Updated
Fact Checked
Nathan Alderman
Republic Bank of Chicago CD rates may not be the highest on the market, but every now and then the bank has exclusive offers that make its APYs attractively competitive. Whether you live in Chicago and want the services of a local bank or live elsewhere and are comfortable banking online, Republic Bank of Chicago CDs might be worth considering. Below, we'll dig deeper into Republic Bank of Chicago CDs and see if it's right for your savings.
Republic Bank of Chicago CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Republic Bank of Chicago CD
MINIMUM DEPOSIT $1,000
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 13 Mo. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|---|---|
| 0.50% | 0.50% | 0.75% | 0.75% | 4.33% | 1.00% | 1.25% | 1.50% | 1.50% | 1.50% |
Compare Republic Bank of Chicago CD rates
With the exception of its exclusive offers on a 13-month CD term, Republic Bank of Chicago CD rates are a little meh in comparison with its competitors. For perspective, here's how the bank stacks up against top-paying CD providers.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details of the Republic Bank of Chicago CD
Republic Bank of Chicago doesn't offer a variety of CD types, like no-penalty, jumbo, or bump-up CDs. Instead, it offers one basic CD with different terms. one of which could be a great fit if you can meet the opening minimum deposit ($1,000) and can lock savings up for the entirety of your CD term. With that in mind, let's take a closer look at Republic Bank of Chicago's personal CD and see how it works.
Republic Bank of Chicago Personal CD Pros and Cons
PROS
- Multiple terms
- Competitive APY on 13-month CD
- No monthly fees
- FDIC insured
CONS
- Uber low APYs for most CDs
- $1,000 opening minimum deposit
Republic Bank of Chicago Personal CD Review
As noted above, the headliner perk on Republic Bank of Chicago's CD is its high annual percentage yield (APY) on 13-month CDs. Outside of this exclusive offer, however, it's difficult to get excited over CDs with other terms.
The bank does offer a variety of terms, ranging from three months to five years. But the APYs on these terms are low in comparison to top-paying CDs. The variety of terms could make them ideal if you're building a CD ladder. Then again, you need a $1,000 minimum opening deposit, so you'll need significant savings to make this work.
Republic Bank of Chicago itself has 19 locations and might be appealing to those in Chicagoland who want a brick-and-mortar bank. If you're okay with banking online, however, it's worth comparing it to other banks and credit unions, especially if you're keen on earning the most interest possible.
Who is a Republic Bank of Chicago CD right for?
A Republic Bank of Chicago CD is great if you can meet the opening minimum deposit ($1,000). They might also be a good fit if you're already banking there and want to keep all your accounts in one place.
Bottom line: Republic Bank of Chicago CD rates
Republic Bank of Chicago CD
- 3 APY: 0.50%
- 6 APY: 0.50%
- 9 APY: 0.75%
- 12 APY: 0.75%
- 13 APY: 4.33%
- 18 APY: 1.00%
- 24 APY: 1.25%
- 36 APY: 1.50%
- 48 APY: 1.50%
- 60 APY: 1.50%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Republic Bank of Chicago CD
3 Mo.
6 Mo.
9 Mo.
1 Yr.
13 Mo.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
0.50%
0.50%
0.75%
0.75%
4.33%
1.00%
1.25%
1.50%
1.50%
1.50%
Keep reading about Republic Bank of Chicago
- Republic Bank of Chicago Review
- Republic Bank of Chicago Choice Checking Review
- Republic Bank of Chicago Money Market Review
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
You should get a Republic Bank of Chicago CD if you can snag one of its exclusive deals on 13-month CDs. The APYs on these CD terms are competitive and the term length is long enough to help you earn a significant amount of interest.
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Most of the CD terms at Republic Bank of Chicago aren't worth it. Be sure to compare the bank's CDs with competitors to be sure you're getting the best APY.
Our Banking Experts
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.
Fact Checked
Nathan Alderman
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.
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