Top perks
Cash bonus for new accounts: Perhaps the marquee feature of a Republic Bank of Chicago Choice Checking account is the ability to earn a bonus when you open a new account. All you need to do is receive at least one direct deposit within the first 60 days of opening your account. You also need to keep your account open at least six months or the bank will claw back the bonus. This offer is only available if you do not have a current Republic Bank of Chicago checking account.
Low minimum balance to open: You can open a new Republic Bank of Chicago Choice Checking account with a deposit of just $25. While not as good as an account with no minimum, this is a reasonable requirement that should be doable for most folks.
Option to earn debit card rewards or interest: When you open a Republic Bank of Chicago Choice Checking account, you have two choices: Cash Back or Rate.
If you pick Cash Back, you'll earn $0.25 cash back with every debit card purchase (note it's per purchase, NOT per dollar). While better than nothing, this is a very low rewards rate. You can earn far more with even a basic cash back rewards credit card.
If you pick Rate, you can earn 2% APY on the first $15,000 of your balance (anything over $15,000 earns 0% APY). This is a decent return for a checking account. It doesn't beat out a high-yield savings account, but it's still a nice perk.
Fee-free ATM access: You can use your debit card at over 55,000 in-network ATMs nationwide without paying any surcharges. (Using out-of-network ATMs may incur fees.)
FDIC insured: The Republic Bank of Chicago is a member of the FDIC, so your deposits have the standard FDIC coverage up to $250,000.
What could be improved
Small physical footprint: As its name might suggest, the Republic Bank of Chicago is a small, local bank with branches in the Chicago metro area. While you can use the ATM network nationwide, any other in-person services will need to be done in the Chicago area.
Monthly account fee that's hard to waive: No matter which Republic Bank of Chicago Choice Checking account you pick, you're going to be stuck paying some annoying checking account fees. While you have the ability to waive those fees, you have to make at least 15 debit card transactions per month to do so. For someone who prefers credit cards for most things (they're safer and offer more rewards), this would pose a significant challenge.
Mobile apps are buggy and poorly rated: A good mobile bank app is all but essential in today's world. While Republic Bank of Chicago offers both an iOS and Android app, they don't seem to be very good. Overall ratings are poor -- 3.5 in the Apple App Store, and just 3.3 in the Google Play Store -- and complain of login issues, technical errors, and other bugs.
Fee schedule not available online: Most banks have a handy document called the Fee Schedule that lists all of their fees, from account fees to wire transfer fees (and way more). Sadly, the only way to see this document with Republic Bank of Chicago is to request it from a banker, as the bank doesn't post it anywhere on their website.
Fees