RBMAX Republic Bank Review: Pros And Cons

RBMAX is a division of Republic Bank that offers amazing savings account rates.

Securing a top APY is a priority for many savers. But not all banks offer competitive interest rates on savings.

However, if you don't mind dealing with an online bank, RBMAX, a division of Republic Bank, offers attractive savings yields. 

In this RBMAX review, we'll take a closer look at the company's checking and savings account options, share a couple of RBMAX alternatives, and let you know how you can open an account.  

What Is RBMax Republic Bank?

RBMAX is the online banking division of Republic Bank & Trust, which was founded in 1982 and has grown to become a $6 billion dollar financial institution. RBMAX customers benefit from no-fee banking, an attractive savings yield (through its partnership with Raisin), free access to over 90,000 ATMs nationwide, and FDIC-insurance on their deposits. 

Note: RBMAX and Republic Bank & Trust are not associated with Republic First Bank.

What Does It Offer?

Let’s explore what RBMAX has to offer. 

Max Interest Savings

The Max Interest Savings account currently offers a 3.90% APY. You’ll only need to make a minimum deposit of $10 to open the account and access the attractive interest rate.

There are no monthly fees, unless you opt for paper statements, which cost $4 per month. Interest compounds monthly and is credit to your account monthly.

Simple Access Checking

The Simple Access Checking account has no minimum balance requirement, and includes the following features: 

• Early access to direct deposit
• Fee-free transactions at over 90,000 ATMs
• A free Mastercard Debit Card
• Unlimited automatic payments
• The ability to lock your debit card

The account comes with up to $100 in overdraft protection, which can help you avoid unnecessary overdraft fees. 

Surprisingly, the Simple Access Checking doesn’t come with any physical checks. And while there is a $4.95 monthly fee, it can be waived if you receive at least one direct deposit per month, make one debit card point-of-sale transaction, or make one online bill pay transaction per statement cycle. 

Are There Any Fees?

The fees associated with RBMAX vary based on the accounts and services you choose to use. For example, the Simple Access Checking account comes with the aforementioned $4.95 monthly fee, which can be waived. Additional fees are as follows: 

• $10 cashier's check fee
• $12 returned deposit fee
• $36 stop payment request fee

Before you open an RBMAX account,  make sure to read the fine print and understand how the fees work. 

How Does RBMax Compare?

RBMAX's high savings APY is sure to impress many people looking for a great interest rate on their short term savings. But it's far from the only high-yield savings account available.

Customers Bank also offers a high-yield savings account with a 4.16% APY in partnership with Raisin. They also offer an interest-bearing checking account with a 2.00% APY attached.

Cloudbank 24.7 is yet another option. It's currently offering a slightly lower 4.26% APY on its savings account via Raisin. Cloudbank also has a CD product, the Cumulus15 CD. It's a 15-month CD, but the yield is a rather pedestrian 1.00% APY at time of writing.

How Do I Open An Account?

If you want to open an account with RBMAX, you should set aside around 10 minutes to apply. Be prepared to provide a government-issued ID, Social Security Number, and funding account information for the $10 minimum deposit requirement. Also, the bank requires a statement of satisfied debt from the Chex System if you have past banking issues. 

Is It Safe And Secure?

RBMAX is a division of Republic Bank, which carries FDIC insurance. This means that your deposits with RBMAX are FDIC-insured for up to $250,000.

How Do I Contact RBMax?

If you need to get in touch with RBMAX, you can email easysupport@republicbank.com or call 1-800-414-2056. Customer support is available from Monday to Friday between 7 AM and 7 PM and on weekends from 8:30 AM to 5 PM EST. 

Why Should You Trust Us?

The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.

Unlike other well-known companies who create "best savings account rate lists", we strive to put out rates in order highest to lowest so that you can know you're actually getting the best rate. And if you don't make the cut, too bad. You can find the full list of our bank review here.

Who Is This For And Is It Worth It?

Savers looking to put their savings to work can find a lot of value through RBMAX. While a 3.90% APY is undeniably attractive, there may be higher rates available on the market, so we recommend that you shop around before signing up.

If you are happy with the rate, and are also looking for a checking account on the same platform, RBMAX might might be the right solution. If you decide RBMAX isn’t the right fit for your banking needs, check out our list of the best free checking accounts and high-yield savings accounts.  

Check out RBMAX here >>

RBMAX Features