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If you want a money market account that pays the highest interest for your savings, you'll be hard pressed to find a better value than the Digital Money Market from Republic Bank of Chicago. The account has no fees (if you can maintain a daily balance of $2,500) but requires a decent amount of savings to open an account. If you're looking to earn high interest but don't want to lock your money away in a CD, read on to learn if this money market account is right for you in our expert review.
Republic Bank of Chicago Digital Money Market
The Digital Money Market is an excellent choice for savers both for its high APY and option to waive the $25 monthly account fee. The account is flexible on deposits and withdrawals and has 19 branches in Chicago for in-person support.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
Eye-watering APYs: The annual percentage yield (APY) for a Republic Bank of Chicago Digital Money Market account is hands down one of the highest we've found. Very few banks and credit unions -- enough to count on one hand -- can beat it. While APYs are variable and can change over time, Republic Bank of Chicago will make many savers happy before it does.
Checking-writing privileges: Money market accounts have a leg up on high-yield savings accounts in that you can write checks out of your account. While checks might seem archaic, they can come in handy when you don't have access to cash on hand.
FDIC insured: Republic Bank of Chicago is an FDIC-insured bank. As such, deposits made into your Republic Bank of Chicago Digital Money Market account are insured up to $250,000 per depositor per bank.
Minimum balance is high: To waive the account's $25 monthly maintenance fee, you must maintain a high minimum daily balance of $2,500.
Account requires new money: For those who are already clients at Republic Bank of Chicago, this might be a bummer. The $2,500 minimum opening deposit must be new money, that is, money you haven't deposited at Republic Bank of Chicago. So even if you had $25,000 in a savings account there, you would still need to deposit $2,500 to open a Republic Bank of Chicago Digital Money Market account.
Limited customer service hours: If you're trying to access your money at 4:00 p.m. on a Saturday, you won't get it from Republic Bank of Chicago. The bank doesn't have 24/7 support and has limited operating hours from Monday to Friday (7:00 a.m. to 6:00 p.m. GMT) and on Saturday (8:00 a.m. to 1:00 p.m GMT).
Although Republic Bank of Chicago has 19 locations in Chicagoland, more likely than not you'll be accessing money in your Republic Bank of Chicago Digital Money Market account online. Fortunately, Republic Bank of Chicago gives you plenty of ways to access your money, both for deposits and withdrawals.
Republic Bank of Chicago offers numerous ways to put money in your account, including:
The main advantage of a money market account is that you have more options to make a withdrawal. And with the following options available for you, Republic Bank of Chicago's version is no different:
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
You should consider a Republic Bank of Chicago Digital Money Market account at Republic Bank of Chicago if you want to earn high interest on your savings.
A Republic Bank of Chicago Digital Money Market account could be worth it if you can maintain a minimum daily balance of $2,500. If you can do that, then you'll waive the $25 account fee and take full advantage of the account's high APY.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.