Republic Bank of Chicago is headquartered in OAK BROOK and is the 26th largest bank in the state of Illinois. It is also the 475th largest bank in the nation. It was established in 1964 and as of March of 2025, it had grown to 280 employees at 19 locations. Republic Bank of Chicago's money market rates are 7X the national average, and it has a B health rating.
THE BEST BANK OF ALL
I can’t say enough good things about this bank. Everyone whom I have dealt with has been incredibly professional, polite, & a pleasure to deal with. My representative whose name is Christine W., is absolutely a delight. She makes having business dealings a wonderful experience. Look no further than the professionals at Republic Bank of Chicago.
Stu N.
Enticed By 4.25% APY. So Far, No Major Problems
Due to numerous bad experiences over many years with many banks, I emailed questions BEFORE applying online to open a Digital Money Market account. I received a very prompt response and here is what I learned:
1. No $ cap on balance in the high yield account.
2. Initial funding by ACH from your other bank.
3. Initial funding limit: $75,000.
4. $50 credit for wiring $ into account (limit 1).
5. Online application process was as easy as they get but you do not get instant approval or account number so I deducted 1 overall star.
6. Two mini deposits will be made to link external funding account within 1 to 3 days. After you verify with Republic, your ACH deposit/transfer will be made. They don't have/use Plaid for instant linking so I deducted 2nd overall star.
What A Mess
I recently opened a new account from a webpage ad for this bank as they have a good interest rate. I called and spoke to several people in Chicago and they couldn't have been nicer, answered my questions, and were so nice made me want to visit Chicago! Then the microdeposits when through and I clicked on the link in the email they sent to open the account. Using the activation code, etc provided, it said "no such code exists" and other error messages. I tried refreshing the browser, etc etc and nothing worked. Then the problem started. I called and spoke to a woman who had no idea what I was talking about. She said she was in the online banking dept. but she was no help at all, and I was very courteous and patient as it's not her fault she's not properly trained. So I tried a different person and lady #2 was the first person I ran into that wasn't very nice. She also couldn't help me. I remained calm and courteous and ended up with a dial tone, the signal a cust ser rep gives you when they can't help you and they just give up, or if you are rude they hang up on you. So I tried lady #3 and she was GREAT. She said YOU ARE NOT THE FIRST CALL ON THIS, WE'VE GOTTEN OTHER CALLS ON THIS, WE KNOW WE HAVE A PROBLEM AND WE'VE SENT NOTES TO MARKETING TO GET THEM TO FIX IT FOR SOMETIME. Great. So they want me to trust them with my money online with no local branch for me to go to as I live in Idaho, and they can't even figure out how to establish new accounts without a big huge mess and numerous phone calls to poorly trained employees. Thank God I was able to finally get through to a rep who knew WTF she was doing. What a mess. I'm a senior citizen disabled veteran and frankly I don't need this stress in my life.
Here's The Deal With The 4.6% MMA
If you are in the state of IL you will need to call the bank to get a direct email link to sign up for the rate. The website does not allow IL residents to open the account but it can be done.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19333 |
| Year Established | 1964 |
| Employees | 280 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.07% |
| Return on Equity - YTD | 8.78% |
| Annual Interest Income | $34.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $2.65B$2.79B |
| Loans | Q1 2025vs Q1 2024 | $1.73B$1.83B |
| Deposits | Q1 2025vs Q1 2024 | $2.27B$2.26B |
| Equity Capital | Q1 2025vs Q1 2024 | $326.5MM$298.1MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $24MM$24.8MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $74MM$4.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $2.5MM$4.7MM |
