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Republic Bank of Chicago Savings Review: Difficult to Get Past Its Low APY

Review Updated
Dana George
By: Dana George
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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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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.

Republic Bank of Chicago is a good option for those living in the Chicago area who want access to dynamic online banking, as well as brick-and-mortar bank locations they can visit. It may not be ideal for the person seeking a high APY on a savings account, though. However, the bank's current APYs on money market accounts (MMAs) and certificates of deposit (CDs) are quite competitive. Even the bank's Choice Checking account carries an APY that's competitive with most checking accounts. Here's a closer look at Republic Bank of Chicago's savings account options.

Ratings Methodology
Rates as of Jul 02, 2024

Republic Bank of Chicago Savings

Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 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
Rating image, 3.00 out of 5 stars.
3.00/5 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
APY
0.10%
Min. To Earn APY
$0.01
  • Two savings accounts from which to choose
  • No fees if $25 daily balance is maintained
  • Only $25 to open account
  • 19 branch offices
  • More than 55,000 surcharge-free ATMs nationwide
  • Low APY
  • Branches in Chicago area only
  • Potential $3 monthly fee if daily balance is not maintained

A low APY on savings makes it impossible to keep pace with inflation. However, customers willing to move their funds to a CD, MMA, or even the Choice Checking account can watch their money grow.

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 July 2, 2024
Min. to earn: $1
N/A

Republic Bank of Chicago Savings interest rate

Account APY Minimum Deposit
Republic Bank of Chicago Savings 0.10% $25
Data source: Republic Bank of Chicago.

Republic Bank of Chicago is offering an APY 10 times that of the biggest banks in the business, but it's still really low compared to many other options out there. But a $25 minimum deposit makes this account quite accessible.

Full Republic Bank of Chicago Savings review

Republic Bank of Chicago has a lot to offer its customers. However, a strong APY on savings is not one of them. Those looking for a high-interest savings account may be better served working with an online bank.

Top perks

Two savings accounts to choose from: The bank offers Statement Savings and Starter Statement Savings for children up to 18 years old.

Low minimum deposit: Opening a savings account requires only $25.

No fees with $25 daily balance: As long as that $25 daily balance is maintained, the $3 monthly fee is waived.

19 branch offices: Those living in the Chicago area have access to 19 branch offices as well as a dynamic online bank site.

Large network of ATMs: With more than 55,000 surcharge-free ATMs nationwide, it's easy to withdraw money on the go.

What could be improved

Low APY: At 0.10%, both savings accounts offer APYs far below other financial institutions.

Branches in Chicago area only: For customers who prefer access to brick-and-mortar bank locations, Republic Bank of Chicago will only work out for Chicago area residents.

Potential monthly fee: Allowing either savings account to drop below $25 results in a $3 monthly fee.

How to access your money

How one accesses money in their Republic Bank of Chicago savings account depends upon where they live.

Deposit options

There are multiple ways Republic Bank of Chicago customers can deposit funds.

  • Chicago area residents have the option of dropping a deposit by one of the 19 area bank offices.
  • All customers can make a mobile deposit via the bank's app.
  • All customers can sign up for automatic deposit.
  • All customers can have money wired from an external bank to their account.
  • All customers can have money transferred from another Republic Bank of Chicago account to savings.
  • All customers can mail deposits directly to one of the branches.

Withdrawal options

There are also several ways Republic Bank of Chicago customers can withdraw money.

  • Chicago area residents can make in-person withdrawals at one of the 19 branches.
  • All customers can withdraw money from one of the more than 55,000 surcharge-free ATMs.
  • All customers can request a money transfer from savings to another Republic Bank of Chicago account.
  • All customers can request a wire transfer to an external account.

Republic Bank of Chicago Savings is right for you if:

A Republic Bank of Chicago savings account could be a good choice for you if any of the following are true:

  • Other Republic Bank products appeal to you.
  • You want to keep all your banking services under one roof.
  • You live in the Chicago area and like the idea of having access to both virtual and live banking services.

Keep reading about Republic Bank

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

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

FAQs

  • No, Republic Bank of Chicago does not currently offer a high-yield savings account.

  • Republic Bank of Chicago is a legitimate, FDIC-insured bank that offers other ways to earn money on your savings. Both its MMAs and CDs carry competitive interest rates.