First Republic Bank Reviews | Pros, Cons, Rates, Fees
As a follow-up to other reviews that we’ve published on banks, like Ally Bank, US Bank, GE Capital, and many more, we are releasing this review of First Republic Bank.
The goal of this article is to present an objective viewpoint on the various pros and cons of using First Republic Bank, including the services provided, consumer complaints, benefits, rates, and fees.
First Republic Bank Review Analysis
- Origin and growth
- First Republic Bank rates and fees
- What’s unique about First Republic Bank?
- First Republic Bank customer service
- Services offered
- Consumer complaints
- Conclusion
Origin & Growth
First Republic Bank was founded in 1985 in California. Although the bank had a single owner until 2007, that year brought a string of ownership changes.
The slew of ownership changes started with the purchase of the bank by Merrill Lynch in January of 2007, at a price of $1.8 billion.
Image Source: First Republic Bank
However, Merrill Lynch wouldn’t hold ownership for too long. As a matter of fact, it sold First Republic Bank to Bank of America in September of the same year that it had bought it. Then, in October of 2009, Bank of America sold First Republic Bank to a group of private investors who currently maintain ownership to this day.
Despite the multiple changes in ownership, First Republic Bank has continued to thrive, with current total assets of $40.9 billion.
See Also: How Personal Capital is Revolutionizing Personal Finance and Investment Management
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
First Republic Bank Rates & Fees
- CD rates: First Republic Bank CD rates range from 0.2% APY for a 15-month liquid CD to 1.34% on a 6-year CD.
- Money market: When it comes to money market checking, depending on your balance, you can earn from 0.05% to 0.1% APY.
- Passbook savings: First Republic Bank’s Passbook Savings plan ranges from 0.05% to 0.15%.
- Basic checking account: A $3 monthly fee with no minimum balance is required.
- Savings: $10 per statement is required.
Note: The rates shown in this document are accurate as of 2015.
What’s Unique About First Republic Bank?
First Republic Bank has put quite a bit of its effort into providing online services to consumers across the United States. Due to so much given effort, its online platforms are both intuitive and easy to understand.
Another cool thing is that it often offers great promotions on its products. For instance, it is currently running a 13-month CD special with 1% APY and a 2-year CD with a promotional 2% APY.
Don’t Miss: Best Banks to Bank With – No Fees, High-Yield Savings, Largest Banks, and Credit Unions
First Republic Bank Customer Service
If you’re looking for a new bank to work with, chances are, you’re looking for one that provides a great customer service experience. The truth is that your bank isn’t just a company that holds your money.
When you open a new account, you will be creating a relationship with that bank. So, when it comes to banking, there’s a lot on the line by way of customer service.
When doing research for bank reviews, it can be rare to come across consumers who are raving and writing positive reviews about a bank. However, First Republic has scored very high reviews and has had a high level of good customer reviews.
Services Offered
First Republic Bank is a full-service bank with all of the standard services that most major banks offer. Here is a detailed list of the services it provides:
Personal Banking:
- Checking
- Savings
- Money Market
- CDs
- IRAs
- Residential lending
- Personal lending
- Commercial real estate lending
- Foreign exchange
Image Source: First Republic Bank Reviews
Business Banking:
- Checking
- Savings
- Money market
- Treasury services
- Business lending
- Commercial real estate lending
- Employee benefit administration
- Foreign exchange
Private Wealth Management:
- Investment management services
- Brokerage services
- Trust services
With such a large list of services, consumers have found it easy to bank with all of their financial accounts in one place. In addition to standard banking, these services are also available online.
Consumer Complaints
Although First Republic Bank has tons of positive reviews to back it up, there are also customers that have posed negative complaints.
Below are the most common reasons that consumers complain about services provided by First Republic Bank:
- Refusal to open checking accounts for people with bad checking account histories
- Unhappy with outcomes of disputes
- Problems processing payments in the mortgage department
Free Wealth & Finance Software - Get Yours Now ►
Conclusion
Those who use First Republic Bank seem to love its services as they rave about acceptable fees, competitive rates, and friendly customer service.
Such positive reviews are normally a key indicator of a good bank. However, you may want to dig further when it comes to mortgages. There weren’t many complaints here, but some negative experiences were brought up a couple of times.
Also, if you’ve got a bad checking account history, you may want to consider banking with another lender.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.