Dedicated to Deposits: Deals, Data, and Discussion

3.75% 10-Month CD at a Multi-State Bank - Penalty-Free Withdrawals (First Republic)


First Republic Bank
First Republic Bank is offering a 3.75% APY 10-month liquid CD. The minimum deposit is $10,000.

The CD rate is listed at the bank's rate table for certain parts of the country. You have to enter your zip code to see the table. It appears to be available in all of the areas where they have branches. I've confirmed the rate for zip codes in California and Massachusetts. Yesterday, the California yield was 3.95%.

First Republic has branches located in ten major metropolitan areas: San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Las Vegas, Portland, Seattle, Boston and New York City.

The 3.75% yield isn't the best but it's better than the rates at most savings accounts, and unlike savings accounts, the liquid CD rate is guaranteed for 10 months. Like savings accounts, it allows for penalty free withdrawals. However, there are some restrictions with the CD withdrawals. Some important details include:
  • Withdrawals must be made in person in the Preferred Banking Office
  • First withdrawal must be at least 7 calendar days after account is opened
  • Withdrawals must be at least 7 calendar days apart to be penalty free
  • A minimum balance of $10,000 must be maintained or account will be closed and early withdrawal penalties will apply
  • Additional funds may not be added during the duration of the CD
  • Annual Percentage Yield (APY) will not change during the term of the CD
More details are available at the bank's Liquid Certificate of Deposit Page

The bank is still offering a standard 5% 5-year CD (see my post for details).

First Republic is a division of Merrill Lynch Bank & Trust Co., FSB which is a member FDIC (FDIC Certificate # 34571). It has $31 billon in assets as of 3/31/08. BauerFinancial gives the bank 3 stars (adequate) based on 3/31/08 data.

Thanks to the readers who mentioned this liquid CD in the comments and in emails.

  Tags: First Republic Bank, CD rates

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Comment #1 by Anonymous posted on
Their Website still lists 3.75% even after I put in a Newport Beach, California address and zip code.