First Republic Bank Business Checking Review
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
First Republic Bank is an investment company that offers banking solutions tailored to innovators, healthcare companies, law firms, property management firms, and other specialized industries. Its business checking products include
- Simplified Business Checking for companies with low transaction volume
- Business Interest Checking for those wanting to grow checking balances
- Business Analyzed Checking for businesses with higher balances and transaction volumes.
It also provides business money market accounts, business loans, business lines of credit, commercial real estate loans, and small business loans.
What We Like
- Fee-free incoming wires
- Wide range of lending products
- Specialized solutions for select industries
What's Missing
- Operates only in California, Connecticut, Florida, Massachusetts, New York, Oregon,, Washington, and Wyoming
- $30 monthly fee
- $15,000 minimum balance requirement to waive monthly fee
- Low APY on interest-earning accounts
Features
- Three business checking accounts
- Corporate online banking
- Free business debit card or deposit-only ATM card
- Treasury management
- Money market accounts and lending products
How First Republic Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Simplified Business Checking | None | $30; waivable | 100 checks per statement cycle; then 30 cents per check paid 21 deposits per statement cycle; then $1.50 per item | $5,000 |
 Business Checking | 0.50% on balances of $10,000 or more | None | Unlimited | $100 |
 Business Checking Plus | None | $15; waivable | 20 paper transactions per statement cycle; then 40 cents per transaction | None |
When First Republic Bank Is a Good Fit
- You belong to one of First Republic Bank’s specialized industries: First Republic Bank works with seasoned bankers with niche industry expertise to deliver financial solutions that meet their clients’ specific business needs. Some industries First Republic Bank serves include healthcare, law, property management, and financial services.
- You need a wide range of lending products: First Republic Bank offers an extensive selection of lending products, including lines of credit and term loans. Where the bank stands out is real estate financing—its network of real estate experts and seasoned bankers with niche industry expertise help borrowers access real estate, construction, and renovation loans tailored to their specific industry and geographical needs.
- You want access to high-yield money market accounts: First Republic Bank’s two money market accounts earn tiered interest from 0.90% to 1.00%. The higher an account’s balance, the higher the interest rate it receives.
When First Republic Bank Is Not a Good Fit
- You want nationwide access to physical branches: First Republic Bank only operates in California, Connecticut, Florida, Massachusetts, New York, Oregon, Washington, and Wyoming. Those wanting nationwide access to in-person banking should choose Chase, which operates 4,700 branches across 48 states.
- You need competitive APY on checking balances: First Republic Bank’s interest-drawing account, Business Interest Checking, offers an APY of 0.01%, an amount easily eclipsed by other providers. Bluevine earns qualified accounts interest at a rate of 2.00% on balances of $250,000 or less.
- You require fee-free business checking: All First Republic Bank business checking accounts charge a monthly fee of $30, which can only be waived with a minimum balance of $15,000 (for Simplified Business Checking and Business Interest Checking) or offset with earnings credit (for Business Analyzed Checking). Most online-only banks can offer full-service banking for free, and First Internet Bank is a particularly good choice since it offers business checking, business savings, and lending products.
- You’re looking for unlimited fee-free transactions: First Republic Bank only offers 100 free checks and 21 free deposits. The online-only banking solution Novo provides unlimited fee-free transactions per month. However, it only allows cash deposits through money orders.
If your small business meets one or more of these scenarios, check out our guide to the best small checking accounts for additional recommendations.
First Republic Bank Business Checking Overview
Simplified Business Checking | Business Interest Checking | Business Analyzed Checking | |
|---|---|---|---|
Required Opening Deposit | $5,000 | ||
Required Balance Minimum | $15,000 to waive fees | $15,000 to waive fees; $5,000 to earn interest | None |
Monthly Fee | $30 | ||
APY | None | 0.01% | None |
Transaction Limit Before Fees | 100 checks per statement cycle; then $0.30 per check paid 21 deposits per statement cycle; then $1.50 each | None; 20 cents per check and $1.50 per deposit | |
Automated Clearing House (ACH) Fees | $20 per month per relationship for ACH origination maintenance 2 cents each for ACH origination debit 10 cents each for ACH origination credit | ||
Wire Transfer Fees | $0 for incoming; $35 for outgoing domestic; $35 for outgoing international in USD; $25 for outgoing international in foreign currency; $12 for outgoing wires via banking online | ||
ATM Fees | Free at First Republic Bank ATMs; no fee for nonnetwork use* | ||
*Third-party operator fees may apply
First Republic Bank Business Checking Requirements
Applicants can open an account by contacting the provider through its telephone number―(888) 408-0288―complete an online form to get in touch with a representative, or visit a First Republic Bank branch. Our guide on how to open a business bank account contains a checklist of business documents that banks typically require.
First Republic Business Checking Features
Three Business Checking Accounts
Customers can choose among Simplified Business Checking, Business Interest Checking, and Business Analyzed Checking accounts. All three charge the same monthly service fee of $30 and issue either a free business debit card or a deposit-only ATM card.
Business Interest Checking accounts earn interest at an APY of 0.01%, whereas Business Analyzed Checking earns credits based on account balances. Account holders can use earnings credit to offset banking fees. Clients can also bundle Business Analyzed Checking with protective services, which keep accounts secure by prohibiting check writing, cash withdrawals, and ACH debits or ATM/debit card access.
Corporate Online Banking
First Republic Bank’s online banking platform lets businesses manage accounts, access account statements and year-end tax documents, transfer funds, initiate wire and ACH transfers, pay bills, and more. The platform is compatible with Google Chrome, Mozilla Firefox, Safari, and Internet Explorer browsers, and Android, iOS, iPadOS, and Kindle Fire devices.
It also has a mobile app for Android and iOS devices, which has a remote deposit feature that lets users make online deposits by uploading photos of physical checks. The app has mixed reviews, with a 3.5 rating on Google Play and a 4.8 rating on App Store. Users often report a buggy mobile check deposit functionality.
Other First Republic Bank Business Products
IOLTA
Through First Republic Bank, attorneys and law firms can place interest earned on short-term client funds into state bar interest on lawyer trust accounts (IOLTA), interest on lawyer account (IOLA), or interest on trust accounts (IOTA) programs automatically. IOLTAs charge no monthly service fees and have no minimum balance requirements.
Multiclient Management Accounts
Multiclient management accounts are special checking accounts that let businesses consolidate individual client accounts by turning each into its own interest-earning subaccount under a single master account. Putting all accounts under one umbrella account thus simplifies bookkeeping and tax preparation. Multiclient management accounts have no opening deposit requirements.
Money Market Accounts
First Republic Bank offers two money market accounts: Business Money Market and Business Rewards Money Market Savings.
Business Money Market earns tiered interest rates, compounded daily:
- Balances below $500,000 earn interest at an APY of 0.90%
- Balances from $500,000 to $4,999,999.99 earn interest at an APY of 1.00%
- Balances worth $5 million and above earn interest at an APY of 1.10%
First Internet Bank requires a minimum deposit of $5,000 to open a Business Money Market account and a minimum average daily balance of $15,000 to waive the monthly fee of $30.
Business Rewards Money Market Savings also earns tiered interest rates, but with slight differences in scale:
- Balances below $500,000 earn interest at an APY of 0.90%
- Balances from $500,000 to $4,999,999.99 earn interest at an APY of 1.00%
- Balances of $1 million and above earn interest at an APY of 1.10%
Opening an account requires a minimum deposit of $10,000 and waiving the $30 monthly fee requires an average daily balance of $15,000.
Lending Products
First Republic Bank offers an extensive selection of lending products, mostly for construction and real estate financing needs:
- Revolving lines of credit: Through revolving lines of credit, businesses can borrow as much or as little as they need to meet their seasonal working capital needs. Monthly payments are interest-only, and the principal is only due at maturity.
- Standby letters of credit: First Republic Bank issues standby letters of credit to assure payment between multiple parties. Businesses can use standby letters of credit to support lease agreements or enhance collateral positions on real estate loans.
- Construction and renovation loans: To help businesses fund real estate projects, First Republic Bank offers variable and fixed-rate construction and renovation loan options. Once the project is completed, the loan becomes a permanent, long-term loan.
- Business owner-occupied real estate loans: These loans help customers purchase property for their businesses or make improvements on properties they already own. First Republic Bank connects borrowers with real estate experts and bankers with niche industry and geographic expertise to create tailored solutions.
- Commercial real estate (CRE) loans: To help businesses finance commercial properties, First Republic Bank offers a number of commercial real estate loan options, including variable-rate loans tied to an index, fixed rates for three, five, or seven years with an adjustable rate thereafter, or 10-year fixed rate loans. First Republic Bank also offers specialized commercial real estate loans for multi-family properties and mixed-use buildings.
- Eagle One For Business Loan: The Eagle One For Business Loan offers loans with competitive rates, flexible terms, and personalized services. New clients can access loans at an introductory rate of 1.95% while existing clients can access variable rates from 2.50% for lines of credit and fixed rates from 3.00% for term loans. Loan amounts from $25,000 to $750,000 are available. Terms can last up to seven years.
First Republic Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Access to tailored industry solutions | $30 monthly fee |
| Wide range of lending products | $15,000 minimum balance requirement to waive fees |
| Fee-free incoming wires | Low APY on interest-earning accounts |
All of First Republic Bank’s business checking products are costly to maintain. The bank charges a $30 monthly maintenance fee whether you choose a basic checking account, an interest-earning account, or an analyzed checking account. Nonanalyzed checking accounts require a minimum balance of $15,000 to waive fees. Interest-drawing accounts only earn interest at a rate of 0.01%, which is hardly enough to offset fees. However, all incoming wires are fee-free.
Where First Republic Bank stands out is its industry expertise. Bankers at First Republic Bank use specialized knowledge to create custom solutions that account for the needs of businesses in select industries. These industries include healthcare, law firms, and property management firms.
First Republic Bank also offers a wide range of lending products, such as lines of credit, constitution and renovation loans, and owner-occupied real estate loans.
Alternatives to First Republic Bank Business Checking
Compared to other banks, First Republic Bank has higher fees and minimum balance requirements, which might make it inaccessible to the average small business. Online banks might be able to offer lower fees, higher rates, and cost-saving features.
- Novo*: Best for businesses looking for fee-free ATM usage. First Republic Bank users may have to pay third-party operator fees for nonnetwork usage, whereas Novo gives businesses the freedom to make fee-free ATM transactions at any location of their choice by reimbursing all ATM fees at the end of each month.
- Bluevine*: Best for businesses looking for high-yield APY. It offers qualified accounts an industry-leading APY of 2.00% on balances up to and including $250,000.
- Grasshopper: Best for businesses looking for cash back on debit card purchases. Clients who meet the minimum balance requirement of $10,000 qualify to earn 1% cash back on all debit card purchases.
*Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine).
Bottom Line
Businesses in the selected industries of First Republic Bank may benefit from the provider’s custom solutions and network of seasoned bankers with niche industry expertise. However, the bank’s monthly fees and minimum balance requirements may be too steep for the average business.
