If you’re serious about paying less interest and you live near a branch, First Republic Bank is hard to beat.
Without a doubt, First Republic Bank offers the lowest rates in the market. However, you’re only eligible if you live in close proximally to an office near San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Jackson Hole (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City. If you reside in one of those locations and you’re ready to save more while paying off your student loans, here are the features you’ll love: (1) incredibly low rates; (2) early payment; (3) no loan fees, and (4) excellent service.
Incredibly low rates. While the majority of other student loan refinancing institutions have fixed rates that start from 3-4%, First Republic Bank offers fixed-only interest rates that start at 1.95%. You'll either qualify for these rates or you won't, so don't worry about any bait and switch. If you can qualify for the product, you're definitely going to save money as compared to the other lenders.
They want you as a customer. First Republic Bank is willing to offer such low rates because it serves as a loss leader for their business model. They are confident that your lifetime customer value will exceed any loss they incur at lending to you at such low rates. The benefit is that you'll save thousands of dollars on interest charges. The drawback is that you'll have to jump through a few more hoops in establishing a real relationship with them.
Extra work. To qualify for this offer, you will need to: (1) open a First Republic Bank checking account; (2) set up direct deposit and automatic loan payments from the checking account; (3) maintain at least the greater of 20% of the approved loan or $10,000 in the checking account; (4) live in a First Republic Bank market; and (5) any other qualifications the bank may add from time to time. It's a small price to pay for such a good deal.
Interest rebate. First Republic Bank won’t “punish” you for wanting to pay off your debt early. In fact, you can earn back the interest you paid on your loan if you pay it in full within the first four years. The rebate goes up to 2% of the original loan balance. So, not only are you getting a great interest rate, First Republic will refund even more of your interest if you pay off your loans early.
Private banker. If you refinance your student loans with First Republic Bank, you won’t have to pay origination, annual or prepayment fees on your loan. You'll also get paired up with a private banker that can answer any questions you have about the bank and the products they offer. I've found this pretty helpful over the years, because if you have any financial need it's easy to ping them and see if they have a product that would be useful to you.
- Interest Rates: 1.95%+
- Bonus Cashback: $300
- Loan Types:
- Loan Terms:
- Rating: 10/10
- Important Disclosures: To qualify for this offer, you will need to: (1) open a First Republic Bank checking account; (2) set up direct deposit and automatic loan payments from the checking account; (3) maintain at least the greater of 20% of the approved loan or $10,000 in the checking account; (4) live in a First Republic Bank market; and (5) any other qualifications the bank may add from time to time.
- Visit First Republic Bank