Republic Bank Review

Overview

Republic Bank was founded in 1978 and has its headquarters in Duluth, Minnesota. Republic Bank manages $394 million in assets along with $318 million in deposits, which makes it a small bank. Republic Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Republic Bank is a good bank that gets the job done, with a score of 3.9 stars out of 5 from the SmartAsset experts. Republic Bank has a complete suite of banking products, 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's standard checking account does not have a monthly charge. Finding a bank with free checking, in addition to a high interest rate savings account is your best bet for accruing the most income on your deposits while having easy access to your funds.

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

Republic Bank features a savings rate of 0.05%, which is poor in comparison to the national average. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.45%, while its highest-yielding money market account has an APY of 0.10%. Given its below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Republic Bank's Savings Rates Compare

Republic Bank has typically extremely low fees compared to the average U.S. bank. Republic Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Republic Bank is ideal because it charges no out-of-network ATM fees. Republic Bank doesn't reimburse out-of-network ATM fees, meaning you will have to locate a Republic Bank ATM or accept the ATM charge.

Republic Bank is a brick-and-mortar bank, with six total branches in Minnesota. With mobile and web apps, Republic Bank makes mobile banking convenient, even on the go. You can use Republic Bank's app to manage your accounts by looking at monthly statements, transferring funds as well as accessing support representatives. Republic Bank receives an outstanding consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Republic Bank ranks as a small bank and has assets totaling $394 million as well as $318 million in deposits. Its Texas Ratio is 2.42%, denoting that Republic Bank is in superb financial shape and unlikely to fail. 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.

Products Offered

Republic Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Republic Bank does not have the best savings rate, which means you should consider 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 in comparison to the national average.

Find a Republic Bank Near Me

Republic Bank has six physical branches across the U.S.