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Republic Bank of Chicago Choice Checking Review: Competitive Interest, but High Fees

Review Updated
Brittney Myers
By: Brittney Myers

Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

This small, local bank has branches all over the Chicago metro area. There are a few options for a Republic Bank of Chicago checking account. The Republic Bank of Chicago Choice Checking is the most popular, offering your choice of features, including one with a very competitive interest rate. See the options, and more, in our complete Republic Bank of Chicago Choice Checking review.

Ratings Methodology
Rates as of May 19, 2024

Republic Bank of Chicago Choice Checking

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
up to 2.00% Rate info Circle with letter I in it. With a Cash Back account, earn a flat reward of $0.25 on every debit card transaction. With a Rate account, earn 2.00% APY on the first $15,000 in your account; any further deposits after that limit earn 0%.
Min. To Earn APY
N/A
  • New account bonus
  • Low minimum balance to open
  • Option of debit card rewards or interest
  • FDIC insured
  • Small physical footprint
  • Monthly account fee
  • Mobile app is buggy

Republic Bank of Chicago offers folks who love their debit cards a decent return. But if you're not debit-happy, the high account fees are likely a dealbreaker. You'll also need to be in the Chicago area if you want to take advantage of in-person services.

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!

Full Republic Bank of Chicago Choice Checking review

Top perks

Cash bonus for new accounts: Perhaps the marquee feature of a Republic Bank of Chicago Choice Checking account is the ability to earn a bonus when you open a new account. All you need to do is receive at least one direct deposit within the first 60 days of opening your account. You also need to keep your account open at least six months or the bank will claw back the bonus. This offer is only available if you do not have a current Republic Bank of Chicago checking account.

Low minimum balance to open: You can open a new Republic Bank of Chicago Choice Checking account with a deposit of just $25. While not as good as an account with no minimum, this is a reasonable requirement that should be doable for most folks.

Option to earn debit card rewards or interest: When you open a Republic Bank of Chicago Choice Checking account, you have two choices: Cash Back or Rate.

If you pick Cash Back, you'll earn $0.25 cash back with every debit card purchase (note it's per purchase, NOT per dollar). While better than nothing, this is a very low rewards rate. You can earn far more with even a basic cash back rewards credit card.

If you pick Rate, you can earn 2% APY on the first $15,000 of your balance (anything over $15,000 earns 0% APY). This is a decent return for a checking account. It doesn't beat out a high-yield savings account, but it's still a nice perk.

Fee-free ATM access: You can use your debit card at over 55,000 in-network ATMs nationwide without paying any surcharges. (Using out-of-network ATMs may incur fees.)

FDIC insured: The Republic Bank of Chicago is a member of the FDIC, so your deposits have the standard FDIC coverage up to $250,000.

What could be improved

Small physical footprint: As its name might suggest, the Republic Bank of Chicago is a small, local bank with branches in the Chicago metro area. While you can use the ATM network nationwide, any other in-person services will need to be done in the Chicago area.

Monthly account fee that's hard to waive: No matter which Republic Bank of Chicago Choice Checking account you pick, you're going to be stuck paying some annoying checking account fees. While you have the ability to waive those fees, you have to make at least 15 debit card transactions per month to do so. For someone who prefers credit cards for most things (they're safer and offer more rewards), this would pose a significant challenge.

Mobile apps are buggy and poorly rated: A good mobile bank app is all but essential in today's world. While Republic Bank of Chicago offers both an iOS and Android app, they don't seem to be very good. Overall ratings are poor -- 3.5 in the Apple App Store, and just 3.3 in the Google Play Store -- and complain of login issues, technical errors, and other bugs.

Fee schedule not available online: Most banks have a handy document called the Fee Schedule that lists all of their fees, from account fees to wire transfer fees (and way more). Sadly, the only way to see this document with Republic Bank of Chicago is to request it from a banker, as the bank doesn't post it anywhere on their website.

Fees

Choice Checking Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Fees $5-$25 (with opportunity to waive) $0 for in-network (no out-of-network reimbursement) - - -
Data source: Republic Bank of Chicago.

How to access your money

You can deposit money into your Republic Bank of Chicago checking account using these methods:

  • Online transfer from another Republic Bank of Chicago account
  • ACH transfer from an external bank account
  • Wire transfer from an external account (fees apply)
  • Mobile check deposits through the Republic Bank of Chicago mobile app
  • Deposit cash or a check at a bank branch
  • Receive money via Zelle

Keep in mind you'll need to be in the greater Chicago area to use the in-person options.

Withdrawal options

Your methods for withdrawing funds from your Republic Bank of Chicago account include:

  • Online transfer to another Republic Bank of Chicago account
  • ACH transfer to an external bank account
  • Wire transfer to an external account (fees apply)
  • Withdraw in person at a bank branch
  • Withdraw from an ATM
  • Send money via Zelle

You won't pay an ATM surcharge if you use an in-network ATM, but there are no reimbursements for out-of-network ATM fees.

Republic Bank of Chicago Choice Checking is right for you if:

You may be happy with this account if you:

  • Live in or around Chicago
  • Use your debit card frequently
  • Keep lots of money in your checking account

In other words, this account is good if you're in the service area, can qualify to waive the monthly fee, and want to earn a competitive APY on the money in your checking account. If you can't say "yes" to all (or at least two out of three) of these things, then it's probably not for you. Check out our list of the best checking accounts to find a better fit.

Keep reading about Republic Bank of Chicago

Our checking account methodology

At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.

FAQs

  • The minimum balance to open a Republic Bank of Chicago Choice Checking account is $25.

  • There are no fees to open a checking account at Republic Bank of Chicago. However, you will need to make a deposit of at least $25 to open a Republic Bank of Chicago Choice Checking account.

  • No. Although the names are similar, they are two separate banks.

Our Banking Experts

Brittney Myers
By: Brittney Myers

Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

Nathan Alderman
Check IconFact Checked Nathan Alderman

Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.