Following a recent 46-bps increase, the Republic Bank of Chicago (Republic Bank) Digital Money Market (DMM) is again offering one of the most competitive Money Market APYs in the country. Added to Republic Bank’s product line slightly more than a year ago, the DMM currently earns 5.21% APY. The minimum opening deposit is $2.5k of new money, defined as 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.
|Republic Bank of Chicago
|Digital Money Market - New Money
As there is no Truth-in-Savings disclosure available on the Republic Bank website, the following information was obtained in a Live Chat.
- 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 Regulation D 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 Once the Fed pause is rescinded, “If you process more than 6 debits for three consecutive months, you will be required to change the product type from digital money market to a regular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/$75k max) can be made by ACH or wire (instructions at the end of the online application). Republic Bank will waive the $15 incoming wire fee and will “credit your account with an additional $35 to cover your financial institution's outgoing wire fee.”
- 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. Republic Bank places no limits on ACH transfers initiated by an external financial institution.
- 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."
$150 Checking Bonus
Republic Bank continues to offer a $150 bonus when opening a new Choice Checking account.
Choice Checking earns 2.00% APY on qualifying balances up to $15k. The $25 monthly maintenance fee will be waived with 15 debit card transactions per month.
According to the fine print on the checking bonus landing page,
Offer of $150 bonus is not available to existing Republic Bank of Chicago checking clients.
Offer limited to one per customer regardless of number of accounts opened.
Setup and complete a direct deposit to the checking account within 60 days of account opening to receive the $150 bonus.
The $150 bonus will be deposited to your checking account 30 business days after adding direct deposit.
The $150 is considered interest and may be reportable for tax purposes.
If account is closed within 6 months of opening, bonus will be deducted before account closing.
Availability and Account Opening
Headquartered in Oakbrook, Illinois, Republic Bank has a brick-and-mortar presence in the Chicago metropolitan area (Chicagoland).
The Digital Money Market has a substantially larger market area than Chicagoland: 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 mentioned above, deposits into a Digital Money Market account can also be made 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).
Republic Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.88% (excellent) based on March 31, 2023 data. In the past year, Republic Bank has increased its total non-brokered deposits by $204.09 million, an excellent annual growth rate of 9.82%. 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 the 18th largest bank headquartered in Illinois, with assets in excess of $2.7 billion and more than 36,000 customer accounts. Between 1994 and 2015, Republic Bank acquired seven Chicago area banks, expanding its footprint in Chicagoland. As a stable and growing bank, Republic Bank 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 DepositAccounts.com 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 third.
The above information and rates are accurate as of 7/27/2023.