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Republic Bank of Chicago Digital Money Market Review: Eye-Watering APY With a High Minimum Balance

Review Updated
Steven Porrello
By: Steven Porrello

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.

If you want a money market account that pays the highest interest for your savings, you'll be hard pressed to find a better value than the Digital Money Market from Republic Bank of Chicago. The account has no fees (if you can maintain a daily balance of $2,500) but requires a decent amount of savings to open an account. If you're looking to earn high interest but don't want to lock your money away in a CD, read on to learn if this money market account is right for you in our expert review.

Ratings Methodology
Rates as of May 19, 2024

Republic Bank of Chicago Digital Money Market

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
Monthly Fee
$25, waived for daily balances of $25,000 or more
Min. Balance
$2,500
APY
5.21%
Min. To Earn APY
$0.01
  • Excellent APY
  • Options to waive account fees
  • Mobile deposits
  • High minimum daily balance
  • Limited physical branches
  • $25 monthly fee

The Digital Money Market is an excellent choice for savers both for its high APY and option to waive the $25 monthly account fee. The account is flexible on deposits and withdrawals and has 19 branches in Chicago for in-person support.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum 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
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.00% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
5.25%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A

Full Republic Bank of Chicago Digital Money Market review

Top perks

Eye-watering APYs: The annual percentage yield (APY) for a Republic Bank of Chicago Digital Money Market account is hands down one of the highest we've found. Very few banks and credit unions -- enough to count on one hand -- can beat it. While APYs are variable and can change over time, Republic Bank of Chicago will make many savers happy before it does.

Checking-writing privileges: Money market accounts have a leg up on high-yield savings accounts in that you can write checks out of your account. While checks might seem archaic, they can come in handy when you don't have access to cash on hand.

FDIC insured: Republic Bank of Chicago is an FDIC-insured bank. As such, deposits made into your Republic Bank of Chicago Digital Money Market account are insured up to $250,000 per depositor per bank.

What could be improved

Minimum balance is high: To waive the account's $25 monthly maintenance fee, you must maintain a high minimum daily balance of $2,500.

Account requires new money: For those who are already clients at Republic Bank of Chicago, this might be a bummer. The $2,500 minimum opening deposit must be new money, that is, money you haven't deposited at Republic Bank of Chicago. So even if you had $25,000 in a savings account there, you would still need to deposit $2,500 to open a Republic Bank of Chicago Digital Money Market account.

Limited customer service hours: If you're trying to access your money at 4:00 p.m. on a Saturday, you won't get it from Republic Bank of Chicago. The bank doesn't have 24/7 support and has limited operating hours from Monday to Friday (7:00 a.m. to 6:00 p.m. GMT) and on Saturday (8:00 a.m. to 1:00 p.m GMT).

How to access your money

Although Republic Bank of Chicago has 19 locations in Chicagoland, more likely than not you'll be accessing money in your Republic Bank of Chicago Digital Money Market account online. Fortunately, Republic Bank of Chicago gives you plenty of ways to access your money, both for deposits and withdrawals.

Deposit options

Republic Bank of Chicago offers numerous ways to put money in your account, including:

  • Online transfer from a Republic Bank of Chicago account
  • ACH transfer from an external account
  • Check deposit
  • Mobile check deposit
  • Wire transfer ($15)

Withdrawal options

The main advantage of a money market account is that you have more options to make a withdrawal. And with the following options available for you, Republic Bank of Chicago's version is no different:

  • Online transfer to another account at Republic Bank of Chicago
  • ACH transfer to an external bank account
  • Paper checks
  • Official bank chanks
  • Wire transfer ($30)

Republic Bank of Chicago Digital Money Market is right for you if:

  • You want to earn a competitive APY on your savings.
  • You want more versatile access to your money.
  • You can keep a $2,500 minimum balance.

Keep reading about Republic Bank of Chicago

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 60%
  • Brand and Reputation: 15%
  • Fees and Minimums: 15%
  • Perks: 10%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • You should consider a Republic Bank of Chicago Digital Money Market account at Republic Bank of Chicago if you want to earn high interest on your savings.

  • A Republic Bank of Chicago Digital Money Market account could be worth it if you can maintain a minimum daily balance of $2,500. If you can do that, then you'll waive the $25 account fee and take full advantage of the account's high APY.

Our Banking Experts

Steven Porrello
By: Steven Porrello

Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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.