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The recent transition of First Republic Bank to JPMorgan Chase in 2023 may still be fresh in your mind. With the bank’s closure, Chase acquired its assets, allowing current clients to access deposit products, including Certificates of Deposit (CDs), via Chase’s platform.
Updated CD Rates for First Republic Bank
By May 25, 2024, all accounts from First Republic Bank transitioned to JPMorgan Chase. Initially, the CD rates varied by location, and the following were applicable for the Florida region.
| Term | APY | Minimum Deposit |
|---|---|---|
| All liquid CD terms | $10,000 |
Important Note
All former First Republic Bank CDs are now managed by Chase. For the newest offerings and rates, visit [Chase CD rates](https://www.gobankingrates.com/banking/cd-rates/chase-cd-rates/).
Understanding First Republic Bank CD Details
Before opting for a CD, understanding the details is crucial. Previously, First Republic Bank CDs required a minimum deposit of $10,000 with daily interest compounding. Early withdrawals incurred penalties, making it essential to comprehend these terms fully.
Pros and Cons of First Republic Bank CDs Before Transition
Advantages
- A wide range of CD terms
- Daily compounding of interest
- FDIC insurance
Drawbacks
- High initial deposit requirement
- Less competitive rates compared to top online banks
Potential Earnings with First Republic Bank CDs
Your returns depend on the CD term, APY, and deposited amount. Below are some examples with different deposit values to illustrate potential earnings.
| Term Length | APY | $10,000 Deposit Earnings |
|---|---|---|
| 3 months | $49.63 |
How to Open a First Republic Bank CD
Since May 25, all accounts transitioned to Chase, and new account opening requires a visit to a Chase branch. Online banking services will now operate through Chase’s platforms.
Comparing First Republic Bank CD Rates with Others
First Republic once offered various CD terms; however, online banks generally present more competitive rates. Here’s a snapshot comparing First Republic’s past offers to other banks.
| Bank | 1-Year CD Rate | 3-Year CD Rate | Minimum Deposit |
|---|---|---|---|
| First Republic Bank | $10,000 |
To ensure a favorable CD rate, explore [top CD options](https://www.gobankingrates.com/banking/cd-rates/best-cd-rates/) from GOBankingRates.
Conclusion
First Republic Bank CDs have transitioned to Chase. To find competitive rates for your savings, compare current offerings with [other banks](https://www.gobankingrates.com/banking/banks/best-banks/).
First Republic Bank CDs: FAQ
- What is the minimum deposit for a First Republic Bank CD? You needed $10,000 to open one.
- Do I need a First Republic Bank account to open a CD? Yes, transitioned to JPMorgan Chase accounts.
- Can I open a CD online? No, new accounts must be opened through Chase.
- What happens if I withdraw early? Early withdrawal incurs penalties.
- Are First Republic Bank CD rates competitive in 2025? Online banks often offer higher APYs.
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