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Republic Bank of Chicago Review

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

Overview

Republic Bank of Chicago started in 1964 with headquarters located in Oak Brook, Illinois. Republic Bank of Chicago handles $2 billion in assets along with deposits totaling $2 billion, classifying it as a large bank. Republic Bank of Chicago 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 apps. We ranked Republic Bank of Chicago at a 3.9 out of 5 stars, indicating that it is a good bank that you should consider. Republic Bank of Chicago provides customers with a diversity of product offerings, including savings accounts, checking accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Republic Bank of Chicago's standard checking does not carry a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are your best option for accruing the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Republic Bank of Chicago ranks poorly compared to the national average. Its CDs feature a rate of 0.25% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.15%. Given Republic Bank of Chicago's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Republic Bank of Chicago's Savings Rates Compare

Republic Bank of Chicago Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

On average, Republic Bank of Chicago charges customers low fees in comparison to other U.S. banks. Republic Bank of Chicago's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Also, at $35.00, its overdraft fee is lower than the national average. Republic Bank of Chicago unfortunately does not reimburse out-of-network ATM charges, which means you'll be required to locate a Republic Bank of Chicago ATM or pay the cost of withdrawal.

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

3.7
SmartAsset Average: 3.7

Republic Bank of Chicago is a brick-and-mortar bank, with 19 total bank locations in Illinois. With mobile and web apps, Republic Bank of Chicago makes mobile banking straightforward, even on the go. Republic Bank of Chicago's online and mobile banking platforms receive fair scores from customers. The Republic Bank of Chicago mobile app rates a 3.5 out of 5 (with 35 ratings on iOS and Android) compared to the national average of 3.8. Republic Bank of Chicago's mobile app lets you control your accounts by checking account balances, transferring money as well as reaching customer service. Republic Bank of Chicago gets an outstanding consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Republic Bank of Chicago ranks as a large bank with assets totaling $2 billion and deposits totaling $2 billion. Republic Bank of Chicago has a strong Texas Ratio of 11.91%, suggesting a tiny possibility of failure. Additionally, Republic Bank of Chicago is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.91%
High Risk 75% 50% 20% 10% Low Risk

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 of Chicago to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $25
Checking Account 0.05% APY $5000
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.85% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

Republic Bank of Chicago has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Republic Bank of Chicago 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 of Chicago's CD rates are fair compared to the national average.

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Find a Republic Bank of Chicago Near Me

Republic Bank of Chicago has 19 locations across the U.S.

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