Ponce Bank CD Rates Review
Ponce Bank CD through Raisin isn't available on Finder right now.
- 1-year APY
- N/A
- 36-month APY
- N/A
- 5-year APY
- N/A
Our verdict
Sky high rates on CD terms with affordable deposits.
Ponce Bank’s CD offerings through Raisin are very competitive. Through Raisin, Ponce offers 4-month CD with a 4.05% APY with just a $1 opening deposit. Ponce Bank itself also offers high-yield CDs, but you'll need a higher opening deposit if you go with the bank directly.
Best for: Those who want a short-term CD with a low opening deposit.
Pros
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Highly competitive rates
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Open directly with bank or Raisin
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Low deposit requirements from $1 to $1,000
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No-penalty CDs available
Cons
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Quarterly interest payouts unavailable
Overview of Ponce Bank CD rates and Raisin
With Ponce Bank, you’ll find high rates, competitive opening deposit requirements and a variety of term lengths. Your account is also FDIC-insured through Ponce Bank if you open the CD directly with them or through Raisin.
Ponce Bank offers two ways to get its competitive CDs: Directly with the bank, or through its partner Raisin.
Raisin is a savings account marketplace that partners up with select banks and credit unions and offers exclusive desks on savings accounts and CDs. Ponce Bank itself offers a little more variety in term lengths, but opening with Raisin has a significantly lower opening deposit requirement.
The highest APY offer from Ponce Bank (through Raisin) is a 4-month CD with a 4.05% APY. This CD also requires just a $1 minimum opening deposit.
Overall, these are exceptional rates for such short CD terms.
And if you decide to open a CD directly with Ponce Bank, instead of going through Raisin, you can still get some great rates. The 12-month Ponce Bank CD offers up to 3.50%. For comparison, the average rate on a 12-month CD is just 1.68%(1), so Ponce Bank is well above national averages.
Ponce Bank CD rates through Raisin
These are the current CD rates if you open a Ponce Bank CD through the savings marketplace Raisin.
| Product | Term | APY | Minimum deposit |
|---|---|---|---|
| High-Yield CD | 1 month | 3% | $1 |
| High-Yield CD | 3 months | 3.9% | $1 |
| High-Yield CD | 4 months | 4.05% | $1 |
| High-Yield CD | 6 months | 3.9% | $1 |
| High-Yield CD | 9 months | 3% | $1 |
Ponce Bank CD rates
These CDs are the advertised rates if you open one directly through Ponce Bank.
| Term | Opening deposit requirement | APY |
|---|---|---|
| 1 to 2 months | $500 | 3.00% |
| 3 months | $500 | 3.50% |
| 6 months | $500 | 3.50% |
| 7 months (promotional) | $1,000 | 4.00% |
| 12 months | $1,000 | 3.50% |
| 13 months (Inwood Branch special) | $1,000 | 4.25% |
| 18 months | $1,000 | 3.50% |
| 24 months | $1,000 | 3.50% |
| 30 months | $1,000 | 2.80% |
| 36 months | $1,000 | 3.25% |
| 48 months | $1,000 | 2.50% |
| 60 months | $1,000 | 2.50% |
Hot tip: What is Raisin?
Compare Ponce Bank with other CDs
Use this table to compare CDs based on their APYs and minimum opening deposits. Check the Compare box to see up to four products side by side.
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How we picked theseWhat is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
How to apply for a Ponce Bank CD through Raisin
- Select Apply Now.
- Scroll through the CD list and select the term you want. Choose Save now.
- Fill out the requested information to open an account and complete your application.
To open a CD through Ponce Bank directly, call 718-931-9000. The bank’s hours are Monday through Thursday from 9 a.m. to 5 p.m., Friday from 9 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m.
More about Ponce Bank’s CDs: Deposits, fees and details
| What it is | CDs through Raisin | CDs directly through Ponce Bank |
|---|---|---|
| Compounding frequency | Daily | Daily |
| Minimum deposit | $1 | $500–$1,000 |
| Term range | 1 month–48 months | 1 month–60 months |
| Early withdrawal penalties |
| 90 days of interest on any term |
| Grace period | 7 days | 7 days |
| Cashout and rollover details | Cash out online via Raisin account or automatically roll into another term | Cash out by calling Ponce Bank at 718-931-9000. |
Other banking products with Ponce Bank
Ponce Bank also offers CDs couched under an Individual Retirement Account (IRA) that you can’t get through Raisin, and these give similar terms and APYs as its regular CDs.
Otherwise, you can get a personal savings or money market account directly from the bank, though its interest rates don’t keep with the national average.
Who are Ponce Bank CDs best for?
Ponce Bank CDs are best for those who are looking for long-term CDs. But if you want shorter terms, you’ll want to open it through Raisin, as its three and nine-month CD rates are much higher and require a lower minimum deposit. Plus, Raisin is ideal for laddering CDs since you can manage multiple CDs from other banks through one platform.
Customer support
If you opened a Ponce CD through Raisin you should contact Raisin directly:
- Log in online to manage your savings through your Raisin account
- Email support.us@raisin.com
- Call 844-994-3276 on weekdays from 9 a.m. to 4 p.m. ET
- Send a secure email sent through the chat box on Raisin’s website
If you’re a Ponce Bank customer directly, you’ll also get automated phone banking as well as branch access if you live in New York or New Jersey.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
Sources
Your reviews
Bethany Finder
Banking editor
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