Republic Bank of Chicago Boosts Digital Money Market Rate


Deal Summary: Digital Money Market, 4.00% APY, $2.5k minimum opening deposit/minimum balance, new money.

Availability: Online market area includes all states except IL, IN, MI, and WI.

Thanks to DA reader, midas89, for the Forum post announcing that Republic Bank of Chicago (Republic Bank) “has joined the 4% Club.” The Digital Money Market (DMM) account, which was added to the product line in August, currently earns 4.00% APY, following a 62-bp increase this week. The minimum opening deposit is $2.5k of new money (funds not currently on deposit with Republic Bank). Should the account balance fall below $2.5k, no interest will be earned and there will be a $25 monthly maintenance fee.

4.00%$2.5k-Republic Bank of ChicagoDigital Money Market - New Money
Rates as of November 22, 2022.

There is no Truth-in-Savings disclosure available on the Republic Bank website; the following information is from a Live Chat and differs slightly from my August blog post.

  • The DMM can be opened online by all U.S. citizens, with the exception of those who live in Illinois, Indiana, Michigan, or Wisconsin.
  • Check writing is available ($30 per pack of 16 checks, includes “taxes, fee, and standard shipping”). Republic Bank continues to honor the Fed pause and currently there is no excessive transaction fee; the limit of six transactions per month has been temporarily lifted. Once the Fed pause is rescinded, “If you process more than 6 debits for three consecutive months, you will be required to change the product type from digital money market to a regular checking account.”
  • Initial funding ($2.5k min/$25k max) can be done through an ACH (at the end of the online application).
  • Once the DMM is opened and online banking has been established, mobile deposits can be done. There is also a mobile app that can be used for deposits. In addition to direct deposits, ACH credits and wires, you can also mail in checks or make deposit in-branch.
  • Outgoing ACH transfers initiated by Republic Bank are limited to a low $2.5k per day and $10k per 30 day rolling cycle.
  • Contrary to what I was told in August, there is no ATM/debit card associated with the DMM.
  • Unlimited beneficiaries can be designated (equal shares) and Social Security numbers are not required. Republic Bank requires “first and last name, date of birth, and current address for beneficiaries."


Headquartered in Oakbrook, Illinois, Republic Bank has a brick-and-mortar presence in the Chicago metropolitan area (Chicagoland), which has an estimated population nearly 8 million.

The market area for the Digital Money Market is significantly larger: all U.S. citizens, 18 years or older, are eligible to apply, with the exception of those who live in Illinois, Indiana, Michigan, or Wisconsin.

Opening a Digital Money Market can only be done online, but as I mentioned above, deposits into a Digital Money Market account can be done in-branch, if you happen to be visiting the Chicago area. There are 19 full-service Illinois branches located in Addison, Berkeley, Berwyn, Chicago (5), Darien, Hodgkins, Lincolnwood, Naperville, Oak Brook, Orland Park, Palos Park, Tinley Park, Vernon Hills, and West Chicago (2).

Bank Overview

Republic Bank has an overall health grade of "B+" at, with a Texas Ratio of 8.77% (excellent) based on June 30, 2022 data. Republic Bank has an excellent capitalization level (11.35%), the result of holding assets of $2.43 billion with $275.99 million in equity. Please refer to our financial overview of Republic Bank (FDIC Certificate # 19333) for more details.

Founded in 1964 with one branch location on the southwest side of Chicago, Republic Bank of Chicago is currently Illinois’ 17th largest bank, with assets in excess of $2.4 billion and nearly 35,000 customer accounts. Between 1994 and 2015, Republic Bank acquired seven Chicago area banks, expanding its footprint in Chicagoland. As a stable and growing bank, it should not be confused with the former National Republic Bank of Chicago, which was taken over by the Dallas-based State Bank of Texas in 2014.

How the Digital Money Market Compares

When compared to the Money Market Accounts and Savings Accounts tracked by that are available within the market area and do not require large balances, direct deposit, or have small balance caps, the Republic Bank Digital Money Market APY currently ranks second.

APYAccount NameCredit Union/Bank
4.01%Money Market Account ($1k min/no max)Brilliant Bank
4.00%Digital Money Market ($2.5k min/no max)Republic Bank
3.87%Money Market Savings ($1 million min/no max)First Internet Bank
3.85%High Yield Money Market ($1k min/no max)CFG Bank
3.83%UFB High Rate Savings (no min/no max)UFB Direct

The above information and rates are accurate as of 11/18/2022.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: Chicago money market accounts, money market accounts, nationwide deals

  |     |   Comment #1
Ken The max on initial funding via ACH is $75,000 not 25k. The minimum is $2,500 as you noted.  
  Opened the account as I have some big CD's coming due and Dollar Direct is no longer competitive.  Process was easy.  They asked the usual "where you lived" type questions.  Waiting trail deposits. No Plaid for those who don't like it.
  |     |   Comment #2
"the limit of six transactions per month has been temporarily lifted. "
Is this a savings account or a MMA? I thought the six transaction limit only applied to savings.
A MMA is/should be a transaction account with no federal limit on transactions.
Please clarify
  |     |   Comment #3
Checking through chat, it seems the $2.5K and $10K ACH limits per month apply to external ACH as well. Only incoming ACH is unlimited funds, not outgoing regardless of the origin. Raising ACH withdrawal limits can be made after account opening or funds can be withdrawn by check, although not sure if they put limits on those too. I pass.
  |     |   Comment #4
From Ken's post "Outgoing ACH transfers initiated by Republic Bank are limited to a low $2.5k per day and $10k per 30 day rolling cycle."

Says "initiated by Republic" and nothing about ACH limits on externally sourced ACH transfers.this condition
  |     |   Comment #6
It wouldn't surprise me if the person I chatted with had the wrong information about external ACH transfers. I asked twice in clear terms and both times she repeated the limits on external ACH withdrawals. I would double check if I were you, or better yet have the transfer limits confirmed in writing before depositing any funds if you want to rely on ACH pulling your money out.
  |     |   Comment #8
Look at the rate history.
It was at 0.29% from the beginning of time to 6/22.
Probably will go straight back down in short order.
The alternatives are Brilliant Bank.
A weird outfit with just a money market account and and occasional CD's.
The money market account only shows history going back to 8/22?
Or, Redneck Bank (ha ha, so funny).
A small bank who's account history I can see because it's rates are being reviewed.
It's website doesn't show any 4% accounts.
What to do.
What to do.
  |     |   Comment #13
Hang on to your shorts with both hands.
  |     |   Comment #5
This is a SPAM POST on purpose---hopefully it'll do it's job to bring attention to the fact that "Reported Posts" (Spam) are NOT being removed here on DA. Don't know if it's the system, or what. But it seems like DA is now open to spam-a-ramas and anything anyone wants to post?

Apologies, it gives me no pleasure to waste time doing this, but I LIKE DA a lot -- and SPAM really detracts from DA. DA used to quickly remove such posts, but apparently not anymore?

In the Nov 15th SkyOne Blog, comments #31 and #32 ( are blatant spam for a guy's crypto business (he even put his cell number -- I have a good mind to flood it with junk). I "Reported" it. Twice. After 24hrs + I later posted in the same forum about it still being there -- and ANOTHER user (Duck) commented that THEY reported it as well.

I really like DA but it seems that blatant spam (that used to be removed quickly once reported) is no longer being removed, which doesn't bode well, if things go back to everyone spam-a-rama-ing it without someone deleting it once reported.

So, shall I post on guitar strings for sale? How about conspiracy theories about Venutians taking over the Knicks? Or a special price I can offer you all on male potency, this week only?

I'm doing this trying to HELP DA as a long-time DA afficianado. It seems "Reporting" (and even emailing directly about the spam) has not done anything, so this is the only thing I can think of to bring it to someone's attention that  DA's "Report Post" procedure ISN'T WORKING -- or is being ignored.

Please feel free to delete this post -- but please, only AFTER deleting the OTHER spam that's causing me to do this in the first place. Thank you!
  |     |   Comment #7
I have been noticing more spam too In the past it was always removed fairly quickly you know kind of like my political posts which actually are related to interest rates. Now the spam seems to hang around longer.
  |     |   Comment #9
I've always considered your political posts to be spam.
  |     |   Comment #10
Still rockin' that Biden bumper sticker eh? lol
Ken Tumin
  |     |   Comment #25
Thanks for bringing this spam issue to my attention. It does appear that the "report post" feature is not working to alert us on spam. Until we get this fixed, if you see spam, please email me. Please email me the link to the spam comment or forum post and the username of the spammer. With the username, I can deactivate the spammer's account and delete all of the spammer's posts/comments.
  |     |   Comment #12
Got the verification deposits today. Account opened and got account #. Waiting for transfer of funds. Signed up for on line access. Need last statement balance, entered $0 and it worked.
  |     |   Comment #14
“Dollar Amount of Transfers: You may not make Funds Transfers in excess of $9,999 per transfer
transaction. We reserve the right to change, at our discretion and without notice, the dollar amount of Funds Transfers you are permitted to make. From time to time, we may impose additional limits on the dollar amount of transfers.”  
  |     |   Comment #15
#14 This is you use their transfer feature. It does not indicate anywhere limits in ACH from outside institutions. When I get a chance I'll test. Still waiting for my Chase ACH deposit for over 10k to get deposited.
  |     |   Comment #16
"We utilize a Service Provider for External Transfer, and you must agree to be bound by the terms and conditions supplied by such Service Provide, which will be provided to you at the time External Transfer is requested, to use External Transfer. The monthly maximum is 10 total external transfers, not to exceed the aggregate monthly total of $10,000.00. The individual transfer limit is $2,500.00 per transaction."
  |     |   Comment #17
#16 That is for external transfer initiated from their site from what I interpret. Does not specify a transfer initiated from another bank. When I get a chance and the funds are in the account, I'll initiate a transfer from my Chase account that will pull funds from Republic.
  |     |   Comment #18
Yes, and then #14 seemingly means ALL transfers.
  |     |   Comment #19
#18 As I said I'll test to see what the limit is. I'll do a pull from my Chase account for over 10k and see if it works.
  |     |   Comment #20
What looks troublesome is that such an account agreement may set stage for taking deposits long-term hostages upon a brief attracting customers to this bank currently losing its deposits and assets.
  |     |   Comment #21
Elements has a $2,500 max ACH transaction limit on withdrawals initialed on their site which I have verified. I believe they have a monthly 10k limit. Externally submitted ACH withdrawals are not as I did some large ACH withdrawals initiated at Chase. Most likely the limits are to prevent fraud and limit their liability.
  |     |   Comment #22
Elements has a clear-cut account agreement, not troublesome at all.
  |     |   Comment #23
Wow! I like "clear-cut" account agreements! May I suggest that the basis for same seems wanting in your post! And, Republic always drafts agreements that are clear, unambiguous and fair to both parties...really?
  |     |   Comment #24
I don't care for the wording but they don't mention transfers initiated at outside institutions. They are discussing internal (between Republic accounts) and external accounts initiated at Republic from what I interpret.
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