First Republic Bank Adds 23-Month CD Special

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Deal Summary: 23-month CD Special, 2.50% APY, $10k min/$1m max deposit.

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

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$10k-First Republic Bank6 Year CD
2.90%$10k-First Republic Bank5 Year CD
Rates as of November 16, 2018.

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or make a partial withdrawal of principal prior to its maturity date, we may impose the following penalty on the amount withdrawn: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.

Related Pages: New York CD rates, Boston CD rates, West Palm Beach CD rates, Los Angeles CD rates, Palm Springs CD rates, San Francisco Bay CD rates, Portland CD rates, San Diego CD rates, Santa Barbara CD rates, 1-year CD rates, 5-year CD rates

Comments
Bozo
Bozo   |     |   Comment #1
While First Republic isn't exactly a rate leader, my wife and I have been very happy with First Republic for well over 40 years. I suspect the retail interface is what sets First Republic apart. When you walk into a branch, you feel as if you have walked into a salon in Zurich. No tellers, just bankers sitting at desks. Once assigned a "personal banker", you will have a direct line to same.
Tim
Tim   |     |   Comment #2
Yes, agree. I used them for a CD in 2007 and they were so nice. The Boston Globe had a nice article about them within the last year, FRB is focusing on wealth services, so a lot of rich people use their banks, which is why they are probably trained to be super nice to customers.
ChasR
ChasR   |     |   Comment #3
I've been happy with First Republic as well, primarily because of past customer CD promotions. I had an excellent customer service relationship with a banker who, alas, left a couple of years ago. If FRB continues to offer competitive rates for 2 years or less (23 months at 2.50% APY is competitive, though not the best available), I'll probably renew CDs maturing there this summer. (Frankly, I'd rather the place had tellers, like other US banks.)
Bozo
Bozo   |     |   Comment #4
Charles, with respect to tellers, I suspect we'll agree to disagree. Back when First Republic opened its first branch in San Francisco, I was one of its first customers. While I was initially drawn inside by the rate-board in the window (which I walked by every day from BART to my office), I was "hooked" by the new look. No tellers, just bankers at desks. Walk in, have a seat, we'll be right with you. Now, forty-some odd years later, with cranky knees, having a seat to bank is worth more than a few bps. The "personal banker" relationship has been very helpful, as well. When I needed medallion signature guarantees on some stock transfers, no problem, come on in. No charge, might I add. Have a question? Dial your personal banker's direct number.
Bozo
Bozo   |     |   Comment #5
Further to my comment #4, over the past 40 years or so, we have been involved with just about every financial product First Republic offers: home loans, lines of credit, CDs, money-market accounts, checking accounts, you name it. Knock on wood, they don't **** things up. And they answer the phone.
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