About First Republic Bankįirst Republic Bank has been in the headlines recently - and not for its CD rates. There is a monthly service fee of $25 on both accounts, but that can be waived with a $5,000 minimum average balance. Their Money Market Checking and Money Market Savings accounts both have a $5,000 minimum opening deposit and earn 1.30% APY. There are no monthly service fees and your money is not locked up for a set amount of time, like in a CD. Their Passbook Savings account has a $500 minimum opening deposit and earns 1.30% APY. In addition to CDs, First Republic Bank also offers savings and money market accounts (MMAs). Alternatives to CDs at First Republic Bank To get the CD process started at First Republic, you can call the bank, visit a branch, or fill out an online form and have a bank representative contact you by phone or email. First Republic also requires a larger minimum opening deposit ($10,000) than any of the other banks.

In this side-by-side look, First Republic outdoes the three other banks for rates on six-month CDs but lags when it comes to one- and two-year CDs. By comparison, none of the national average CD rates tracked by the Federal Deposit Insurance Corp. Otherwise, rates for most other CDs at First Republic are 2.00% APY or 3.00% APY. But to open this or any other CD at First Republic requires a minimum opening deposit of $10,000, an amount that far exceeds that of CDs from many other financial institutions. With a 5.00% APY, First Republic’s rate for a six-month CD beats a number of other financial institutions. Rates for First Republic’s CDs aren’t the best you’ll come across, but they’re not the worst, either.

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