Ponce Bank CD rates review

Overview of Ponce Bank CD rates and 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.

Opening directly with Ponce Bank yield rates up to 5.25% APY with its promotional 13-month CD. The average rate on a 12-month CD is just 1.81%⁽¹⁾, so Ponce Bank is well above national averages.

Raisin offers Ponce Bank’s CDs with the low opening deposit requirement of just $1. These promotional and exclusive CDs offer rates up to 3% APY on a nine-month term, and up to 5.2% APY on a three-month term. Overall, these are exceptional rates for such short CD terms.

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.

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.

What is Raisin?

Raisin is a banking service that offers savings account products with special deals often better than what the bank offers on its own. Sign up for savings, money market or CD accounts from different banks with higher interest rates, lower minimum deposits or otherwise better terms than going through the bank directly.

Who is 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.

How to apply for a Ponce Bank CD through Raisin

1. Select Apply Now.
2. Scroll through the CD list and select the term you want. Choose Save now.
3. 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	Under 12 months: 90 days of interest 12 months to 5 years: 270 days of interest Over 5 years: 365 days of interest	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 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.

Through Raisin, you can get the Ponce Bank Money Market account with its competitive 5.24% APY — over 25x the rate given through the bank.

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.