Republic Bank Review

Republic Bank Statement Savings Account

0.15% APY

Having been around for only 30 years, Republic Bank has already established a firm presence in Pennsylvania and New Jersey, offering a range of personal banking services to its customers across its 25 locations. The bank offers a number of savings account and checking account options, as well as a money market account (MMA) and several certificates of deposit (CDs).

The bank offers an account for just about every kind of saver, with free accounts offering a no-frills experience as well as premium accounts that come with a collection of discounts and perks. The minimum deposit required to open accounts varies widely, stretching from $0 all the way to $25,000.

Overall, the interest rates offered at Republic Bank are middling relative to what you can get elsewhere in the area and online. Due to the wide ranging nature of the accounts, some have no monthly fee at all and some have quite substantial fees. All monthly fees at the bank are waivable, however.

Products Offered

Republic Bank Interest Rate Comparison

Republic Bank Overview

Republic Bank operates approximately 35 branch locations throughout Pennsylvania and Southern New Jersey, spreading out from its headquarters in Philadelphia, Pennsylvania.

Although this article will focus on the personal banking options, Republic Bank also offers business banking services, home lending and commercial lending. In the personal realm, the bank offers three types of savings accounts, two money market accounts, four checking accounts and several different CDs. Read on to learn more about each of these options.

Republic Bank Account Features

Many of the deposit accounts at Republic Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard credit, debit or ATM card, depending on the type of account.

Around half of the deposit accounts at Republic Bank come with monthly service fees, which are all waivable provided you meet certain account requirements that vary in difficulty. You may also face fees for excessive transactions with the savings and money market accounts.

Statement Savings Account

If you’re looking for a basic savings account, look no further than the Statement Savings account at Republic Bank. You’ll need $100 to open the account, and you’ll need to keep your account balance at or above that threshold to both earn interest and avoid the monthly fee.

The 0.15% interest rate is slightly above what you’ll find at many large, brick-and-mortar banks. However, it's still significantly lower than the best savings accounts available to consumers today.

Personal Savings Account

The Personal Savings Account at Republic Bank earns at a higher rate than the Statement Savings account, but the balance required to earn interest and avoid the monthly service fee is also much higher.

Like any savings account, you’ll be limited to six pre-authorized withdrawals or transfers (automatic transfers, telephone withdrawals, etc.) each statement cycle. If you exceed that limit, you'll have to pay a fee, and repeatedly exceeding the limit could mean the bank closes or converts your account.

Young Savers Account

This account is exclusively for customers under the age of 21. Designed to help begin good savings habits, you won't have to worry about a minimum opening balance or a monthly service fee. Your interest rate would be 0.15%, the same as with the Statement Savings account.

Once you turn 21, your account will be converted into a traditional savings account, so you’ll need to close the account or meet the balance requirements if you don't want to pay a monthly fee at that point.

Money Market Account

The Money Market Account acts as a hybrid between savings and checking, giving you the ability to write checks but also subjecting you to the same limit of six pre-authorized withdrawals/transfers per statement cycle.

Oftentimes customers will be drawn to a money market account over a checking account because the money market account will have a higher interest rate. This isn’t the case with the Money Market account at Republic Bank. You can earn at 0.10% with the Checking With Interest account, as we’ll see later, and you wouldn’t be subjected to the same transaction limitations.

Premier Money Market Account

With the Premier Money Market account at Republic Bank, you’ll be able to increase your interest rate all the way to 2.00%, although you'll need a good chunk of change to get there. You'll need to keep at least $5,000 in the account if you want to avoid the $15 monthly service fee, but if you're looking to deposit that much, or more, you'll earn more interest with this account than with the standard Money Market account.

Certificates of Deposit

Republic Bank offers a variety of certificate of deposit (CD) accounts with term lengths ranging from three months to five years. You'll need at least $500 to purchase any of the accounts. While most CDs increase in interest rate as they increase in term length, Republic Bank offers the same interest rate for its 13-month term as its 60-month term. Because of this, you’re incentivized to purchase a 13-month term over all the longer terms.

If you need to withdraw your money before the end of your term, you'll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you'll have 10 days to withdraw your money before the bank renews you automatically for a new CD of the same term.

Free Checking Account

The Free Checking Account is just what its name suggests: an absolutely free checking account. You don’t need a certain amount to open the account, you don't have any balance or activity requirements to worry about, and you won't have to pay a monthly service fee.

You’ll also receive your first order of checks free, a free Mastercard^® debit card and access to 55,000 Allpoint ATMs across the country. The Free Checking account is the only checking account at Republic Bank that doesn’t earn interest.

Checking With Interest Account

One of three interest-bearing checking options at Republic Bank, the Checking With Interest account requires just $100 to open. That said, you'll need at least $1,000 to earn interest and avoid the $10 monthly service fee. Still, having the benefits of a checking account while also earning interest at almost the same rate as the Statement Savings account makes this an attractive option for Republic Bank customers.

Premier Checking With Interest Account

If you're looking for a checking account with even more interest-earning potential, you may want to take a look at the Premier Checking With Interest account. You'll need at least $25,000 to open the account, but if you can manage that, you'll be able to earn interest at a higher rate than with the Checking With Interest account.

In addition to the higher rates, you’ll also receive a range of free or discounted services from the bank on things like checks, money orders, wire transfers and safe deposit box rentals.

50 Plus Checking With Interest Account

Exclusively for clients 50 years and older, the 50 Plus Checking With Interest account is extremely easy to open, with a minimum opening balance of only $1. As an account holder, you'll also receive free checks, a free safe deposit box for the first year and free paper statements.

Where Can I Find Republic Bank?

Republic Bank operates around 35 different branch locations in Pennsylvania and New Jersey. Additionally, customers have access to the nationwide network of 55,000 Allpoint ATMs. The bank is headquartered in Philadelphia, Pennsylvania.

What Can You Do Online With Republic Bank?

You can open certain accounts and manage all accounts except CDs on the Republic Bank website. You can also manage your accounts with your smartphone via the My Republic Bank Mobile app. On iTunes, the app has a 2.4 star rating and 18 ratings as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any Republic Bank or affiliated ATM. If you use an out-of-network ATM, you may face fees from both Republic Bank and whichever third party operates the ATM, although certain accounts will allow a limited number of free foreign ATM transactions per statement cycle. And, of course, you can visit a Republic Bank branch to access funds.

How Can I Save More Money With Republic Bank?

The best way to maximize your interest-earning potential at Republic Bank is with the 13-month CD account. Its interest rate is the same as that of the 60-month CD and the highest tier of the Premier Checking With Interest account. However, there isn't much sense purchasing a 60-month CD if you can get the same interest rate with a 13-month CD, unless there’s a risk of the rate changing and you want to lock it in.

Further, to get the 2.00% rate with the Premier Checking With Interest account, you would have to have a balance of at least $250,000, and you generally shouldn't have that kind of money in a checking account since you can usually get a much better rate with a less accessible account.

What's the Process for Opening an Account With Republic Bank?

You can apply for many of the deposit accounts by visiting the Republic Bank website, or you can also visit your nearest branch in person to open any account. To open an account, you'll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You'll also need your Social Security number, date of birth, current home address and possibly your phone number and email address.

What's the Catch?

The most disappointing aspect of the accounts at Republic Bank is that the interest rates max out at 0.50%. Especially with CD accounts, you can find better rates in the same geographic area, and you can do much better if you're comfortable banking online.

The lack of a free savings account option for adults is another small mark against the bank, but seeing as the fee is so easily waivable, the impact is mostly negligible.

Bottom Line

If you're a banker in the greater Philadelphia area, and you're looking for a wide range of account options, you may find what you're looking for at Republic Bank. If your biggest priority is earning as much interest on your money as possible, then you will likely be disappointed by what Republic Bank has to offer.