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Ponce Bank CD through Raisin
4.9
★★★★★
Finder score
On Raisin's secure site
1-year APY
N/A
3-year APY
N/A
5-year APY
N/A

Our verdict

Sky high rates on CD terms with affordable deposits.

Ponce Bank’s CDs are hard to match. Offering rates as high as 3% APY if you open through the savings marketplace Raisins, and deposits as low as $1, it’s a great deal. If you want to open the CD directly with Ponce Bank, you’ll find rates nearly just as good, up to 5.25% APY, but you’ll need at least to $1,000 as an opening deposit. With high rates on its very low terms, Ponce Bank easily places itself among some of the CDs in the current market.

Best for: Those who want a short-term CD with a low opening deposit.

Pros

  • Highly competitive rates
  • Open directly with bank or Raisin
  • Low deposit requirements from $1 to $1,000
  • No-penalty CDs available

Cons

  • Quarterly interest payouts unavailable

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

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. But for CDs from one to six months, you need at least to open, and all other CDs require at least $1,000.

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. Raisin also offers a 5.25% APY on a three-month term — that high rate is practically unheard of for CDs under six months.

Either way you open a CD 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.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.85%
3.90%
$1,000
Earn competitive rates up to 4.85% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.05%
N/A
$1
Get 5.05% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
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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 isCDs through RaisinCDs directly through Ponce Bank
Compounding frequencyDailyDaily
Minimum deposit$1$500–$1,000
Term range1 month–48 months1 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 period7 days7 days
Cashout and rollover detailsCash out online via Raisin account or automatically roll into another termCash 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.

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.

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Bethany Finder

Writer, Banking and Loans

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