First Republic Bank Review: Private Banking for Higher Net Worth Individuals – GOBankingRates

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First Republic Bank was founded in 1985 and is headquartered in San Francisco. It operates mainly on the West Coast and in the Northeast, with locations in cities with great concentrations of wealth. In California, it has offices in Palo Alto, San Francisco, Los Angeles, Santa Barbara, Newport Beach and San Diego. There are also offices in Portland, Oregon; Palm Beach, Florida; Jackson, Wyoming; Boston; New York City; and Greenwich, Connecticut.
First Republic Bank provides a range of personal, business and wealth banking services. Here’s a quick look at what it has to offer.
Finding the best checking account requires a little research. First Republic offers three options: Basic, Classic and ATM Rebate checking. Basic comes with a $25 minimum opening deposit and a $3 monthly service fee. The minimum deposit for Classic and ATM Rebate is $500, with a $25 monthly service fee that can be waived by maintaining minimum average balances of $2,500 (Classic) and $3,500 (ATM Rebate).
First Republic Bank provides a single savings account option, Passbook Savings. Deposits of $1 million and up will earn you the highest APY of 0.30%. For balances of $25,000 or less, the current APY is 0.05%.
CDs can be beneficial if you’re comfortable locking your money in for a set period of time without accessing it. But for many, the long terms required to get the best CD rates are prohibitive. First Republic works around that problem by offering an innovative Liquid CD that allows for deposits and withdrawals during the term.
First Republic has a limited number of offices in only a dozen cities, so unless you live in one of its service areas it might not be the best option. But if you do live in one of its service areas, you’ll have access to branch and ATM banking as well as online and mobile banking.
First Republic offers several ways to get help. Here are some of the options:
Locations are available in the California cities of Palo Alto, San Francisco, Los Angeles, Santa Barbara, Newport Beach and San Diego. You’ll also find offices in Portland, Oregon; Palm Beach, Florida; Jackson, Wyoming; Boston; New York; and Greenwich, Connecticut. Hours may vary by branch, so call ahead or check online to find out when your local branch is open.
First Republic offers customers the usual assortment of digital options in the form of online and mobile banking. Customers can download a complimentary subscription to Trusteer Rapport online banking security software for privacy and protection. The app gets decent reviews from users, including the following ratings:
You can handle numerous banking tasks on the app, including the following:
First Republic’s mobile app is one of the few on the market that lets users manage multiple bank and brokerage accounts for a complete financial overview. This feature makes it easy to transfer funds between accounts and monitor activity.
To open a First Republic account, visit a branch location or call 888-408-0288. You’ll need to provide the following:
Customer service number: 888-408-0288
Routing number: 321081669
Promotions: See Newest First Republic Bank Promos and Bonuses
Login: First Republic Bank Login Help
Some of the most common fees First Republic Bank charges include the following:
Here’s a look at how First Republic and a few of its competitors compare:
First Republic provides banking services to customers living in select areas of California, Oregon, Wyoming, Florida, New York and Connecticut. But if you don’t live within the bank’s service area, you’ll miss out on many of the services provided. Bank of the West has branches throughout the West Coast as well as in the Mountain, Midwest and prairie regions, giving it a broader reach.
If you live in the South or Midwest, then Regions is the better choice. It operates about 1,500 banking offices and 2,000 ATMs in the Southeast, Texas and Midwest. First Republic has only one location in Florida, but it’s a better choice for high net worth individuals in California and the Northeast.
Silicon Valley Bank is headquartered near First Republic in Santa Clara, California. However, SVB takes a more international approach to specialized banking. In addition to offices in California and 14 other states stretching as far as the East Coast, it also has offices in China, India, Germany, Israel, the UK and Canada. First Republic might be the better option if you prefer a more local, community focus.
First Republic Bank is a good fit if you live in one of its service areas, maintain a larger-than-average bank balance, and value personalized attention and wealth management guidance. To open an account, you’ll need to call or visit a local branch. Request an appointment to get started.
First Republic Bank’s Liquid CD is a unique offering that lets you lock in a higher interest rate for a set period of time while having the ability to make withdrawals every seven days, penalty-free.
Rates are subject to change. Information on accounts is accurate as of Feb. 3, 2021.
This content is not provided by First Republic Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by First Republic Bank.
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