Explore Popular Direct Bank’s suite of bank accounts

Offers strong APYs across products but requires high opening deposits.

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Popular Direct

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Popular Direct Bank features two high-yield banking products and 24/7 customer service. But you’ll need at least $5,000 to open an account.

What banking products does Popular Direct Bank offer?

Personal banking

  • Popular Direct Ultimate Savings account. Earn a strong 1.9% APY on your total account balance, but you’ll need $5,000 to get started.
  • Popular Direct CDs. Requires a $10,000 opening deposit, but APYs range from 1.75% to 2.30% depending on the term.
Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$4 per month
(can be waived)
$5,000
Competitive rate and secure access to your money via your desktop or mobile device. Interest that compounds daily.

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Why should I open an account at Popular Direct Bank?

Popular Direct Bank is the online-only arm of Popular Bank. Its FDIC-insured accounts come with online and mobile banking and other benefits like:
  • High APYs. Earn anywhere from 1.75% to 2.30% depending on the account type.
  • Daily compounding. Grow your money faster with interest that compounds daily.
  • 24/7 support. Contact customer service by phone, email or mail.

What should I look out for?

Individuals wanting to open an account with Popular Direct Bank should watch out for:
  • High opening deposits. You’ll need $5,000 to open a savings account and $10,000 to open a CD.
  • No checking accounts. Popular Direct Bank only offers savings accounts and CDs. For checking account options, you’ll need to look at Popular Bank.
  • No branches or ATMs. With no ATM card or branch locations, you must rely on bank transfers to withdraw funds.
  • Potential fees. There’s a $4 monthly fee if your savings account dips below $500.

What happened to Popular Direct Bank’s account freeze?

In 2018, Popular Direct Bank implemented a 60-day freeze that prevented new account owners from accessing funds for the first two months of opening a Popular Direct Bank Ultimate savings account. As of January 2, 2019, there’s no longer a 60-day freeze, but new customers can only make ACH transfers from one external bank account during the first 70 days of account opening.

Compare with other leading savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.75%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
2.00%
$0
$100
Earn a competitive rate with a balance higher than $10,000.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
1.85%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

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Popular Direct Bank customer service

Contact Popular Direct Bank 24/7 by:
  • Phone: 800-274-5696
  • Email: populardirect@bpop.com
  • US Mail:
      Popular Bank Attn: Popular Direct Products P.O. Box 4884 Miami Lakes, FL 33014

Bottom line

Popular Direct Bank has strong APYs for savers with large balances. But if you want a lower minimum deposit or a checking account, compare other options first.

Frequently asked questions

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