money Market is a viable option, paying decent rates and having no monthly maintenance fee.

Overall review of Zions Bank’s products

Rates on checking and savings accounts are low. However, the Premier Checking account does offer some attractive features for those that can afford the minimum deposit hurdle. Rates improve when it comes to the bank’s CD and money market products, which are generally at least at or above the national average rates. The standout product from a yield basis is the bank’s 12-month CD special, although it requires a checking relationship and is subject to change at any time.

Overall, it’s easy to find an account you might need at Zions, from checking and savings to IRA products, CDs and money market accounts. Additionally, most accounts can be had with no monthly maintenance fee, although you may have to meet minimum deposit requirements. Zions Bank doesn’t fit the bill if you need the highest APYs across the board, but it does offer serviceable products in a wide variety of categories.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

Advertiser Disclosure

Reviews

Republic Bank of Chicago Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.


Republic Bank of Chicago’s checking account options

Free Checking

Republic Bank of Chicago’s Free Checking is an entry-level checking account that carries no fees but still offers various perks.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Free Checking account is for customers seeking a simple, straightforward checking account that doesn’t charge a monthly fee, but doesn’t scrimp on features. The account requires a small opening deposit, but doesn’t require a maintaining balance afterwards. There are no excess activity charges or ATM fees associated with this account. Free Checking also includes the free benefits found in every Republic Bank of Chicago checking account, including the following:

  • direct deposit
  • debit MasterCard
  • online & mobile banking services (including mobile check deposit, eStatements, check images and bill pay)
  • unlimited check writing
  • phone banking
  • website technical support

The overdraft fee on the Free Checking account is high. However, it can be reduced through overdraft protection.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Royal Benefit Checking

Royal Benefit Checking provides additional features for customers aged 55 or older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

An account for older customers, Royal Benefit Checking has much of the same structure and functionality of Republic Bank of Chicago’s Free Checking account. The account requires the same opening deposit, has no ongoing balance requirements and charges no monthly or excess activity fees; it also has no ATM fees. The overdraft fee remains doggedly high, although that can be reduced with overdraft protection.

Royal Benefit Checking comes with the same additional benefits as the Free Checking account, including online and mobile access, unlimited check writing, direct deposit and a debit card. However, Royal Benefit also offers free money orders, free cashier’s checks, a free box of RBC checks every year, free notary services and safe deposit box discounts.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Friends & Family Checking

Friends & Family Checking offers the bank’s best checking APY.
APYMinimum Balance to Earn APY
1.00%$1,000
0.15%$50,000.01
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $10; $0 with a $1,000 minimum daily balance or $1,500 monthly average balance plus six monthly debits
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Friends & Family Checking requires a fairly high opening deposit, but it is the first account at the bank that pays interest. However, customers are required to have a $1,000 minimum daily balance or a $1,500 monthly average balance to earn the stated interest rate. Those looking to avoid the moderate activity fee will also have to post six monthly debits.

Interest on the Friends & Family Checking is paid in two tiers, with the sub-$50,000 tier earning the highest rate; for a checking account, the tier-one interest rate is exceptional. Interest is compounded and paid monthly.

Beyond the interest payments and the fee and fee waiver requirements, Friends & Family Checking offers the same standard benefits as the Free Checking account, including free direct deposits and unlimited check writing, online and mobile banking and phone and website support. Overdraft fees remain high, but can still be reduced through overdraft protection.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Elite Checking

Elite Checking is Republic Bank of Chicago’s most expensive checking account, with the highest minimum to open.
APYMinimum Balance to Earn APY
0.05%$5,000
0.10%$10,000
0.10%$25,000
0.15%$50,000
0.15%$100,000
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $30; $0 with $5,000 minimum daily balance
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

Republic Bank of Chicago’s Elite Checking account technically has six interest-rate tiers. However, the first tier doesn’t actually pay any interest, as it is below the account’s $5,000 minimum to both open the account and to earn interest. That $5,000 minimum is also required as a daily balance to avoid the account’s hefty monthly fee.

Other features offered by the account are standard with all Republic Bank of Chicago checking accounts, including online and mobile banking, unlimited check writing, phone and web support, free direct deposit and a free debit card. The overdraft fee is the same high fee plaguing all Republic Bank of Chicago checking accounts, although it can be reduced by signing up for overdraft protection.

How to get Republic Bank of Chicago’s checking accounts

As mentioned above, you can apply for some Republic Bank of Chicago checking accounts online, namely the Free Checking, Friends & Family Checking and Royal Benefit Checking. You’ll need to call the bank or visit a branch to open the Elite Checking account, as there is no facility to open it online.

You’ll need to be 18 years or older, a U.S. citizen and living in Illinois to qualify. At the time of application, you’ll need to provide your Social Security number and a driver’s license or state ID.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

magnifying glass

How Republic Bank of Chicago’s checking accounts compare

Based on the name and pricing structure, one might think that Republic Bank of Chicago’s Elite Checking account is the bank’s best checking offering; however, that isn’t the case. For balances under $50,000, the Friends & Family Checking account pays a rate more than six times the highest APY offered on the Elite Checking account, and it does it for one-third of the fee, although the fee can be waived on both accounts.

The top Friends & Family Checking account rate is about five times the national average checking account rate, a rate competitive enough to rank near the best checking account rates.

Republic Bank of Chicago’s savings account options

Passbook Savings

Passbook Savings is a traditional savings account, with low minimums.
APYMinimum Balance to Earn APY
0.05%$25
0.10%$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; $0 with $25 minimum daily balance
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Passbook Savings is simple and straightforward. For a $25 minimum deposit, you get access to an interest-bearing account with the following features, which come with all Republic Bank of Chicago savings accounts:

  • online and mobile banking
  • phone and website support
  • free direct deposit

Interest is earned in two tiers, although you’ll need at least $25 to qualify. Top interest rates are paid on balances of at least $5,000. You are allowed to make up to six preauthorized transfers or withdrawals every month, in line with federal Regulation D. Excess transactions incur a fee of $1 each from the bank. The account does require a minimum deposit of $25 both to earn interest and to avoid a small monthly fee.

As the name implies, customers opening a Passbook Savings account will receive a physical passbook, as with old-fashioned banking accounts. If you bring your passbook into a branch, you can get your account activity printed on your passbook. Notably, however, this account has no ATM access and cannot be overdrawn.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Statement Savings

Statement Savings is a more modern version of the bank’s Passbook Savings account.
APYMinimum Balance to Earn APY
0.05%$25
0.10%$5,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; $0 with $25 minimum daily balance to obtain the stated Annual Percentage Yield (APY)
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: n/a

Statement Savings, from a functional perspective, is essentially the same exact account as Republic Bank of Chicago’s Passbook Savings account — the only difference is that there is no physical passbook issued with a Statement Savings account.

The accounts share the same $25 minimum opening deposit, which is also required to waive the small monthly fee. An ATM card is issued for this account, but it cannot be overdrawn.

Preauthorized transfers or withdrawals are limited to six per month, otherwise an excess activity fee of $1 per transaction kicks in, consistent with federal Regulation D standards. Statement Savings offers the same additional features as Passbook Savings, including online and mobile banking, direct deposit and online and web support.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Starter Passbook Savings

Starter Passbook Savings is simply Republic Bank of Chicago’s Passbook Savings account for first-time savers.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Starter Passbook Savings is a nearly identical account to Republic Bank of Chicago’s Passbooks Savings account, except the monthly fee is waived and the interest rate payouts are different. Also, a parent or guardian is required to sign on to this account for minors.

For the same $25 minimum deposit, you’ll earn interest and get access to the following features:

  • online and mobile banking
  • phone and website support
  • free direct deposit

Top interest rates kick in on balances of just $25. You are allowed to make up to six preauthorized transfers or withdrawals every month, in line with federal Regulation D. Excess transactions incur a fee of $1 each from the bank.

As the name implies, customers opening a Passbook Savings account will receive a physical passbook, as with old-fashioned banking accounts. If you bring your passbook into a branch, you can get your account activity printed on your passbook. Notably, however, this account has no ATM access and cannot be overdrawn.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

Starter Statement Savings

Starter Statement Savings is a version of the bank’s regular Statement Savings account for first-time savers.
APYMinimum Balance to Earn APY
0.10%$25
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: n/a

Starter Statement Savings mirrors regular Statement Savings, with a few changes. On this account for minors, a parent or legal guardian must sign on to the account. In addition, there is no monthly fee with this account. The accounts have the same $25 minimum opening deposit and they are both issued ATM cards, although the accounts cannot be overdrawn.

Preauthorized transfers or withdrawals are limited to six per month, consistent with federal Regulation D standards; otherwise, an excess activity fee of $1 per transaction kicks in from the bank. Starter Statement Savings offers most of the same additional features as regular Statement Savings, including online and mobile banking, direct deposit and online and web support.

How to get Republic Bank of Chicago’s savings accounts

As mentioned above, not all Republic Bank of Chicago accounts can be opened online. When it comes to savings accounts, you can only open the Statement Savings account online. For Passbook Savings of either of the two Starter Savings accounts, you must either call a banker or visit a branch.

Accounts are limited to U.S. citizens aged 18 or older who are Illinois residents. You’ll need a Social Security number and form of ID, like a driver’s license or state ID, to open an account. If you’re a minor, you’ll also need a parent or legal guardian.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

magnifying glass

How Republic Bank of Chicago’s savings accounts compare

Republic Bank of Chicago offers four interest-bearing savings accounts, though two are meant for minors. None of the accounts pay a notable rate of interest, with the top rates for all four accounts paying less than half of the national average. You can find much better rates by looking at the best rates available on savings accounts nationwide.

Republic Bank of Chicago’s CD account options

Certificates (CDs)

These CDs offer less-than-impressive rates.
TermAPYMinimum Balance to Earn APY
9 Month CD0.20%$1,000
36 Month Breakable CD0.45%$1,000
4 Year CD0.85%$1,000
5 Year CD2.50%$1,000
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ interest

Republic Bank of Chicago publishes a limited CD lineup on its website, with just four maturities showing. However, if you contact the bank, you can get the full range of CDs and APYs, which range from 3 months to 60 months. The bank offers two breakable CDs, which allow you to take your money out and reinvest your funds in another CD with a maturity of at least one year, as long as the funds have been in the original CD for at least seven days. The other CDs are standard CDs, with $1,000 minimum investments, a 10-day grace period before auto-renewal and the same early withdrawal penalties, regardless of maturity.

How to get Republic Bank of Chicago’s CD accounts

Republic Bank of Chicago offers a wide range of CDs, but the only one you can open online is the nine-month CD. For all others, including the ones not listed on the bank’s website, you’ll have to visit a branch or contact a banker. Accounts are offered only to U.S. citizens residing in Illinois and at least 18 years of age. At the time of account opening, you’ll have to provide your Social Security number and a state ID or valid driver’s license.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

magnifying glass

How Republic Bank of Chicago’s CD accounts compare

Republic Bank of Chicago’s CD rates can be tough to compare because for the most part, they are not listed on the bank’s website. Of the four maturities listed, the highest rates are found on the nine-month and five-year CDs. Both offer rates above the national average — very much so in the case of the nine-month CD — but they still fall a bit short of the best CD rates available around the country.

Republic Bank of Chicago’s money market account options

Executive Money Market

The Executive Money Market is Republic Bank of Chicago’s sole money market account, with tiered interest and traditional money market account features.
APYMinimum Balance to Earn APY
0.05%$2,500
0.10%$10,000
0.15%$25,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $25; $0 with $2,500 minimum daily balance
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35; $10 with overdraft protection

The Executive Money Market, like traditional money markets, combines features of checking and savings accounts. At Republic Bank of Chicago, you can write checks on your Executive Money Market account balance, and you can also make ATM withdrawals. However, as with the savings accounts, preauthorized transfers and withdrawals are limited to six per month. Interest is credited every month on the last day of the month. With this account, you’ll also get online and mobile access, web and phone support and eStatements. The high overdraft fee that applies to all Republic Bank of Chicago accounts features here as well, but it can be reduced through overdraft protection.

How to get Republic Bank of Chicago’s money market account

You can’t open a Republic Bank of Chicago money market account online. You’ll have to contact a banker or visit a branch. To open an account, you’ll need a driver’s license or state ID and your Social Security number. To qualify, you’ll have to be an Illinois resident and a U.S. citizen at least 18 years of age or older.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

magnifying glass

How Republic Bank of Chicago’s money market account compares

Republic Bank of Chicago’s Executive Money Market account is nothing to write home about. It carries standard features, with nothing of particular note, and its APY is less than half of the national average. If you’re looking for a great money market yield, check out these best available money market rates in the nation.

Republic Bank of Chicago’s IRA options

IRA Money Market

The same products as the regular money market but available within an IRA.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Republic Bank of Chicago offers an IRA Money Market account that is completely different from the bank’s Executive Money Market account. The IRA Money Market pays a flat, non-tiered interest rate, but rates are not listed on the bank’s website; you’ll need to contact the bank to verify current rates.

Republic Bank of Chicago offers a provision that prevents the rate from falling below the 13-week Treasury Bill rate. This account also doesn’t allow check writing or ATM access, as it is in an IRA and withdrawals might face taxes and IRS penalties. There are no monthly fees with the IRA Money Market account, and the opening deposit is a modest $25.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

IRA Certificates (CDs)

Republic Bank of Chicago’s IRA CD line is the same as that found in bank’s non-retirement accounts.
  • Minimum balance to open account: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: 6 months’ interest

If you’re happy with Republic Bank of Chicago’s regular CD line, you’ll also like its range of IRA CDs, as they share the same rates and maturity dates. To find current rates on most CDs, you’ll have to call the bank, as Republic Bank of Chicago currently only lists four CD maturities on its website. You can get the full range of Republic Bank of Chicago’s IRA CDs, which range from three months to five years, by calling its 24/7 CD rate hotline number at (800) 498-3347.

The bank offers two breakable CDs in its IRAs, which allow you to move your money from one CD to another with a maturity of at least one year, as long as you’ve invested the original funds for at least seven days. The remaining IRA CDs carry a standard $1,000 minimum investment, a 10-day grace period before auto-renewal and the same early withdrawal penalties, regardless of maturity.

How to get Republic Bank of Chicago’s IRA products

You can’t open a Republic Bank of Chicago IRA online. However, you can open an IRA by visiting a branch and speaking to a banker; you’ll need to provide your Social Security number and a valid ID, like a driver’s license or state ID, to open an IRA. If you’re not a U.S. citizen who’s at least 18 years old and living in Illinois, your account application will be rejected.

LEARN MORE Secured

on Republic Bank Of Chicago’s secure website

Member FDIC

magnifying glass

How Republic Bank of Chicago’s IRA products compare

As with the bank’s non-IRA CDs, Republic Bank of Chicago’s IRA CD rates can be tough to compare because only four are listed on the bank’s website. The highest IRA rates, on a relative basis, are on the nine-month and five-year CDs, which both pay rates better than the national average. If you’re looking for the best available IRA CD rates, however, you’ll find that other banks can top Republic’s IRA CD rates.

Overall review of Republic Bank of Chicago’s products

Republic Bank of Chicago offers a large array of personal financial products, enough to satisfy the needs of most customers. Those looking for the best accounts available, however, might be better off cherry-picking accounts at other institutions overall.

The standout account at Republic Bank of Chicago on a yield basis is the Friends & Family Checking account. Here, you’ll find a rate among the very best in the nation, many multiples above the national checking account average. This account trounces the yield even on the bank’s own Elite Checking account, which appears to be marketed as the place to deposit your funds for the best yields.

Beyond that account, yields at Republic Bank of Chicago overall are fairly mediocre. The bank’s savings accounts all pay less than the national average, as does Republic Bank of Chicago’s sole money market account. The bank’s CD rates, while above-average, aren’t yet in the top tier of available CD rates nationwide. Of course, a comparison overall is hard to make: Republic Bank of Chicago only publishes its four best CD rates on its website, while the many others on offer are not made available. This goes for the bank’s IRA CD rates as well.

The bottom line is that Republic Bank of Chicago puts up a good fight when it comes to an interest-bearing checking account, but its other options are a bit lackluster. The bank does score points for keeping its overall fee structure low — though the overdraft fee is a killer — but taken as a whole, the account roster is not particularly compelling.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here