First Republic Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
First Republic Bank offers three types of business checking accounts: basic, interest-earning, and analyzed. Because they are designed with high-net-worth organizations in mind, these products are on the pricier side, with all three accounts charging a monthly service fee of $30.
Its transaction fees are also steeper than what other banks charge. The basic account charges $0.30 per check paid after the first 100 and $1.50 per deposit after the first 21 in a statement cycle, while the interest-earning and analyzed accounts charge $0.20 per check and $1.50 per deposit.
Other First Republic Bank products include business money market accounts, business loans, business lines of credit, commercial real estate loans, and small business loans. Bankers at First Republic Bank are industry experts who can provide financial advice and product recommendations based on your industry needs. The industries they serve include the following:
- Accounting and financial services
- Hedge funds and alternative investments
- Independent schools
- Law firms
- Life science and healthcare
- Medical and dental practices
- Nonprofit organizations
- Private equity and venture capital firms
- Property management firms
- Veterinary practices
- Wineries and vineyards
First Republic Bank is a traditional bank primarily based in California. It also has physical locations in Connecticut, Florida, Massachusetts, New York, Oregon, Washington, and Wyoming. You are required to call a banker or visit a branch to open an account.
Deposit accounts are offered by JPMorgan Chase Bank, which acquired the majority of First Republic Bank’s assets in May 2023. First Republic Bank aims to give its customers access to Chase ATMs and the Chase brick-and-mortar branch network.
Pros
- Fee-free incoming wires
- Wide range of lending products
- Specialized solutions for select industries
Cons
- $30 monthly fee for all business checking accounts
- $15,000 minimum balance requirement to waive fee for nonanalyzed business checking accounts
- Low annual percentage yield (APY) of 0.01% on interest-earning account
Features
- Three business checking accounts
- Mobile and online banking options
- Support for e-statements
- Free Visa debit card
- Business interest accounts, savings accounts, zero balance accounts, sweep accounts, lending products, and insurance solutions also available
How First Republic Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Minimum Opening Deposit | Geographic Availability | |
|---|---|---|---|---|
 Simplified Business Checking | $30; waivable | 100 written checks, then 30 cents per check; 21 deposits, then $1.50 per item | $5,000 | |
 Business Advantage Fundamentals Banking | $16; waivable | 200, then 45 cents per item | $100 | |
 Business Checking Plus | $15; waivable | Unlimited digital transactions; 20 paper transactions, 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 bankers have niche industry expertise and can 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 1.30% to 1.50%. The higher an account’s balance, the higher the interest rate it receives.
When First Republic Bank Is Not a Good Fit
- You want an account with no monthly fees: All First Republic Bank business checking accounts charge monthly fees and have high minimum balance requirements for waiving fees. A good alternative would be U.S. Bank’s Silver Business Checking account, which offers 125 free transactions for a $0 monthly fee. Our review of U.S. Bank business checking can help you determine whether the account suits you.
- You need competitive APY on checking balances: The First Republic Bank Business Interest Checking account offers an APY of 0.01%, an amount easily eclipsed by other providers. Bluevine offers an APY of 2.0% on qualifying balances of $250,000 or less. Learn about how to qualify by reading our Bluevine business checking review.
- You are looking for unlimited fee-free transactions: Simplified Business Checking, which is First Republic Bank’s cheapest account, only offers 100 free written 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. Read our review of Novo business checking for more information.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
First Republic Bank Business Checking Overview
First Republic Bank Business Checking Requirements
Applicants can open an account by contacting the provider through its telephone number at (888) 408-0288, completing an online form to get in touch with a representative, or visiting a First Republic Bank branch.
The official list of First Republic Bank business checking requirements has not been posted on the website. Our guide on how to open a business bank account contains a checklist of business documents typically requested during the account opening process.
First Republic Business Checking Features
Business Debit or ATM Card
When you open a First Republic Bank business checking account, you get to choose between a free business debit card or a free deposit-only ATM Card.
Corporate Online Banking
First Republic Bank’s online banking platform lets you 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, 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. It has an App Store[1] rating of 4.8 (based on more than 51,000 reviews), and Google Play[2] rating of 3.8 (based on 1,300-plus reviews). The majority of recent negative reviews came from users who experienced glitches during update rollouts. Otherwise, most reviews are positive, with customers praising the app’s developers for being quick to address user criticisms in updates.
Other First Republic Bank Business Products
Bankers at First Republic Bank have specialized knowledge in the following industries:
- Accounting and financial services
- Hedge funds and alternative investments
- Independent schools
- Law firms
- Life science and healthcare
- Medical and dental practices
- Nonprofits
- Private equity and venture capital firms
- Property management firms
- Veterinary practices
- Wineries and vineyards
If your organization belongs to one of these industries, you can connect with one of First Republic Bank’s banking specialists and receive financial advice and product recommendations based on your industry. You can also work with a banker to create individually tailored lending solutions, such as term loans or revolving lines of credit, whose terms accommodate current industry market conditions.
Through First Republic Bank, attorneys and law firms can automatically place interest earned on short-term client funds into state bar IOLTA, Interest On Lawyer Account (IOLA), or Interest on Trust Accounts (IOTA) programs. IOLTAs charge no monthly service fees and have no minimum balance requirements.
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. These accounts have no opening deposit requirements.
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 1.30%.
- Balances from $500,000 to $4,999,999.99 earn interest at an APY of 1.40%.
- Balances worth $5,000,000 and above earn interest at an APY of 1.50%.
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 1.30%.
- Balances from $500,000 to $4,999,999.99 earn interest at an APY of 1.40%.
- Balances of $1,000,000 and above earn interest at an APY of 1.50%.
Opening an account requires a minimum deposit of $10,000 and waiving the $30 monthly fee requires an average daily balance of $15,000.
First Republic Bank offers extensive lending options, 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.
- CRE loans: To help businesses finance commercial properties, First Republic Bank offers a number of CRE 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 CRE loans for multifamily properties and mixed-use buildings.
- Lending for nonprofits: First Republic Bank designs tax-exempt financing and lines of credit for nonprofit organizations.
First Republic Bank Business Checking Reviews From Users
Only a few have left a First Republic Bank business checking review on user review platforms. Most instead focus on the bank’s customer service and lending products.
The bank received an average rating of 4.0 stars out of 5 on Trustpilot[3] (based on around 10 reviews) and 3.7 stars out of 5 on WalletHub[3] (based on more than 100 reviews). Common remarks include the following:
- Good customer service: Many customers praised First Republic Bank for offering personalized customer service.
- Higher net worth clients are prioritized: Users with lower revenue (below $1 million annually) complained that they struggled to get approval for loans and credit lines.
- Poor online banking experience: Reviewers said that despite the regular maintenance First Republic Bank performs on its online banking systems, they often encountered bugs while using the app or website.
Bottom Line
First Republic Bank is only worth considering if you belong to one of the provider’s selected industries and want to work with a banker who understands your industry needs. However, with their $30 monthly service fees and low transaction allowances, First Republic Bank’s business checking products don’t provide as much bang for your buck as other accounts in the market. If cost-effectiveness is a priority, it’s best to look elsewhere.
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