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Note: First Republic Bank was shut down by the California Department of Financial Protection and Innovation on May 1. According to a press release by the FDIC, Chase is acquiring deposits and assets of First Republic Bank. Chase will protect uninsured and insured deposits per a message on the First Republic Bank website. If you are a First Republic Bank customer, you can continue using services as normal. Banking offices will remain in operation and you can still use First Republic Bank online and mobile banking.
Overall bank rating
Feature | Insider rating (out of 5) |
Savings | 3.25 |
Checking | 3.25 |
CD | 3.5 |
Money market | 3.25 |
Trustworthiness | 5 |
Total | 3.75 |
Pros and cons
Pros | Cons |
|
|
Savings
Although you'll earn higher interest rates with online high-yield savings accounts, the
You do need at least
Checking
First Republic offers several types of checking accounts, but the
You'll need
CDs
Money market
A money market account is a lot like a savings account, except it typically provides you with an easier way to access your money, such as a debit card or paper checks. The
The minimum opening deposit of
First Republic also has a money market checking account, which comes with paper checks along with a debit card.
How First Republic Bank works
First Republic Bank is a brick-and-mortar institution with 76 branches in seven US states:
- California
- Connecticut
- Florida
- Massachusetts
- New York
- Oregon
- Wyoming
The banks also has free ATMs around the country.
The mobile app has 4.8 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
To contact First Republic customer service, call Monday through Friday, 5:00 a.m. to 9:00 p.m. PT. Or call Saturday from 6:00 a.m. to 8:00 p.m. PT, or Sunday 7:00 a.m. to 5:00 p.m. PT.
Your deposits are FDIC insured for up to $250,000 for an individual account, and $500,000 for a joint account.
Is First Republic Bank trustworthy?
The Better Business Bureau gives First Republic an A+ in trustworthiness. A good BBB grade signifies a company advertises honestly, is transparent about business practices, and responds effectively to customer complaints.
First Republic Bank doesn't have any recent public scandals. Between its clear history and strong BBB grade, you may decide you feel comfortable banking with First Republic.
How First Republic compares to similar banks
The bulk of First Republic's branches are around California and in New York City. We've compared it to two other banks with large presences in these areas: Chase and Citi.
First Republic | Chase | Citi |
Locations 7 US states | Locations 32 US states, DC | Locations 10 US states, DC, Puerto Rico |
Savings Annual Percentage Yield (APY) | Savings APY | Savings APY |
First Republic review vs. Chase review
You may prefer Chase if you travel frequently within the US. Chase has the second-highest number of branches in the country, after Wells Fargo. It could be a good option if you want to be able to walk into a branch when you travel. Chase also doesn't require any minimum opening deposits for its checking accounts or
First Republic review vs. Citi review
You might like Citi if you travel abroad regularly. Citi has free ATMs in over 20 countries, making it easy and affordable to access your money. However, Citi has an F in trustworthiness from the Better Business Bureau. If this score worries you, First Republic could be the better choice — it has an A+ from the BBB.