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Ponce Bank CD rates review

Enjoy a low opening deposit and solid interest rate depending on your term.

finder.com’s rating: 1.9 / 5.0

★★★★★

Ponce Bank CD rates are among the highest in the nation, with APYs ranging from on 5-month CDs to 1.61% on 48-month CDs. While it doesn’t offer many term options, you only need $1 to open an account — which is surprisingly low considering most banks won’t let you open a CD unless you have $500 or more.

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1.21%

1-year APY

0.90%

3-year APY

1.05%

5-year APY

Details

Star rate1.9
3-month APY0.20%
6-month APY0.35%
1-year APY1.21%
13-month APY1.31%
18-month APY0.65%
2-year APY0.75%
30-month APY0.80%
3-year APY0.90%
4-year APY1.61%
5-year APY1.05%
Early withdrawal penalty90 days interest for terms of 5+ months
270 days interest for terms of 6 to 13 months
270 days interest for terms of 14 to 48 months
Minimum deposit to open$1
Interest compoundingDaily
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Ponce Bank CDs are best for anyone looking for a high-yield CD with a low opening deposit. While most CDs require you to have at least $500 to open, you can get started with Ponce Bank for as little as $1. Plus, you’ll earn from to 1.61% APY depending on your term length.

The major downside is that there aren’t as many term options and its rates are lacking compared to competitors. You only have three terms to choose from while other banks have 10 or more options. Meanwhile, a 4-year term on Bread Financial CDs is 3.60%, while Ponce Bank offers just 0.45% for the same length. The management of the account could also be a bit confusing. The CDs are offered by Ponce Bank, but you apply through the SaveBetter platform — an online marketplace that lets you open accounts from multiple FDIC-insured banks in one centralized location. The platform is tech-forward and easy to use, but this isn’t quite enough to give this product an edge.

How do I open a Ponce Bank CD?

Lock in a Ponce Bank CD rate when you open your account using these steps:

  1. Select Apply now.
  2. From the SaveBetter website, click Explore Products.
  3. Click High Yield CDs.
  4. Select the CD term you wish to open.
  5. Click Save now.
  6. Enter your email address, password and full name, along with other requested information. Review and agree to the terms and conditions.
  7. Follow the prompts to review and submit your application.
  8. Connect your financial institution to fund your CD.

Eligibility

Ponce Bank CDs have these eligibility requirements:

  • At least 18 years old
  • Valid Social Security number
  • US residential address
  • Government-issued photo ID
  • Existing bank account
  • $1 opening deposit

Required information

You’ll need this information on hand when you apply online:

  • Full name
  • Home address
  • Date of birth
  • Social Security number
  • Login credentials to an existing bank account

Funding options

After you set up your Ponce Bank CD, you’ll fund it by connecting it to an existing bank account.

3 benefits of a Ponce Bank CD

As with most CDs, Ponce Bank doesn’t have any monthly fees. It also offers these benefits.

  1. Solid interest rates. Earn APY on 11-month terms, 1.31% on 13-month terms and 1.61% on 48-month terms. Interest is accrued daily and posted monthly.
  2. Low opening deposit. Unlike most CDs that have opening deposits of $500 or more, Ponce Bank lets you open an account with just $1.
  3. No-penalty CD option. If you’re not ready to lock your money with a CD that could incur a high penalty withdrawal fee, Ponce Bank has a competitive 3-year no-penalty CD option that earns 3.1% APY.

3 potential drawbacks of a Ponce Bank CD

Ponce Bank CD rates are attractive, but there are a few potential drawbacks to watch out for.

  1. Must apply through SaveBetter. Ponce Bank offers these CDs, but you apply and manage your account through their partner platform, SaveBetter.
  2. Limited term options. Ponce Bank doesn’t have quite as many terms as other banks. You can only choose between 11-, 13- and 48-month terms.
  3. Limited customer service. Since SaveBetter houses your account, you’ll contact its customer support team if you need help. SaveBetter’s hours are weekdays from 9 a.m. to 4 p.m. ET. There isn’t any after-hours or weekend support.

If Ponce Bank doesn’t have the CD term you’re looking for, compare other options to find the right fit for you.

Compare Ponce Bank with other CDs

Use this table to compare Ponce Bank CD rates to other popular options. Sort the table by APYs, minimum deposit and more to find the right CD for you.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
Barclays Online CDs
0.10%
3.05%
3.50%
$0
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
0.30%
0.30%
0.50%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Bread Savings CDs
Finder Rating: 3.8 / 5: ★★★★★
Bread Savings CDs
N/A
3.00%
3.65%
$1,500
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
Quontic Bank CD
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CD
1.70%
2.50%
3.20%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
SkyOne CD
SkyOne CD
N/A
2.85%
N/A
$1
$1 minimum deposit. 24/7 online access. Federally insured by NCUA.
State Exchange Bank CD
Finder Rating: 1.5 / 5: ★★★★★
State Exchange Bank CD
N/A
N/A
1.71%
$1
Locally-owned independent community bank. FDIC insured. No fees.
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Ponce Bank CDs customer reviews and complaints

Customers on social media note that they enjoy Ponce Bank CDs for its simple signup process and solid APYs. But we didn’t find any information regarding the sign up process through SaveBetter. Ponce Bank has few customer reviews on the Better Business Bureau website and is not accredited. It sports an F rating with the organization. Ponce Bank is not listed on Trustpilot, though we’ll update this section when more information is available.

How do I cash out a CD?

SaveBetter automatically transfers your funds to your connected bank account once your CD matures. The CD will not renew automatically. To renew your CD, you’ll need to do it manually.

As with most CDs, you’ll pay an early withdrawal penalty if you need to access money in your Ponce Bank CD before it matures. Early withdrawal penalties are as follows:

  • 5-month CD: 90 days simple interest
  • 13-month CD: 270 days simple interest
  • 48-month CD: 270 days simple interest

How to contact Ponce Bank customer service?

Any questions should be directed to SaveBetter. You can contact them weekdays from 9 a.m. to 4 p.m. ET using one of these two methods:

  • Email service@savebetter.com
  • Call 844-994-3276

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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