With the Republic Bank Digital Money Market account, earn 4.60% APY available online nationwide. Earn one of the most competitive money market account rate available today.
Republic Bank Digital Money Market Review
Republic Bank is a family-owned institution that is dedicated to serving its local communities since 1964. From day one, they have been focused on what matters most: their clients’ financial success.
Providing their clients with exceptional service and innovative financial solutions has enabled them – and Republic Bank of Chicago – to thrive. Visit a Republic location today, and experience the difference for yourself.
I’ll review the Republic Bank Digital Money Market below.
Republic Bank Digital Money Market Rate
- Eligible account: Digital Money Market
- Credit inquiry: Soft Pull or Hard Pull?
- Where it’s available: Nationwide
- Opening Deposit: $2,500
- Monthly fee: $2,500 minimum daily balance to earn APY and avoid $25 monthly maintenance fee
- Early Termination Fee: Not listed
How to Earn Rate
- Open a new account with a minimum opening deposit of $2,500.
- Fill out your personal information. You’ll need:
- Social Security Number
- Driver’s License or State ID
- Opening Deposit
- Earn 4.60% APY.
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Republic Bank Digital Money Market Features
- 55,000+ surcharge-free ATMs nationwide
- Online & Mobile Banking
- Mobile Deposit
- Bank by Phone
- The DMM can be opened online by all U.S. citizens, with the exception of those who live in Illinois, Indiana, Michigan, or Wisconsin.
- Check writing is available ($30 per pack of 16 checks, includes “taxes, fee, and standard shipping”). Republic Bank continues to honor the Fed Regulation D pause and currently there is no excessive transaction fee; the limit of six transactions per month has been temporarily lifted. Once the Fed pause is rescinded, “If you process more than 6 debits for three consecutive months, you will be required to change the product type from digital money market to a regular checking account.”
- Initial funding ($2.5k min/$75k max) can be done through an ACH (at the end of the online application).
- Once the DMM is opened and online banking has been established, mobile deposits can be done. There is also a mobile app that can be used for deposits. In addition to direct deposits, ACH credits and wires, you can also mail in checks or make deposit in-branch.
- Outgoing ACH transfers initiated by Republic Bank are limited to a low $2.5k per day and $10k per 30 day rolling cycle. Republic Bank places no limits on ACH transfers initiated by an external financial institution.
- There is no ATM/debit card associated with the DMM.
- Unlimited beneficiaries can be designated (equal shares) and Social Security numbers are not required. Republic Bank requires “first and last name, date of birth, and current address for beneficiaries.”
Keep in mind that this account is available only online and you can be signed up in just 5 minutes.
Let us know about your experience with this bank and comment below.
In addition to the rate, check out our list of best rates Savings, Money Market, and CD accounts.
If you are interested in expanding your financial future, definitely use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, Discover Bank, TD Bank, Huntington Bank, HSBC Bank and many more.
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