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Ponce Bank CDs review

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

Ponce Bank CD rates are among the highest in the nation, with APYs ranging from 0.25% on 5-month CDs to 0.45% 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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Minimum deposit to open$1
Interest compoundingDaily
5-month APY0.25%
13-month APY0.45%
4-year APY0.45%
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

What we think of Ponce Bank CD

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 0.25% to 0.45% APY depending on your term length — all of which are among the highest interest rates in the nation for CDs.

The major downside is that there aren’t as many term options. You only have three terms to choose from while other banks have 10 or more options. 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. Still, the platform is tech-forward and easy to use.

How do I open a Ponce Bank CD?

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

  1. Go to the provider’s site and follow the steps to apply.
  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.
  7. Review and agree to the terms and conditions. Select Continue.
  8. Confirm your email address.
  9. Enter your date of birth, Social Security number and contact information and select Continue.
  10. Follow the prompts to review and submit your application.
  11. Connect your financial institution to fund your CD.


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.

Benefits of a Ponce Bank CD

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

  • Competitive interest rates. Earn 0.25% APY on 5-month terms, 0.45% on 13-month terms and 0.45% on 48-month terms. Interest is accrued daily and posted monthly.
  • Low opening deposit. Unlike most CDs that have opening deposits of $500 or more, Ponce Bank lets you open an account with just $1.

What to watch out for

Ponce Bank CD rates are attractive, but there are a few potential drawbacks to watch out for.
  • Must apply through SaveBetter. Ponce Bank offers these CDs, but you apply and manage your account through their partner platform, SaveBetter.
  • Limited term options. Ponce Bank doesn’t have quite as many terms as other banks. You can only choose between 5-, 13- and 48-month terms.
  • 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 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.

Compare up to 4 providers

How do I cash in 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
  • Call 844-994-3276

What other savings products does Ponce Bank offer?

Ponce Bank doesn’t have any other CDs, but there are a few savings accounts, including one option for kids and teens.

  • Ponce Bank Money Market Deposit. Earn a competitive 0.41% APY on your total account balance and enjoy no monthly fees with this online savings account.
  • Ponce Savings. This basic savings account has a reasonable $50 opening deposit, but you’ll pay a $5 monthly fee on balances below $100.
  • Passbook Savings. This mid-tier savings account earns a competitive APY, but you’ll need at least $100 to open it and at least $500 to avoid the $3 monthly fee.
  • Money Market. Ponce Bank’s only money market account has tiered interest rates with the best rates earned on balances of $500 or more.
  • Holiday & Vacation Club Accounts. Ponce Bank offers a suite of accounts designed to help you save for your next vacation or holiday. There are no monthly fees, but like other club accounts, you’ll pay a penalty if you withdraw funds early.
  • Young Explorer Passbook Account. This account is built for kids aged 6 to 17. It has a low $1 opening deposit, no monthly fees and a free ATM card for teens ages 16 and 17.

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