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Founded in 1964 in southwestern Chicago, Republic Bank of Chicago brings together the charm of a local bank with the powerful tools of a fintech company to give clients a full range of products and services. Its checking accounts include some unusual perks, while its savings accounts and CDs offer decent APYs for those who want simplicity. Find out what makes Republic Bank of Chicago one of Chicagoland's favorites in this expert review.
Republic Bank of Chicago has deep roots in the Chicago community and offers numerous ways to earn extra money on your savings. Combining 19 physical locations with online banking and a digital app, the bank is great for those who want to do all their banking in one place.
We recommend comparing high-yield savings 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.
Arguably one of the most important aspects of any bank is its savings account options. Republic Bank of Chicago offers three, two for personal use and one for businesses.
This is Republic Bank of Chicago's flagship savings account. The minimum opening balance is low ($25), and you can waive the account's $3 monthly fee by keeping a daily balance of $25. The account doesn't have a debit card, however, so you'll need to move money into your Republic Bank of Chicago checking account if you want to withdraw money.
If you're looking to earn the most on a savings account, the Republic Statement Savings probably isn't right for you. Its Tier One account (balances below $25) has a literal rock-bottom annual percentage yield (APY) of 0.00%, while Tier Two ($25 to $4,999) and Tier Three ($5,000 and above) will also pay at super low rates.
This account is nearly identical to the Republic Statement Savings account, except it's designed for children and teenagers below the age of 18. The account has a minimum opening deposit of $25, no monthly fees, and will earn an APY for daily balances above $25.
The Commercial Savings is a business savings account that has a super low monthly fee of $5 that's waived if you can average a minimum $1,000 daily balance. You need $1,000 to open it and can earn an APY with the same amount as a daily balance.
Republic Bank of Chicago offers one basic certificate of deposit (CD) with multiple term lengths. If you're okay locking your money for a certain period, here's what Republic Bank of Chicago's CDs have to offer.
The CDs at Republic Bank of Chicago come in both short and long terms, ranging from three months to three years. The opening minimum deposit is $1,000, which is about average for a regional bank of this size. As with other CDs, your money will be locked up for the entirety of your term and you'll face penalties for withdrawing early.
APY = Annual Percentage Yield
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% |
To be honest, the APYs on Republic Bank of Chicago CDs aren't the best we've seen. In fact, they rank pretty low in comparison to top-paying CDs. If you'd like to earn more on your savings, here are some alternatives to consider.
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 |
The flagship banking products at Republic Bank of Chicago are by far its checking accounts. The bank currently offers six different ways to deposit money -- some with high APYs and welcome offers.
This is a basic checking account that comes with ATM access and a debit card. The account has a $7 monthly fee that's waived if you maintain a monthly balance of $100.
The Choice Checking account comes with a debit card that earns $0.25 back with every purchase. If you make 15 purchases on the debit card monthly, the $5 maintenance fee will be waived. Better yet, the account comes with a $150 bonus for new members who set up direct deposit into their accounts.
The Choice Checking (Rate) account offers you a competitive APY of 2.00% on balances up to $15,000. The $25 monthly maintenance fee is waived if you make 15 debit card transactions per month. Like the cash back version of this account, you'll get a $150 bonus for opening an account online and setting up direct deposit.
At first glance, this account seems as boring as plain white bread. With a low APY and a high average daily account balance of $1,500 to waive its $10, you might not think it's worth the trouble. But this account has unusual perks through its third-party benefits partner, BaZing, such as cellphone protection, roadside assistance (up to $80 in covered service charges), health savings on prescriptions and eye exams, and discounts on local retailers.
The Silver checking account is similar to the Platinum in that it gives you perks through BaZing. The difference, however, is that this account has a $6 monthly fee with no option to waive it. It might be worthwhile if you like the perks under BaZing but can't commit $1,500 daily to waive the $10 fee on Platinum.
Designed for students between the ages of 12 and 24, this account has no monthly fees or minimum balance requirements. It also gives students a chance to earn a $100 bonus.
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.
With 19 locations in Chicago, Republic Bank of Chicago has a deep connection with Chicagoland.
That said, its online reviews aren't exactly stellar, with an average of 1.17 out of five stars on Better Business Bureau (but an A+ rating) and numerous negative reviews on third party websites. Many recent reviewers complained that the customer service team was slow or inefficient, while others mentioned they were charged fees, like prepayment penalties on loans, that weren't disclosed upfront. It's worth noting many of these reviews appear to be for online services with few local reviewers commenting on its Chicago locations.
Republic Bank of Chicago also has a digital app, which has decent reviews. On the App Store, it has a 3.5 rating (out of more than 30 reviews) and on Google Play it has a 3.2 rating out of more than 120 reviews.
Republic Bank of Chicago doesn't offer relationship benefits, like higher APYs for having more than one account. This isn't unusual for a regional bank of this size, but it's something to keep in mind if premium banking is important to you.
If Republic Bank of Chicago doesn't interest you, here are two banks that might offer something better:
Ally Bank is an online bank that offers a slew of savings products, from CDs to savings accounts. Unlike Republic Bank of Chicago, it doesn't have physical banks but also doesn't charge monthly maintenance fees or have account minimums you need to meet.
Capital One Bank is a mostly online bank with some brick-and-mortar locations in major cities. It offers competitive APYs on savings accounts and CDs, along with a suite of credit cards that rank among some of the best.
This bank might be a good fit for you if:
As one of Illinois' largest banks, it's no surprise that Republic Bank of Chicago offers an abundance of banking services. To give you an idea of what's available, here's a breakdown of its products.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
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No, you don't need a Chicago address to bank at Republic Bank of Chicago. Since the bank offers online accounts, you can do your banking there even if you live in another city or state.
No, the two banks have no connection, despite having a similar name.
Our Banking Experts
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