![]() ![]() This account offers checkbook access to a money market account that pays an APY of 0.05% for balances below $500,000, 0.10% APY on balances of $500,000 to below $5 million and 0.15% APY for balances of $5 million and higher. An ATM card is available with the account. ![]() There’s a monthly service fee of $25 if you don’t maintain a $5,000 minimum account balance. This account requires a minimum opening deposit of $5,000. The APY depends on your account balance.Įven if you have millions of dollars on deposit, First Republic’s APY rates are not competitive with the best money market accounts. Savingsįirst Republic Bank offers a Passbook Savings account that requires a minimum opening balance of $500 and charges no monthly service fee. Regardless of which First Republic Bank checking account you choose, watch out for fees and minimum balance requirements. Senior/Minor Checking is a non-interest-bearing account. There is no monthly service fee for this checking account, although some fees may be charged for specific services like insufficient funds or issuing cashier’s checks. This account is available only for Massachusetts residents over the age of 65 or under the age of 18. ![]() Classic Checking is a non-interest-bearing account. There is a $25 monthly service fee which can be waived if you maintain a minimum average daily balance of $2,500. With Classic Checking, you get unlimited deposits and ATM transfers between your accounts, a complimentary first order of checks and overdraft protection (with a linked money market account). Basic Checking is a non-interest-bearing account.Ĭompared to Basic Checking, this account offers a few additional benefits but requires a higher minimum opening deposit of $500. An ATM and ATM/Debit card are included with this account. There is no fee for the first eight checks cleared per statement period, but any additional checks will incur a $1 fee per check. Basic Checking requires a $25 minimum opening balance and charges a $3 monthly service fee. This is First Republic’s checking account for customers who don’t intend to keep a large balance and don’t need to make many monthly transactions. But you have to maintain a minimum balance of $3,500 to earn interest, for which the APY is only 0.001%. This is an interest-bearing checking account. And, if you have a linked money market account, you’ll get overdraft protection. The account also provides a complimentary first order of checks. This means you can get cash from virtually any ATM without incurring a fee. You also receive a rebate for any ATM fees charged by other financial institutions. This checking account doesn’t charge ATM access fees at First Republic Bank ATMs. Account details and annual percentage yields (APYs) are accurate as of August 26, 2021.įirst Republic Bank offers four checking accounts with varying minimum balance requirements, features and benefits. This review focuses on First Republic Bank’s personal banking services. All 84 First Republic Bank locations are now branches of Chase Bank.Īs a full-service bank, First Republic Bank offered a wide range of personal and business banking products and services with a focus on private banking. Like SVB, First Republic Bank was a Bay Area-based bank focused on serving wealthy clients whose deposits often exceeded the $250,000 FDIC insurance limit.įirst Republic Bank deposits have been transferred to JPMorgan Chase Bank, so former First Republic clients can bank as usual at Chase Bank. history: Silicon Valley Bank (SVB) and Signature Bank. The collapse of First Republic Bank occurred just seven weeks after two of the largest bank failures in U.S. banks by assets at the time of failure, with over $229 billion in assets and 84 offices in eight states. The failed bank’s deposits and assets were sold to JPMorgan Chase Bank in a purchase agreement with the FDIC.įounded in 1985, First Republic Bank was one of the largest U.S. First Republic Bank was shut down on May 1, 2023. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |