It has been a while since I reported on First Republic Bank. Its CD rates have finally changed for the better to make it noteworthy. The bank now has a few competitive CD rates. The two best ones are a 1.30% APY 2-year CD and a 1.20% APY 18-month CD. Minimum deposit is $5,000. Below is the list of all of the competitive CD rates as listed at the bank's rates page as of 5/2/2012:
- 1.75% APY 6-year CD
- 1.60% APY 5-year CD
- 1.50% APY 4-year CD
- 1.40% APY 3-year CD
- 1.30% APY 2-year CD
- 1.20% APY 18-month CD
- 1.00% APY 1-year CD
Rates may vary by location. You have to enter your zip code to see the table. The above rates were based on San Francisco and Los Angeles zip codes. In the past these rates have been the same for all of the areas where they have branches.
According to the account disclosure, the early withdrawal penalty is 3 months of interest for CDs with terms of 1 year or less and 6 months of interest for CDs with terms over 1 year.
First Republic Bank branches are located in several major cities in California, Oregon, Massachusetts, Connecticut and New York. The cities include San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich and New York City.
First Republic used to be a division of Merrill Lynch. After Merrill Lynch was acquired by Bank of America, First Republic was sold off to a group of private investors. It became a public company in December 2010.
The bank has an overall health score of 5 stars (out of 5) with a Texas Ratio of 1.16% (excellent) based on December 2011 data. Please refer to our financial overview of First Republic Bank for more details. The bank is an FDIC member (FDIC Certificate # 59017).
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