First Republic Bank CD rates August 2024
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Updated 12:38 p.m. UTC Aug. 6, 2024
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Certificate of deposit (CD) rates have been on a rollercoaster ride. So, too, has First Republic Bank.
In May 2023, banking regulators closed First Republic and sold most of its assets to Chase Bank. As of May 2024, all First Republic deposit accounts transitioned to be under JPMorgan Chase, accessible only via Chase’s network.
You can no longer open a CD branded as a “First Republic Bank certificates of deposit,” though you can find many CD options at Chase and other institutions.
Account details and annual percentage yields (APYs) are accurate as of August 6, 2024.
Alternatives to First Republic Bank CDs
The good news is that there are many great CD options in this high-rate environment.
The best yields are typically at online banks. They don’t have to cover the overhead involved in maintaining branches and they’re driven to offer great rates as a means to attract customers and deposits away from the biggest banks in the nation.
Here are the best 1-year CD rates.
| INSTITUTION | CD NAME | 1- YEAR CD APY | MIN. DEPOSIT | |||||
|---|---|---|---|---|---|---|---|---|
 | LendingClub certificates of deposit | 4.60% | $2,500 | |||||
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 | Bread Savings certificates of deposit | 5.15% | $1,500 | |||||
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 | Quontic Bank certificates of deposit | 4.50% | $500 | |||||
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 | First Internet Bank certificates of deposit | 5.15% | $1,000 | |||||
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 | Barclays Online certificates of deposit | 3.75% | $0 | |||||
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 | Popular Direct certificates of deposit | 5.10% | $10,000 | |||||
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 | Synchrony Bank certificates of deposit | 4.80% | $0 | |||||
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 | CommunityWide Federal Credit Union CW certificate account | 5.15% | $1,000 | |||||
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 | USAlliance Federal Credit Union certificate accounts | 5.20% | $500 | |||||
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 | Service Federal Credit Union share certificate | 5.00% | $500 | |||||
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If a one-year term doesn’t suit you, here are our picks for other popular CD terms:
- Best 3-month CD rates
- Best 6-month CD rates
- Best 9-month CD rates
- Best 18-month CD rates
- Best 2-year CD rates
- Best 3-year CD rates
- Best 4-year CD rates
- Best 5-year CD rates
Why First Republic Bank collapsed
Many customers with deposit amounts north of the federal insurance limit withdrew their funds at First Republic Bank when Silicon Valley Bank collapsed. A considerable amount of the bank’s funds were tied up in low-interest-rate mortgages — which were worth less and basically unsellable in the high-rate environment as the Federal Reserve turned up the heat to fight inflation.
This left the bank without liquid cash and unable to get it as customers continued to withdraw deposits. In May 2023, California banking regulators shut down the San Francisco-based institution and turned it over to the Federal Deposit Insurance Corp. (FDIC).
First Republic represented the second biggest U.S. bank failure since the Great Recession.
Chase Bank acquired it, with First Republic’s 84 locations in eight states becoming Chase Bank branches. Over time, First Republic customers have gained access to other Chase branches and ATMs. As part of the deal, Chase picked up all of First Republic’s insured and uninsured deposits.
Quick tip: You can open CDs at multiple banks to ensure that all of your funds are covered by federal deposit insurance.
As of April 2023, First Republic had about $203 billion in assets and $92 billion in deposits. Today, JPMorgan Chase Bank is the largest bank in the U.S. by assets.
Interest on First Republic Bank certificates of deposit accrued through April 30, 2023, were paid at the same rate. But Chase had the right to make changes after that, according to the FDIC. If you were unhappy with the new terms Chase offered, you could withdraw your CD funds with no penalty.
Frequently asked questions (FAQs)
Banking regulators closed First Republic Bank in May 2023. Still, Chase Bank bought nearly all of its assets, adopting First Republic’s branches and taking on its insured and uninsured deposits.
CDs are considered among the safest investments, especially if you ensure that your funds are covered by the FDIC.
Traditional CDs may offer lower yields than the stock market, but can offer greater interest rates than savings accounts.
The trade-off is that you give up access to your money for the CD’s term length. You can’t add to the CD or make a withdrawal from the principal without paying a penalty. But your money can be covered by the FDIC and your yield is guaranteed — very much unlike in the stock market.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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