High-Cap Reward Checking Account at Republic Bank in Parts of OH, KY, IN & FL - Local Only


Update 5/2/2011: The top rate is now 1.00% APY.

Republic Bank is offering a high-yield reward checking account called BreakFree Checking. It offers the following rates if certain monthly requirements are met:

  • 1.00% APY for balances up to $500,000
  • 0.05% APY for portion of balances over $500,000
  • 0.01% APY base rate if monthly requirements are not met

The monthly requirements include:

  • 12 debit card purchases
  • 1 direct deposit or automatic payment
  • receive online statements

Some additional important features of this account include:

  • $10 account setup fee
  • $10 annual fee
  • $50 minimum initial deposit
  • No minimum balance requirement
  • Free ATM transactions everywhere (All ATM fees assessed are refunded to the account on the next business day.)

This is the first time I've seen an account setup fee and an annual fee. They're small, so the account could still be worthwhile for large balances.

There's an online application link at the BreakFree Checking page. However, the first page of the application lists the areas of the country that are eligible to apply. Areas include:

Kentucky market areas: Boone, Bullitt, Daviess, Fayette, Franklin, Hardin, Jefferson, Kenton, Oldham, Scott, Shelby and Warren County

Indiana market areas: Clark County, Floyd County and Harrison County

Florida market areas: Hillsborough, Hernando, Pasco and Pinellas County

Ohio market areas: Hamilton County

According to the bank customer service rep, they do not run a credit report at a branch during the account opening process. However, if you apply online, they do run a credit report that could be a hard pull.

$100 Bonus Through 4/30/10

A reader mentioned receiving a mail offer about a $100 bonus for opening either the BreakFree checking, the Premier 50 checking or the Absolute Free checking. I inquired about this offer via the bank's online chat. According to the CSR this offer was sent National City clients to move their business over to Republic Bank. However, the CSR also said that new customers who are not National City clients could still be eligible if they are willing to move all of their accounts to Republic Bank. A branch visit would be required for this $100 bonus. Hat tip to the reader for mentioning this promo in the comments.

Bank Overview

The bank has two FDIC charters that are both under one holding company. These two banks are:

The above ratings are based on 9/30/09 financial data.

Rate History:

  • 05/02/11: 1.00% APY up to $500K (not sure when rate changed)
  • 02/17/10: 2.00% APY up to $500K
Related Pages: checking account


2.70% 18-Month CD and 2.50% Checking at First Commercial Bank in Minnesota - Local Only
First Commercial Bank is offering several competitive CD rates. Some of the best include:
  • 2.35% APY 12 month
  • 2.70% APY 18 month
  • 2.85% APY 24 month
These rates are listed in the bank's CD rates page as of 8/17/09. A reader mentioned in an email that this bank had advertised the CDs over the weekend in the Minneapolis StarTribune. I just called the bank for additional details. Minimum deposit is $10,000. These rates require that you have an Executive Checking Account. Without this account, the rates are 0.15% lower.

The Executive Checking is also a...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.