First Republic Bank Raises Rates On Long Term CDs

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Availability: Market area includes California, Connecticut, Florida, Massachusetts, New York, and Oregon

I have written several times about First Republic Bank’s CD Specials and competitive long-term CD rates over the past few years. It’s been more than a year since First Republic Bank had any notable offerings. In a recent Forum post, DA reader, ChasR, observed that,

First Republic Bank has just posted some meaningful CD rate increases--2.25% APY for 6 years and 2.00% APY for 5 years. Although by themselves these are not all that exciting, some branches in the past have offered bonuses (20 to 25 basis points) for those with checking account relationships, like me.

Since I last wrote about the 5- and 6-year CDs in July 2015, both CDs experienced a year-long series of rate drops, which eventually resulted in a loss of 100 basis points for each CD. There was a 30 basis point increase in June 2016, and this week’s rate increase brought the CDs to rates comparable to July 2015 levels.

All of First Republic Bank’s CDs require a minimum opening deposit of $10k, with a $1m balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$10k$1mFirst Republic Bank6 Year CD
2.00%$10k$1mFirst Republic Bank5 Year CD
Accounts mentioned in this post. Rates as of December 6, 2016.

In the past, some First Republic Bank customers had reported they received an instant rate bump when they opened a new checking account in conjunction with opening a CD. But as ChasR stated,

As for the relationship bump-up, my local branch said that I could only get 10 basis points on
the 5- and 6-year certificates, and only by maintaining a $10k balance in my checking account.

I called a couple different branches and was told that each individual branch has the discretion to offer a rate bump, and the decision was made on a case-by-case basis (and probably heavily dependent on your relationship with your banker).

CD Specials

First Republic Bank is also offering a 10-month CD Special (1.00% APY) and 17-month CD Special (1.50% APY). The minimum deposit is $10k, with a balance cap of $1m. According to CSR, any potential rate bump-ups do not apply to CD Specials.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$10k-First Republic Bank17 Month CD Special
1.00%$10k-First Republic Bank10 Month CD Special
Accounts mentioned in this post. Rates as of December 6, 2016.

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.

Availability

Headquartered in San Francisco, First Republic Bank’s market area includes California (Northern and Southern), Connecticut, Florida, Massachusetts, New York, and Oregon.

Any of the above-mentioned CDs 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.

Bank Overview

First Republic Bank (FDIC Certificate # 59017) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.90% (excellent) as of June 30, 2016 data. In the past year, First Republic Bank has increased its total deposits by $9.27 billion, an excellent annual growth rate of 22.14%. Please refer to our financial overview of First Republic Bank for more details.

Founded in 1985, First Republic Bank is California’s third largest bank, and the 35th largest bank in the country, with assets in excess of $64.7 billion.

How the CDs Compare

Given First Republic Bank’s bi-coastal market area, using nationally available CDs seems appropriate. Therefore, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Republic Bank’s 6-year CD APY currently ranks first, regardless of minimum deposit requirements.

Interest RateCD Length of TermBank/Credit Union
2.25% APY6-Year CD ($10k min)First Republic Bank
2.07% APY6-Year CD ($1k min)Evansville Teachers Credit Union
2.00% APY72-Month CD ($500k min)Third Federal Savings and Loan

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Republic Bank’s 17-year CD Special APY currently ranks third, regardless of minimum deposit requirements.

Interest RateCD Length of TermBank/Credit Union
1.60% APY16-Month CD ($250 min)Consumers Credit Union
1.51% APY15-Month CD Special ($500 min)USAlliance Federal Credit Union
1.50% APY17-Month CD Special ($10k min)First Republic Bank

The above rates are accurate as of 11/25/2016.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Comments
Bozo
Bozo   |     |   Comment #1
Charles and I share a banking relationship with First Republic. Mine goes back to when they first opened up on Pine Street in San Francisco, in the 80's. Excellent bank, excellent service. My only gripe (noted over on the forum) was that they really don't keep their "base" advised of CD specials. Were it not for DA (and CharlesR), I would have never heard of these offerings. As I suggested over in the forum, if First Republic's internet gurus are searching the web for mentions of the bank, here's my advice. Keep your base informed.
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