UPDATE 7/9/15: The 33-month CD Special is no longer available.
In May, I wrote about First Republic Bank’s 30-month CD Special (1.50% APY); that promotional offer has expired, but First Republic Bank has recently added a 33-month CD Special (1.75% APY).
The minimum opening deposit is $10K, with a $1M maximum balance cap. The 33-month CD Special is available throughout First Republic Bank's market area.
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or make a partial withdrawal of principal prior to its maturity date, we may impose the following penalty on the amount withdrawn: (1) six months’ interest for those CDs with a term of one year or less; and, (2) one year plus three months’ (15 months) interest for those CDs with a term of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.
In my earlier blog, I noted that some First Republic Bank customers had reported they received an instant rate bump of 0.25% when they opened a new checking account in conjunction with opening a CD. I called a couple different branches yesterday 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. It never hurts to ask; you might be pleasantly surprised.
5- and 6-Year CDs
As I mentioned in a blog update, the APYs on First Republic Bank’s 5- and 6-Year CDs were raised to nationally competitive levels in mid-May, and those rates are still in effect today.
|1.55%||$10k||$1m||First Republic Bank||6 Year CD|
|1.50%||$10k||$1m||First Republic Bank||5 Year CD|
Headquartered in San Francisco, First Republic Bank’s market area includes Connecticut, California (Northern and Southern), Florida, Massachusetts, New York, and Oregon.
The 33-month CD Special can be opened in person at any of 67 full-service branches located in Connecticut (1), California (52), 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 0.95% (excellent) as of March 31, 2015 data. In the past year, First Republic Bank has increased its total deposits by $6.37 Billion, an excellent annual growth rate of 18.98%. Please refer to our financial overview of First Republic Bank for more details.
Founded in 1985, First Republic Bank (FDIC Certificate # 59017) is California’s 3rd largest bank, and the 36th largest bank in the country, with assets in excess of $451 Billion.
How the CD Compares
Given First Republic Bank’s bi-coastal market area, using nationally available CDs makes the best comparison. Therefore, when compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Republic Bank’s 33-month CD Special currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 7/3/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.