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First Republic Bank CDs used to be a popular option for savers, but changes are ahead for 2025. In light of news from 2023, JPMorgan Chase has taken over the bank, and its CD products are now available through Chase’s platform.
Understanding the Current CD Rates at First Republic Bank
With the transfer to JP Morgan Chase completed by May 2024, previous First Republic deposit accounts have been seamlessly moved. Originally, CD rates were region-dependent, specifically reflecting the Florida area:
| Term | APY | Minimum Deposit |
|---|---|---|
| All liquid CD terms | $10,000 | |
| 30 days | $10,000 | |
| 6 years | $10,000 |
Important Information
Explore Chase CD rates now for the latest offerings, as they manage all forms of First Republic Bank CDs.
Exploring First Republic Bank CD Specifics
Examining the First Republic Bank CDs provides a glimpse of what used to be offered:
- Minimum Deposit: $10,000 is required to open.
- Compounding: Daily basis.
- Early Withdrawal Penalties: Depends on the term.
- Grace Period: 10 days post-maturity.
First Republic Bank CD Pros and Cons
Although First Republic CDs no longer exist post-transition, here are the pros and cons previously noted.
Advantages
- Variety in CD terms
- Daily compounding
- FDIC insured
Drawbacks
- High minimum deposit
- Non-competitive rates compared to online banks
Comparing CD Earnings
Earnings with First Republic Bank CDs varied significantly:
| Term | APY | $10,000 | $25,000 | $75,000 |
|---|---|---|---|---|
| 3 months | $49.63 | $124.07 | $372.22 |
Opening a Former First Republic Bank CD Account
As of May 25, 2024, all deposit accounts were officially converted. Those interested can visit a Chase bank to explore current options.
Online banking transitions are complete on Chase’s digital platforms. Guidance for customers is readily accessible on both First Republic’s and Chase’s websites.
Competitive Analysis: First Republic vs. Other Banks
Previously, First Republic offered many CD terms, yet online banks tend to outshine them in rates.
| Bank | 1-Year Rate | 3-Year Rate | Minimum |
|---|---|---|---|
| First Republic | Details |
Finding the ideal rate is crucial; review top CD options for potential earnings.
Final Thoughts
While First Republic Bank no longer offers CDs, checking other banks can help maximize your savings.
First Republic Bank CDs: FAQ
- What is the minimum deposit? $10,000.
- Do I need a bank account? Yes, with JR Morgan Chase now.
- Can I open a CD online? No, contact Chase.
- What are the penalties for early withdrawal? Penalties apply based on term.
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