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

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Updated on Tuesday, September 1, 2020

Republic Bank’s checking account options

Basic Checking

For an account that doesn’t accrue interest, minimum balance requirements are high. There is a waivable maintenance fee, too.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First two transactions a month at out-of-network ATMs are free and will include a refund for any fees charged by the ATM owner
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Typically, if you’re not earning interest, it’s nice to not have to pay a monthly maintenance fee. But Basic Checking bears no interest and charges a $7 monthly maintenance fee if your average daily balance falls below $500 or you don’t make 20 point-of-sale (POS) transactions on your debit card beyond ATM use. Republic Bank also charges aggressive overdraft fees on nearly all its deposit accounts, and this one is no exception.

It is nice, though, that Basic Checking allows you to make two free transactions at out-of-network ATMs a month. That means that Republic Bank won’t charge you the normal $3 ATM fee and it will refund any additional charges imposed by the ATM owner. You also get free transactions through the SUM, MoneyPass, Allpoint and Presto! ATM networks.

Another positive feature of this and all other Republic Bank accounts in which you can use a debit card is Purchase Rewards. This program allows you to pre-load cashback offers on your card from specific retailers. Then, when you spend money at the retailer, you will get the advertised amount of cash back refunded to your bank account at the end of the month.

How to get Republic Bank’s Basic Checking account

You can open this account online or in person with your government-issued ID, Social Security number, account funding information and a previous address if you have moved in the past two years. If you are not at least 18 and are not a U.S. citizen or resident alien, you will not qualify for this or any Republic Bank account.

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on Republic Bank’s secure website

Easy Checking

If you’re not going to be earning interest, you might as well go with the account without a monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

You won’t see those two free ATM refunds per month with Easy Checking, but you also won’t see a monthly maintenance fee or minimum balance requirement. For those who routinely see their checking account dip below $500 or don’t use their debit card often, this is a better option than Basic Checking, as your savings is likely to outweigh the loss of ATM refunds.

Perhaps because of this account’s simplicity, Republic Bank recommends it for college students.

How to get Republic Bank’s Easy Checking account

U.S. citizens and resident aliens 18 and older can open this account in person or online. Be prepared to provide information and documentation such as your government-issued ID, Social Security number, account funding information and your last address if you have moved in the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

Flex Checking

More ATM refunds, but that doesn’t make up for an extremely low APY.
APYMinimum Balance to Earn APY
0.05%
None
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First four transactions a month at out-of-network ATMs are free; fees charged by out-of-network ATM owners for the first four out-of-network transactions will be refunded up to $3.50 per transaction
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Flex Checking is one of the Republican Bank checking accounts that offer interest. Unfortunately, the rate offered is extremely low.

There are other positives to this account, though. You get four free out-of-network ATM transactions a month, including a refund of fees charged by the ATM owner (up to $3.50 a transaction). And while there is a $12 monthly maintenance fee, there are three ways to avoid it, two of which are relatively easy:

  • Maintain an average daily balance of $1,000
  • Receive one direct deposit per month
  • Make 10 POS transactions with your debit card per month

This is an alternative account that Republic Bank recommends for college students.

How to get Republic Bank’s Flex Checking account

If you are a U.S. citizen or resident alien 18 or older, you can open this account with your Social Security number, government-issued ID, account funding information and your last address if you have moved in the past two years. You can do so online or in person.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

Pinnacle Checking

Slightly higher interest with a dramatically higher minimum balance requirement.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$15,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: All fees charged by out-of-network ATM owners will be reimbursed
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you have a lot of money to stash in your checking account, you could earn a slightly higher interest rate with Pinnacle Checking. If you don’t meet the $15,000 minimum balance requirement, though, you’ll end up with rates that look more similar to Flex Checking. You also will pay a $25 monthly fee if you fall below a $5,000 average daily balance.

Neither of these interest rates is competitive. If you have enough money on hand to meet the minimum balance requirements for the higher APY tier, consider keeping it in a savings account or CD at another financial institution, where you’re likely to get a dramatically higher return.

How to get Republic Bank’s Pinnacle Checking account

U.S. citizens and resident aliens 18 or older an open this account in person or online with their Social Security number, government-issued ID, account funding information and their previous address if they have moved in the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

Military Honors

Fill out more paperwork to open an account with no maintenance fee and no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: First four transactions a month at out-of-network ATMs are free, and will include a refund of any fees charged by the ATM owner
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

One of Republic Bank’s deposit accounts that doesn’t have a monthly maintenance fee is Military Honors. While there is no maintenance fee, there is also no interest. Your first four transactions at out-of-network ATMs are free — and Republic Bank will reimburse you for any fees charged by the ATM owner — but you still have that overdraft fee that builds upon itself unless you get your account out of the red within a few days.

This account is only open to military members.

How to get Republic Bank’s Military Honors account

Before you can open this account, you must sign the Ready Reserve agreement, which largely outlines Republic Bank’s other military product: The Ready Reserve line of credit. Once you have completed this form, you can submit it and open your account in person.

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on Republic Bank’s secure website

Checking Builder

A chance for those with a poor banking history to rebuild.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $7.95 to $12.95
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you’ve had trouble keeping your account balance positive in the past or have bounced so many checks that your bank kicked you out, your name may appear in ChexSystems. When that happens, it makes it extremely difficult to get back to the traditional financial market. You end up paying all kinds of new fees, including check-cashing fees, fees on prepaid debit cards, etc.

Checking Builder does not offer interest. You may be able to open this account even if you are listed in ChexSystems, opening up a pathway toward establishing a better banking history. Once you’ve done that, you can start worrying about things such as APY.

The account includes a monthly maintenance fee. That fee is $7.95 if you have direct deposit set up or make 20 POS transactions (not including ATM use) with your debit card per month. It’s $12.95 otherwise.

How to get Republic Bank’s Checking Builder account

To open this account, you must meet residency and citizenship requirements. You must also be at least 18. You can apply online or in person with your government-issued ID, Social Security number, account funding information and your previous address if you have moved in the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

Health Savings Account

An HSA that allows you to make more than six withdrawals a month.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

If you have a high-deductible health plan (HDHP), you have the option to open an HSA. You must not have any other health insurance coverage, and you cannot be claimed as a dependent on anyone’s tax return.

Any money you put into an HSA is tax deductible, and any withdrawals can be made tax-free when you use the money for medical expenses. Most HSAs are savings accounts, but at Republic Bank it is a checking account. That allows you to make more than six withdrawals a month without facing any penalties. If you have a month full of doctor visits, you’ll probably be thankful for this feature.

You’ll also have to keep in mind that you won’t be able to use the debit card associated with this account at an ATM. You’ll only be able to use it to make POS payments.

This account does bear interest at tiered rates, but you will have to contact Republic Bank to find its rates.

How to get Republic Bank’s Health Savings Account

You will have to open this account in person with your health insurance information, government-issued ID, Social Security number and previous address if you have moved within the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

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How Republic Bank’s checking accounts compare

Republic Bank’s checking accounts are not on par with the competition. APY offerings are either too low or nonexistent, and many of the accounts have monthly fees. You can find a much more flexible account that pays a decent interest rate by shopping around for other checking accounts.

But if you have an HSA and are concerned about paying more than six bills a month, the fact that this tax-advantaged account is classified as a checking account at Republic Bank may be appealing to you, regardless of the APY.

Republic Bank’s savings account options

Easy Savings

Extremely low APY distracts from the lack of maintenance fees.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.02%
$100
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance.

The first thing you’ll notice about Easy Checking is its extremely low APY. It is lower than the rates Republic Bank offers on its checking accounts, and those rates weren’t competitive either. While you won’t have to meet any minimum balance requirements to dodge a monthly maintenance fee, that benefit is not strong enough to outweigh the fact that the APY offered on this account is almost nonexistent.

Savings accounts at any financial institution fall under federal Regulation D. This means that you are allowed up to six certain withdrawals per month without incurring a fee from the bank. For this particular account, the fee is $5 for each withdrawal you make after six in any given month.

How to get Republic Bank’s Easy Savings account

Should you decide to open this account, you will be able to apply online or in person with your government-issued ID, Social Security number, account funding information and your previous address if you have moved within the past two years. To qualify, you must be a U.S. citizen or resident alien who is at least 18.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

Advantage Savings

Rates go up compared to Easy Savings, but they are still far from competitive.
APYMinimum Balance to Earn APY
0.05%
$0.01
0.05%
$5,000
0.05%
$25,000
0.05%
$100,000
0.05%
$500,000
  • Minimum opening deposit: $5,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

While the APY offered on Advantage Savings is higher than what you’ll find with Easy Savings, that doesn’t mean it’s competitive. The exact opposite is true. The difference is dramatically marked when you realize that the higher minimum balance requirements could yield percentage points more if you banked with another financial institution.

This account comes with a $10 monthly fee if your balance falls below $5,000. It also has a $5 excessive withdrawal fee should you make more than six withdrawals a month. It’s less convenient to open as you’ll have to visit the bank in person.

How to get Republic Bank’s Advantage Savings account

You will have to visit a branch to open this account. When you go in, come prepared with your Social Security number, government-issued ID, account funding information and your previous address if you have moved in the past two years. Remember that you’ll need to be a U.S. citizen or resident alien who is at least 18 to qualify.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

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How Republic Bank’s savings accounts compare

Check out other savings accounts. You’ll find dramatically higher APY offerings that will help your money grow faster. You’ll also find a wider range of account offerings with different benefits, such as club accounts at credit unions that can help you reach specific savings goals and kids’ accounts that enable you to teach your children about savings at a young age.

Republic Bank’s CD rates

Certificates of Deposit

A limited menu of certificates that don’t have the worst rates ever. But they’re not the best, either.
TermAPY
12 months0.15%
18 months0.15%
36 months0.20%
60 Months0.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 5% of the amount you withdraw

CD options are limited at Republic Bank, but the interest rates aren’t the lowest we’ve ever seen. The minimum opening deposit is reasonable, and early withdrawal penalties are easy to calculate on your own, removing some of the friction as you try to make an informed decision about your financial options in a pinch. You can choose to have the interest from your CD compounded within the CD itself or deposited into your checking or savings account.

Republic Bank also offers Certificate of Deposit Account Registry Service (CDARS). Your typical deposit account is going to be covered by Federal Deposit Insurance Corp. (FDIC) insurance, but that coverage only goes up to $250,000. But if you open a certificate with a minimum opening deposit of $500,000, Republic Bank will use CDARS — a system to distribute your one certificate across many accounts — to ensure your entire CD is insured by FDIC coverage.

If you take the CDARS route, you will have the option to negotiate your APY with Republic Bank before opening your certificate.

How to get Republic Bank’s CDs

You will have to visit a branch to open up a CD. Be sure to come prepared with your Social Security number, government-issued ID, account funding information and your previous address if you have moved in the past two years. Accounts at Republic Bank can only be opened by U.S. citizens or resident aliens who are at least 18.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

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How Republic Bank’s CD rates compare

While Republic Bank’s certificate rates aren’t the worst around, they’re also not the best. Check out other CDs to ensure you’re getting the best rate possible. There are other offers out there with similar minimum opening deposit requirements, especially when you’re looking at shorter term lengths.

Republic Bank’s money market account option

Money Market

Abysmal APY offerings will leave you wanting to bank elsewhere.
APYMinimum Balance to Earn APY
0.02%
$0.01
0.02%
$10,000
0.02%
$25,000
0.05%
$50,000
0.05%
$100,000
0.05%
$250,000
0.05%
$1,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $3 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36; if your account remains overdrawn, Republic Bank will start charging an additional $8 a day on the third business day until your account has a positive balance

Even if this account didn’t come with a monthly maintenance fee for those with lower balances, it wouldn’t be a great option for your money market needs. The interest rates are too low, and that’s the whole idea behind getting a money market account: Higher APY offerings. With this account, you’ll pay $10 a month if you don’t maintain a $1,000 minimum balance.

Money market accounts are a type of savings account, so they fall under Regulation D. While Republic Bank’s regular savings accounts come with a fairly reasonable early withdrawal fee for every withdrawal after six in any given month, the money market account comes with a $20 early withdrawal fee for transactions No. 7 and beyond.

How to get Republic Bank’s Money Market account

U.S. citizens and resident aliens who are 18 and older can open this account online or in person. They will need their government-issued ID, Social Security number, account funding information and previous address if they have moved within the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

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How Republic Bank’s money market account compares

Money market accounts traditionally offer higher APYs than normal savings accounts. While the gap has gotten smaller in recent years, that’s no excuse for Republic Bank’s rates. They are so low that the money market competition is ahead of it by entire percentage points. You could open a regular savings account with another financial institution and still be earning at least a couple percentage points more in interest.

Republic Bank’s IRA account options

IRA CDs

The same APY offerings as you’ll find outside an IRA make this CD a middle-of-the-road option.
TermAPY
12 months0.15%
18 months0.15%
36 months0.20%
60 months0.20%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 5% of the amount you withdraw

Republic Bank offers the same rate on certificates inside an IRA as those outside an IRA. While these rates are not horrible, they do fail to hold up to the competition. Many of these competitive outside financial institutions give IRA CDs a bit of an APY boost, while Republic Bank does not.

It is also important to note that regardless of where you bank, early withdrawal penalties are not the only thing you need to worry about when you hold your CD inside an IRA. You also have to consider that the IRS will impose taxes and fees upon any withdrawal you make before you turn 59 ½.

How to get Republic Bank’s IRA CDs

You must open this account in person. Be sure to bring your government-issued ID, Social Security number, account funding information and your previous address if you have moved in the past two years.

SEE DETAILS Secured

on Republic Bank’s secure website

Member FDIC

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How Republic Bank’s IRA CD rates compare

The longer the term length, the more competitive Republic Bank’s IRA CDs get. But they do not come out on top, even over a 60-month term. Because a certificate is already an extremely conservative portfolio holding, you want to be sure to maximize your returns by looking for the best IRA CD offers on the market.

Overall review of Republic Bank’s banking products

Republic Bank’s extremely low rates on checking, savings and money market accounts make these options worth passing by. Even across deposit accounts where this bank is more competitive, such as certificate products, its offers are not attractive enough to pass by other financial institutions. When you’re shopping for deposit accounts, it’s safe to say that Republic Bank is not your best bet for the best APY offerings. There are lots of other options out there. Explore them.

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