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Compare Popular Direct banking products: Savings and CDs

Offers strong APYs across products but requires high opening deposits.

Updated

Popular Direct
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 Select Savings account. Earn a strong 0.75% 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.
$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Popular Direct Select Savings
0.75%
$4 per month
(can be waived)
$5,000
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View details
Competitive rate and secure access to your money via your desktop or mobile device. Interest that compounds daily.
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How does it compare with other banks and services?

Popular Direct Bank is the online-only arm of Popular Bank — which has been in business for over 122 years. It services the US, Puerto Rico and the Caribbean. All of Popular Direct‘s accounts are FDIC-insured and come with online and mobile banking.

Savings accounts

Pros

  • High APY. You’ll earn 0.75% APY on your total account balance.
  • Free digital statements. If you enroll in e-statements, you can access the last five years of bank statements for free.
  • Daily compounding. Grow your money faster with interest that compounds daily.

Cons

  • High opening deposit. You’ll need $5,000 to open a savings account.
  • One account option. Popular Direct only offers one savings account, so it may not be ideal if you can’t swing the large opening deposit.
  • Potential fees. There’s a $4 monthly fee if your savings account dips below $500.

CDs

Pros

  • Impressive APYs. You’ll earn anywhere from 1.25% to 1.70% APY depending on which term you choose.
  • Flexible terms. Popular Direct has CD terms that range from three months to five years, making it easy to find a term that’s right for you.
  • Online application. Open any CD from the comfort of your home without having to visit a local branch.

Cons

  • High minimum deposit. Every Popular Direct CD requires a minimum $10,000 deposit.
  • Steep early withdrawal penalties. You’ll pay a penalty equal to 89 to 730 days of simple interest if you need to access your money early.
  • Can’t withdraw interest early. Some banks let you withdraw your CD’s interest before maturity, but Popular Direct isn’t one of them.

Overall banking

Pros

  • High APYs. Thanks to its low overhead, Popular Direct offers competitive interest rates on all its banking products.
  • 24/7 support. Contact customer service by phone, email or mail at any time.
  • Transparency. Popular Direct‘s rates, deposit requirements and fees are clearly laid out on its website, so you know what to expect.

Cons

  • No checking accounts. Popular Direct Bank only offers savings accounts and CDs. For checking account options, you’ll need to look at Popular Bank.
  • High deposit minimums. Popular Direct‘s high account minimums may be inaccessible for some people.
  • No branches or ATMs. With no ATM card or branch locations, you must rely on bank transfers to withdraw funds.

    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 Select 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 Popular Direct to the competition

    $
    $
    months
    Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
    Citibank® Account Package

    0.13% on $500,000+
    0.08% on $25,000 to $99,999.99
    0.04% on $0 to $24,999.99
    $25 per month
    (can be waived)
    $0
    Go to site
    View details
    Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
    American Express® Personal Savings High Yield Savings
    0.60%
    $0
    $0
    Go to site
    View details
    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    CIT Bank Money Market
    0.60%
    $0
    $100
    Go to site
    View details
    A savings account with a higher-than-average rate and minimal fees.
    Chase Savings
    0.01%
    $5 per month
    (can be waived)
    $0
    Go to site
    View details
    A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
    Aspiration Spend & Save Account

    1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
    $0
    $10
    Go to site
    View details
    A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
    CIT Bank Savings Builder High Yield Savings Account

    0.55% on $25,000+ or set up a direct deposit of $100+ each month
    0.31% on $0 to $24,999
    $0
    $100
    Go to site
    View details
    No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
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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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