Over the past few years, First Republic Bank (First Republic) has had several competitive long-term CDs and CD Specials, but it’s been more than six months since there has been a noteworthy offering. First Republic is currently running three CD Specials, but only the 28-month CD Special (1.70% APY) is truly competitive. Any of the CD Specials require a minimum $10k deposit, with a $1m balance cap.
There’s a good news, bad news component to this blog post. First the good news - some First Republic Bank customers previously reported receiving an instant rate bump (20 to 25 bps), when opening a new checking account in conjunction with opening a CD. Now the bad news - according to several CSRs at different branches, any potential rate bump-ups do not apply to CD Specials
As stated on First Republic Bank’s Consumer Account Disclosure brochure, the Early Withdrawal Penalty reads as follows:
If we allow you to terminate a CD or make a partial withdrawal of principal prior to its maturity date, we may impose the following penalty on the amount withdrawn:
(1) six months’ interest for those CDs with a term of one year or less; and,
(2) one year plus three months’ (15 months) interest for those CDs with a term of more than one year.
Thanks to DA reader, JDubs, for posting on this CD special in the Forum.
Headquartered in San Francisco, First Republic Bank’s market area includes California (both Northern and Southern), Connecticut, Florida, Massachusetts, New York, and Oregon.
The CD Special can be opened in person at any of 69 full-service branches located in California (54), Connecticut (1), Florida (1), Massachusetts (4), New York (8), and Oregon (1). All branches are in or near major cities.
First Republic Bank also provides a "Have Us Contact You" online form, allowing you to choose when and how you are contacted prior to opening an account.
First Republic Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.68% (excellent) as of December 31, 2016 data. In the past year, First Republic Bank has increased its total non-brokered deposits by $13.72 billion, an excellent annual growth rate of 30.87%. Please refer to our financial overview of First Republic Bank (FDIC Certificate # 59017) for more details.
Founded in 1985, First Republic Bank is California’s third largest bank and the 34th largest bank in the country, with assets in excess of $73. billion.
How the CD Special Compares
Given First Republic Bank’s bi-coastal market area, using nationally available CDs is appropriate. Therefore, when compared to the 192 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Republic Bank’s 28-month CD Special APY currently ranks second, regardless of minimum deposit requirements.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|1.80% APY||25-Month Special CD ($1k min)||Veridian Credit Union|
|1.70% APY||28-Month CD Special ($10k min)||First Republic Bank|
|1.66% APY||24-Months Online Promo CD ($5k min)||M.Y. Safra Bank|
The above rates are accurate as of 5/17/2017.