bank rates

Earn 1.65% With This 32-Month CD Special

First Republic Bank is offering a new 32-month special CD yielding 1.65% APY.

It also boosted the rate on its regular 36-month CD to 1.75% APY.

These rates beat the top nationally available 36-month CD deal from the banks on our CD Rates Leaderboard, currently 1.60% APY.

I’ve been told that, as a First Republic customer of long-standing, with a high ($4,500) minimum balance checking account, I’ll qualify for a 0.25% bump-up if I open a new 36-month CD at my local Palm Desert, California, branch. (No bump-up is offered for the 32-month CD.)

The availability of a rate bonus varies from branch to branch, however, so don’t assume anything, but check with your branch representative.

The minimum deposit for each of these certificates of deposit is $10,000, and they must be purchased at a First Republic branch.

First Republic, headquartered in San Francisco, operates branches in California, Florida, Oregon, Massachusetts, New York and Connecticut. Major branch locations include New York City, Boston, Los Angeles, San Diego, San Francisco and Palm Beach.

First Republic’s website provides rates by geographical region, but the 32- and 36-month CD rates currently are the same everywhere.

By the way, my branch rep advised me that, because First Republic now has in excess of $50 billion in consolidated assets, it qualifies as a “systemically important financial institution,” or SIFI, under the Dodd-Frank law, and that, as a result, I’ll have to answer some additional identity questions when I open a new CD.

With a 2% return on a 3-year CD at stake, I sure hope I get the answers right!

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