First Republic Bank

[toothgrind3r]

Anyone have any experience with them?

The ATM Rebate Checking Account sounds like a pretty good deal.

I currently have national ATM rebates with my credit union, and international ATM rebates with Schwab.  

But part of me really wants to bank with a B&M bank.  So this covers all ATM fees, anywhere, with B&M locations near me.

[longtime_lurker]

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@toothgrind3r wrote:

Anyone have any experience with them?

The ATM Rebate Checking Account sounds like a pretty good deal.

I currently have national ATM rebates with my credit union, and international ATM rebates with Schwab.  

But part of me really wants to bank with a B&M bank.  So this covers all ATM fees, anywhere, with B&M locations near me.

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Schwab reimburses all ATM fees...plus schwab pays interest on the full balance, they only pay on balances above 3,500 and in order to waive the $25 monthly fee there must be 3,500 in the account...so you'll just have 3,500 earning no interest, whereas with Schwab you'd be earning interest.

[toothgrind3r]

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@longtime_lurker wrote:

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@toothgrind3r wrote:

Anyone have any experience with them?

The ATM Rebate Checking Account sounds like a pretty good deal.

I currently have national ATM rebates with my credit union, and international ATM rebates with Schwab.  

But part of me really wants to bank with a B&M bank.  So this covers all ATM fees, anywhere, with B&M locations near me.

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Schwab reimburses all ATM fees...plus schwab pays interest on the full balance, they only pay on balances above 3,500 and in order to waive the $25 monthly fee there must be 3,500 in the account...so you'll just have 3,500 earning no interest, whereas with Schwab you'd be earning interest.

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Schwab's interest is very low.  My credit union is much better....which is still crap!  I've all but given up expecting my bank to make me money.

But the whole point of looking into First Republic is the combo of both all ATM fee rebates and B&M access in one.  See, I have both of those already (ATM fees with Schwab, B&M access via credit union co-op with my CU)...but First Republic is an option to have both in one bank.

[longtime_lurker]

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toothgrind3r wrote:

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longtime_lurker wrote:

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toothgrind3r wrote:

Anyone have any experience with them?

The ATM Rebate Checking Account sounds like a pretty good deal.

I currently have national ATM rebates with my credit union, and international ATM rebates with Schwab.  

But part of me really wants to bank with a B&M bank.  So this covers all ATM fees, anywhere, with B&M locations near me.

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Schwab reimburses all ATM fees...plus schwab pays interest on the full balance, they only pay on balances above 3,500 and in order to waive the $25 monthly fee there must be 3,500 in the account...so you'll just have 3,500 earning no interest, whereas with Schwab you'd be earning interest.

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Schwab's interest is very low.  My credit union is much better....which is still crap!  I've all but given up expecting my bank to make me money.

But the whole point of looking into First Republic is the combo of both all ATM fee rebates and B&M access in one.  See, I have both of those already (ATM fees with Schwab, B&M access via credit union co-op with my CU)...but First Republic is an option to have both in one bank.

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APY on schwab as of 5/29 was .06%. Here's First Republic's:

BALANCE	INTEREST RATE	APY
$3,500+	0.005%	0.005%
Below $3,500	0.00%	0.00%

Schwab's is 12x higher than this bank (actually higher because 3.5k here doesn't get interest). Everyone's interest rates are low right now. 

Does this bank charge FTF? Probably but I can't confirm/deny my suspicions. Schwab does not. Therefore, you would lose money to travel internationally and use them.

I just do not see the appeal. ACHs happen so fast that the best products are often with different banks. 

[longtime_lurker]

ETA: I found out they do charge FTF

"Foreign currency conversion and other usage fees vary by country and network and are not included in the rebated ATM access fees."

[toothgrind3r]

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@longtime_lurker wrote:

ETA: I found out they do charge FTF

"Foreign currency conversion and other usage fees vary by country and network and are not included in the rebated ATM access fees."

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Okay, see, that's good to know.

As for .06 vs .005...both of those are still laughable.  Like I said, I'm not looking for a checking account to make me money.  That's what my investments are for.  Looking for a bank to not charge me to use my money (ATM fee rebates) and also have the options to walk into a branch when need be.  That's all I need from a bank, nothing else.  

So, First Republic is out because of the FTF.  Thank you for finding that. 

And yes, the best products are often with different banks.  I'm happy with my CU and Schwab combo.  

But I would be even happier if it was all in one.

[longtime_lurker]

I never said either APY was good, but when the rates start rising, Schwab is going to still a better pick

I kind of looked for awhile, too, regarding finding an all-in-one bank but didn't find it. Schwab's checking product is really one-of-a-kind (for those of us middle-class folk) though, so I settled with my CU, Schwab, and Discover (for savings).

Let me know when you find Schwabs checking product w/  a Discover Savings APY account and CU co-op branch access

[toothgrind3r]

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@longtime_lurker wrote:

I never said either APY was good, but when the rates start rising, Schwab is going to still a better pick

I kind of looked for awhile, too, regarding finding an all-in-one bank but didn't find it. Schwab's checking product is really one-of-a-kind (for those of us middle-class folk) though, so I settled with my CU, Schwab, and Discover (for savings).

Let me know when you find Schwabs checking product w/  a Discover Savings APY account and CU co-op branch access

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Alliant is the closest.  Savings APY at .90%, checking at .65%.  Co-op branch access.  $20 per month ATM rebates.  It's only missing the oversees rebates/no FTF of Schwab

Oh....and the fact that they have a GOD AWFUL UGLY mobile app

[youdontkillmoney]

I have First Republic Bank's ATM Rebate Checking ($3,500 Minimum to avoid fees)  and Savings (min. $5,000 to avoid fees). With these minimums they cater to a particular clientele that can put aside and not touch these amounts. 

I also have Schwab checking.

Although both have ATM rebates, I use FRB as my direct deposit account because I live in an area where there are FRB branches I can walk into. I have no complaints with FRB.

[rlx01]

FRB is a decent account, but their fees, when they do exist, are high. I don't know if they waive them for people with high balances since I bank with a CU and CPC.

The ATM card does not charge a FTF.

But if you're considering FRB I presume you live in SF. In which case SF Fire CU beats it hands down in pretty much every way.