First Republic Bank Adds 23-Month CD Special
If this blog post seems familiar, it’s probably because I wrote about First Republic Bank’s 22-month CD Special (2.40% APY) about two weeks ago. The 22-month CD Special is no longer available, but in its stead, the Bank has added a 23-month CD Special (2.50% APY). Like most of First Republic CDs, the CD Specials require a minimum $10k deposit, with a $1m balance cap.
In that same blog post, I mentioned First Republic’s 5- and 6-year CDs, which are still earning 2.80% APY and 3.00% APY, respectively. Some First Republic Bank customers have reported in the past they had received an instant rate bump (20 to 25 bps), when simultaneously opening a new checking account and CD. While CD Specials do not qualify for any potential rate bump-ups, both the 5- and 6-year CDs could possibly have a really competitive APY with an instant rate bump. It never hurts to ask.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.50†% | $10k | $3m | First Republic Bank | 5 Year CD | |
| 0.50†% | $10k | $3m | First Republic Bank | 6 Year CD |
Either of these long-term CDs can be opened with a $10k minimum deposit and capped at $1 million. According to First Republic’s Rate Finder page, the APYs are available throughout the Bank’s market area.
As stated in 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or make a partial withdrawal of principal prior to its maturity date, we may impose the following penalty on the amount withdrawn: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 (both Northern and Southern), Connecticut, Florida, Massachusetts, New York, and Oregon.
The CD Special can be opened by visiting any of 70 full-service branches located in California (54), Connecticut (1), Florida (1), Massachusetts (4), New York (9), 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 has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.46% (excellent) as of December 31, 2017 data. In the past year, First Republic Bank has increased its total non-brokered deposits by $10.71 billion, an excellent annual growth rate of 18.41%. 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 $87.7 billion. In a February 2018 press release, First Republic Bank announced it had been awarded the top honor for private banking by Private Asset Management magazine.
The award, Private Banking – Overall, marks the eighth consecutive year that First Republic and its affiliated companies have been honored by Private Asset Management. In previous years, the magazine has named First Republic best private bank in North America, best private bank for client service and best private wealth manager.
How the CD Special Compares
Given First Republic Bank’s bi-coastal market area, using nationally available CDs seems appropriate. Therefore, when compared to the 205 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and required a minimum deposit of $10k or less, First Republic Bank’s 23-month CD Special APY currently ranks third.
The above rates are accurate as of 4/4/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.
