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Republic Bank of Chicago Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
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 first started operating in 1964 and is headquartered in Oak Brook, Illinois. It owns $2 billion in assets as well as $2 billion in deposits, which makes it a large bank. Republic Bank of Chicago lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at an average 3.9 out of 5 stars, Republic Bank of Chicago proves it is a respectable bank that deserves your consideration. Republic Bank of Chicago offers numerous product offerings, including savings accounts, checking accounts, CDs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Republic Bank of Chicago's most basic checking account does not carry a monthly fee. Using an institution with no-fee checking and a high interest rate savings account is your best bet for returning the highest income from your deposits while having convenient access to your funds.

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

Republic Bank of Chicago has a savings rate of 0.05%, which is poor compared to the average U.S. bank. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account has an APY of 0.15%. Given Republic Bank of Chicago's below average savings rate, you should think about other options to earn more on your deposits.

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

Republic Bank of Chicago charges its customers low fees as compared against the national average. With no monthly fee, Republic Bank of Chicago's checking account is ideal for those who want an easy checking account. Also, it has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Republic Bank of Chicago unfortunately does not refund out-of-network ATM charges, which means you'll be required to search for a Republic Bank of Chicago ATM or eat the ATM charge.

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 branches in Illinois. With mobile and web apps, Republic Bank of Chicago makes mobile banking straightforward, even on the go. Republic Bank of Chicago receives average feedback from customers for its mobile platform. Out of 35 ratings on both iOS and Android platforms, the Republic Bank of Chicago mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Republic Bank of Chicago's mobile app lets you manage your bank accounts by looking at current statements, transferring funds as well as reaching customer service. Republic Bank of Chicago gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 is currently a large bank with $2 billion in assets and $2 billion in deposits. Republic Bank of Chicago's Texas Ratio is 11.91%, suggesting a small chance 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 Accounts 0.1% APY 0.15% APY $10000 $15000

Republic Bank of Chicago has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Republic Bank of Chicago does not have the best savings rate, which means you should think about taking a look 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 in comparison to the average U.S. bank.

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Find a Republic Bank of Chicago Near Me

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

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