Dedicated to Deposits: Deals, Data, and Discussion

5.00% 60-Month CD at a Multi-State Bank (First Republic)

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First Republic Bank
First Republic Bank is offering a 5.00% APY 60-month CD. The minimum deposit is $5,000. There's also a competitive 4-year CD with a yield of 4.25% APY, and a special 9-month CD with a yield of 3.50% APY.

These rates are listed in 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 rates for zip codes in New York, California, Nevada and Massachusetts.

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.

According to page 34 of the account disclosure (pdf), the early withdrawal penalty is 3 months of interest for terms of one year or less and 6 months of interest for terms over one year. The grace period at maturity is 7 calendar days. If you close the CD instead, the interest earned during the grace period will equal the Money Market Savings rate for the lowest tier which is currently only 0.15%. So it's best to time the maturity on a weekday and make sure to close it without delay.

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.
  Tags: Massachusetts, New York, Nevada, California, Washington, Oregon, First Republic Bank, CD rates

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