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Republic Bank Review

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Republic Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1978, Republic Bank has $394 million in assets as well as $318 million in deposits, which makes it a small bank. Republic Bank, whose headquarters are in Duluth, Minnesota, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Republic Bank is a respectable bank that gets the job done, with a rating of 3.9 stars out of 5 from our experts. Republic Bank has a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Republic Bank offers an option without a maintenance or monthly fee. Banks that offer no-fee checking, in addition to a high savings APY are the best option for returning the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

Republic Bank has a savings rate of 0.05%, which is poor in comparison to other U.S. banks. Republic Bank's one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.45%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Republic Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Republic Bank's Savings Rates Compare

Republic Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Republic Bank typically has extremely low fees in comparison to the average U.S. bank. Republic Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Republic Bank is perfect because it charges no out-of-network ATM fees. Republic Bank unfortunately does not refund out-of-network ATM charges, which means you will have to locate a Republic Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Republic Bank is a brick-and-mortar bank, with six total bank locations in Minnesota. With mobile and web apps, Republic Bank makes account access convenient, even on the go. You can utilize Republic Bank's app to control your accounts by monitoring monthly statements, sending and receiving money as well as accessing support representatives. Republic Bank receives an excellent consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Republic Bank is currently a small bank with $394 million in assets and $318 million in deposits. Its Texas Ratio is 2.42%, indicating that Republic Bank is in outstanding financial condition and far from failure. Additionally, Republic Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Republic Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.35% APY
  • 60 Month: 1.45% APY
$10000 for all terms
Money Market Account 0.1% APY $2500

Republic Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Republic Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Republic Bank's CD rates are fair as compared against the national average.

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Find a Republic Bank Near Me

Republic Bank has six physical locations in the U.S.

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