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Republic Bank of Chicago Review: Where Traditional and Modern Banking Come Together

Review Updated
Steven Porrello
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Founded in 1964 in southwestern Chicago, Republic Bank of Chicago brings together the charm of a local bank with the powerful tools of a fintech company to give clients a full range of products and services. Its checking accounts include some unusual perks, while its savings accounts and CDs offer decent APYs for those who want simplicity. Find out what makes Republic Bank of Chicago one of Chicagoland's favorites in this expert review.

Offer image for
Member FDIC.

Republic Bank of Chicago

Rating image, 3.75 out of 5 stars.
3.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Republic Bank of Chicago has deep roots in the Chicago community and offers numerous ways to earn extra money on your savings. Combining 19 physical locations with online banking and a digital app, the bank is great for those who want to do all their banking in one place.

Pros
  • Slew of savings products
  • Unusual checking accounts
  • Decent APYs on money market accounts
  • Access to 55,000 ATMs
  • 19 physical locations in Chicago
Cons
  • Account fees
  • Low APYs
  • Poor customer reviews
  • Minimum opening deposit required
  • Branches only located in Chicago

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Republic Bank of Chicago savings account review

Arguably one of the most important aspects of any bank is its savings account options. Republic Bank of Chicago offers three, two for personal use and one for businesses.

Republic Statement Savings

This is Republic Bank of Chicago's flagship savings account. The minimum opening balance is low ($25), and you can waive the account's $3 monthly fee by keeping a daily balance of $25. The account doesn't have a debit card, however, so you'll need to move money into your Republic Bank of Chicago checking account if you want to withdraw money.

If you're looking to earn the most on a savings account, the Republic Statement Savings probably isn't right for you. Its Tier One account (balances below $25) has a literal rock-bottom annual percentage yield (APY) of 0.00%, while Tier Two ($25 to $4,999) and Tier Three ($5,000 and above) will also pay at super low rates.

Starter Statement Savings

This account is nearly identical to the Republic Statement Savings account, except it's designed for children and teenagers below the age of 18. The account has a minimum opening deposit of $25, no monthly fees, and will earn an APY for daily balances above $25.

Commercial Savings

The Commercial Savings is a business savings account that has a super low monthly fee of $5 that's waived if you can average a minimum $1,000 daily balance. You need $1,000 to open it and can earn an APY with the same amount as a daily balance.

Republic Bank of Chicago CD accounts

Republic Bank of Chicago offers one basic certificate of deposit (CD) with multiple term lengths. If you're okay locking your money for a certain period, here's what Republic Bank of Chicago's CDs have to offer.

Republic Bank of Chicago CD

The CDs at Republic Bank of Chicago come in both short and long terms, ranging from three months to three years. The opening minimum deposit is $1,000, which is about average for a regional bank of this size. As with other CDs, your money will be locked up for the entirety of your term and you'll face penalties for withdrawing early.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for Republic Bank of Chicago CD
Republic Bank of Chicago CD
MINIMUM DEPOSIT $1,000
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 13 Mo. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
0.50% 0.50% 0.75% 0.75% 4.33% 1.00% 1.25% 1.50% 1.50% 1.50%

Compare CD rates

To be honest, the APYs on Republic Bank of Chicago CDs aren't the best we've seen. In fact, they rank pretty low in comparison to top-paying CDs. If you'd like to earn more on your savings, here are some alternatives to consider.

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Republic Bank of Chicago checking account review

The flagship banking products at Republic Bank of Chicago are by far its checking accounts. The bank currently offers six different ways to deposit money -- some with high APYs and welcome offers.

Essential Checking

This is a basic checking account that comes with ATM access and a debit card. The account has a $7 monthly fee that's waived if you maintain a monthly balance of $100.

Choice Checking (Cash Back)

The Choice Checking account comes with a debit card that earns $0.25 back with every purchase. If you make 15 purchases on the debit card monthly, the $5 maintenance fee will be waived. Better yet, the account comes with a $150 bonus for new members who set up direct deposit into their accounts.

Choice Checking (Rate)

The Choice Checking (Rate) account offers you a competitive APY of 2.00% on balances up to $15,000. The $25 monthly maintenance fee is waived if you make 15 debit card transactions per month. Like the cash back version of this account, you'll get a $150 bonus for opening an account online and setting up direct deposit.

Platinum Checking

At first glance, this account seems as boring as plain white bread. With a low APY and a high average daily account balance of $1,500 to waive its $10, you might not think it's worth the trouble. But this account has unusual perks through its third-party benefits partner, BaZing, such as cellphone protection, roadside assistance (up to $80 in covered service charges), health savings on prescriptions and eye exams, and discounts on local retailers.

Silver Checking

The Silver checking account is similar to the Platinum in that it gives you perks through BaZing. The difference, however, is that this account has a $6 monthly fee with no option to waive it. It might be worthwhile if you like the perks under BaZing but can't commit $1,500 daily to waive the $10 fee on Platinum.

Student Checking

Designed for students between the ages of 12 and 24, this account has no monthly fees or minimum balance requirements. It also gives students a chance to earn a $100 bonus.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Republic Bank of Chicago customer service and experience

With 19 locations in Chicago, Republic Bank of Chicago has a deep connection with Chicagoland.

That said, its online reviews aren't exactly stellar, with an average of 1.17 out of five stars on Better Business Bureau (but an A+ rating) and numerous negative reviews on third party websites. Many recent reviewers complained that the customer service team was slow or inefficient, while others mentioned they were charged fees, like prepayment penalties on loans, that weren't disclosed upfront. It's worth noting many of these reviews appear to be for online services with few local reviewers commenting on its Chicago locations.

Republic Bank of Chicago also has a digital app, which has decent reviews. On the App Store, it has a 3.5 rating (out of more than 30 reviews) and on Google Play it has a 3.2 rating out of more than 120 reviews.

Republic Bank of Chicago relationship benefits

Republic Bank of Chicago doesn't offer relationship benefits, like higher APYs for having more than one account. This isn't unusual for a regional bank of this size, but it's something to keep in mind if premium banking is important to you.

Alternatives to Republic Bank of Chicago

If Republic Bank of Chicago doesn't interest you, here are two banks that might offer something better:

Ally Bank

Ally Bank is an online bank that offers a slew of savings products, from CDs to savings accounts. Unlike Republic Bank of Chicago, it doesn't have physical banks but also doesn't charge monthly maintenance fees or have account minimums you need to meet.

Capital One Bank

Capital One Bank is a mostly online bank with some brick-and-mortar locations in major cities. It offers competitive APYs on savings accounts and CDs, along with a suite of credit cards that rank among some of the best.

Is Republic Bank of Chicago right for you?

This bank might be a good fit for you if:

  • You want to have all of your accounts at one bank.
  • You live in or around the Chicago metropolitan area and would like a physical brick-and-mortar bank.

Other products by Republic Bank of Chicago

As one of Illinois' largest banks, it's no surprise that Republic Bank of Chicago offers an abundance of banking services. To give you an idea of what's available, here's a breakdown of its products.

Republic Bank of Chicago money market accounts

  • Executive Money Market: Requires a minimum daily balance of $2,500 to avoid the $25 account fee, but may offer a competitive APY depending on your relationship status with Republic Bank.
  • Power Index Money Market: Requires a very high minimum balance of $10,000 to avoid the $30 account fees. The APY is "competitive" but the exact percentage will only be disclosed during the application process.
  • Digital Money Market Account: Includes the highest APY of any Republic Bank money market, but requires a decent minimum daily balance of $2,500 to avoid the $25 account fees.

Republic Bank of Chicago credit cards

  • Visa® Platinum Cash Rewards: Cash back credit card that earns an unlimited 1% back on eligible purchases. This card has a competitive APR for purchases, balance transfers, and cash advances, but does not have a 0% intro period.
  • Visa® Platinum Rewards: Rewards credit card that earns unlimited 1x rewards on every purchase. Rewards points can be redeemed for merchandise or travel at scorecardrewards.com.
  • Visa® Platinum: This card doesn't earn rewards but has a low APR for a credit card. It doesn't, however, have an intro 0% APR period.

Republic Bank of Chicago bank loans

  • Personal loans: Unsecured loans (meaning they don't require collateral) issued for multiple purposes, such as debt consolidation or home improvement projects. Your loan's APR will depend heavily on your credit score.
  • Home equity line of credit: Comes with a draw period of 10 years after which you'll square up any outstanding balances in one balloon payment.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • No, you don't need a Chicago address to bank at Republic Bank of Chicago. Since the bank offers online accounts, you can do your banking there even if you live in another city or state.

  • No, the two banks have no connection, despite having a similar name.