The Republic Bank Digital Money Market Account is now providing 4.71% APY for customers seeking for a money market account that is accessible nationally. With this competitive rate, you can put your money to work.
Update 10/4/24: The rate has decreased to 4.71% APY from 5.01%.
Republic Bank Digital Money Market Account
- Rate Offer: 4.71% APY Rate
- Availability: Nationwide, online
- Credit Inquiry: Unknown
- Credit Funding: None
- Minimum Balance: $2500
- Maximum Balance: None
- Monthly Fee: Avoid the $25 monthly fee with $2,500+ balance.
- Early Termination Fee: None listed
Application Link
Republic Bank Digital Money Market Account: If this account appeals to you and you qualify, apply today!
Account Rates
Balance | APY |
$2,500+ | 4.71% APY |
Republic Bank Account Benefits
- Opening an account online should only take 5 minutes
- $2,500 minimum deposit to open account
- $2,500 minimum daily balance to earn APY and avoid $25 monthly maintenance fee
- FDIC insured – up to $250,000 per depositor
Notes:
- 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 Once the Fed pause is rescinded, “If you process more than 6 debits for three consecutive months, you will be required to change the product type from digital money market to a regular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.”
Author’s Verdict
The Republic Bank Digital Money Market account is simple to create online and offers a straightforward option to put your funds to work for you. Discover Republic Bank’s advantages, the services they provide, and these savings for yourself.
You may benefit from a variety of fantastic deals from banks like HSBC Bank, Chase Bank, Huntington Bank, Discover Bank, TD Bank, or CIT Bank. in addition to the current rate from Republic Bank.
Please share your opinions and experiences with this account. Be sure to check back on BankDealGuy for more bank rates!
Leave a Reply