First Republic Bank Review of Checking, Savings, CD, Money Market and IRAs

The most striking feature of the Classic Checking account is its monthly fee. At $25, that translates to $300 per year just in basic checking account fees. The fee can be waived, but the $2,500 balance requirement is substantial. The account does offer unlimited access to First Republic Bank ATMs, along with the other basic services afforded to the Basic Checking account. However, the account doesn’t pay any interest, and it carries the same high overdraft fee as the Basic Checking account.

ATM Rebate Checking is the only checking account at First Republic Bank that pays interest, but the low rate means that this is a distinction in name only. Although rates are subject to change, at the current level, the highest-rate tier would earn only $5 annually on a balance of $100,000.

The true benefit of the ATM Rebate Checking account can be found in its name. Customers enjoy worldwide, unlimited rebates of ATM fees, in addition to no-fee withdrawals at all First Republic Bank ATMs. This can be particularly valuable to customers who travel overseas. Accounts that dip below the minimum balance threshold, however, get slapped with a substantial monthly fee. As with the bank’s other checking accounts, overdraft fees are also high, particularly for multiple transactions.

First Republic Bank’s Senior/Minor Checking account is only available to Massachusetts residents under age 18 or over 65. Minors need a parent or guardian to sign on as a joint account holder. Although there is no monthly fee, traditional charges are still levied for services such as issuing cashier’s checks, or violations such as processing insufficient funds. The account does have a significantly reduced overdraft fee when compared with the bank’s other checking and savings offerings.

First Republic Bank’s Passbook Savings account offers many of the desirable features for banking customers, including no monthly maintenance fee, access to free online banking, FDIC insurance and a competitive interest rate that compounds daily.

What the account lacks is ATM access. Customers must bring their passbook (remember those?) to a First Republic Bank branch to make both deposits and withdrawals. The account also carries an excess activity fee of $10 for transactions over the Federal Reserve Regulation D-mandated six monthly limit.

First Republic Bank’s certificates of deposit offer a nice range of maturities to choose from but carry high minimums. When we contacted the bank on Oct. 15, the 14 and 20 month Special CD’s had the best rates — be sure to contact the bank for the most current rates. Early withdrawal penalties apply if money is taken out before a CD matures.

Liquid Certificates of Deposit at First Republic Bank get their name from their limited liquidity. Compared with traditional CDs, which don’t allow penalty-free withdrawals before maturity, First Republic Bank’s Liquid CDs allow penalty-free withdrawals every seven days. The trade-off for that liquidity, however, is that the interest rate paid on these CDs falls significantly below the rates available with the bank’s traditional CDs.

First Republic’s Money Market Savings account offers unlimited deposits, and ATM and in-person withdrawals, but it doesn’t offer check writing. Debits from point-of-sale transactions to online and telephone transfers are limited to six per month. Otherwise, an excess activity fee of $10 per transaction applies. Rates are tiered, with the highest tier paying an APY slightly above the best available rate with the bank’s Money Market Checking account.

First Republic Bank’s Money Market Checking account offers unlimited deposits, and ATM and in-person withdrawals, in addition to check writing. Online and telephone transfers, along with debits, such as point-of-sale or check transactions, are limited to six per month. Otherwise, an excess activity fee of $10 per transaction applies. Rates are tiered, with the highest tier paying an APY above the best available rate with the bank’s Passbook Savings account.