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Ponce Bank Money Market Deposit account review

Earn 0.41% APY on your total balance with this online money market savings account.’s rating: 4.0 / 5.0


The Ponce Bank Money Market Deposit account has no monthly maintenance fees and a competitive 0.41% APY. Plus, you only need $1 to get started. This account is powered by — an online platform that lets you open savings products from multiple FDIC-insured banks in one place. But the platform doesn’t support joint accounts, and the only way to access money is through a linked bank account.






Minimum deposit to open


Annual percentage yield (APY)0.41%
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
More infoGo to site

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

The Ponce Bank Money Market Deposit account is best for individuals who want a solid place to grow their money without having to worry about strict APY or balance requirements. It has no monthly fees, a competitive 0.41% APY and a low opening deposit — three basic features found in all the best money market savings accounts.

But you won’t find any features like automatic savings tools or an ATM card with this account.

And although it’s offered by Ponce Bank, you’ll open your account through and use its mobile app to manage your account.

The major downside is that you can only access funds through a linked bank account, which may limit your options if you want to deposit cash or checks. You also can’t open this account jointly with a partner or family member.

How do I open a Ponce Bank Money Market Deposit account?

Follow these steps to open a Ponce Bank Money Market Deposit account:

  1. Click Apply now.
  2. Select Save now.
  3. Enter your email address, password and full name.
  4. Read and agree to the terms and conditions and select Continue.
  5. Confirm your email address.
  6. Enter your date of birth, Social Security number and contact details. Hit Continue.
  7. Review and submit your application.
  8. Connect your bank or financial institution to fund your account.


Ponce Bank Money Market Deposit has these eligibility requirements:
  • At least 18 years old
  • Valid Social Security number
  • US residential address
  • Government-issued photo ID
  • An existing bank account
  • $1 opening deposit

Required information

Have this information ready when you apply online:

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

Compare Ponce Bank Money Market Deposit to similar accounts

We gathered a quick comparison of similar accounts to help you decide if Ponce Bank Money Market Deposit is best for you. For more options, select “Compare accounts” to compare even more savings accounts.

What are the benefits of a Ponce Bank Money Market Deposit account?

The FDIC-insured Ponce Bank Money Market Deposit account has these standout features:

  • Competitive interest. Your account earns a competitive 0.41% APY on your total balance.
  • Low opening deposit. Open a Ponce Bank Money Market Deposit account with as little as $1.
  • No fees. This account has absolutely no fees, giving you one less thing to worry about when working toward your goals.
  • No monthly withdrawal limit. You won’t need to worry about a six monthly withdrawal limit that you’ll find with most savings accounts. It’s been indefinitely suspended due to COVID.

How much interest can I earn with a Ponce Bank Money Market Deposit account?

This table breaks down how much interest you’d earn in five years if you made a $1,000 initial deposit into a Ponce Bank Money Market Deposit account, then deposited $100 a month after that.

APY1 year2 years3 years4 years5 years

What should I look out for?

The Ponce Bank Money Market Deposit account has these potential drawbacks:

  • Must apply through SaveBetter. This high-yield account is offered through Ponce Bank, but you apply through SaveBetter and use their app to manage everything.
  • No joint accounts. You can’t add a partner or family member to your account.
  • One way to access money. You must link a bank account to deposit and withdraw funds. You can’t deposit money through direct deposit, remote check deposits, cash deposits or wire transfers.
  • Not ATM card or checkwriting Unlike other money market savings accounts, this one doesn’t come with a debit or ATM card and there are no checkwriting privileges.
  • Limited customer service. SaveBetter customer service is available on weekdays from 9 a.m. to 4 p.m. ET, which means you can’t get help after hours or on the weekends.

If you’re looking for an account that supports cash and remote check deposits, explore your savings options until you find the right account for you.

Compare Ponce Bank Money Market Deposit with other accounts

Use this table to see how Ponce Bank Money Market Deposit stacks up against the competition. You can even sort the columns by APY, minimum deposit to open and monthly fee.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.

Compare up to 4 providers


How do I deposit or withdraw my money?

There’s one way to deposit and withdraw money in your Ponce Bank Money Market Deposit account:

Funding options

  • Transfer to an external bank account

Withdraw options

  • Transfer to a linked bank account

What other savings options does Ponce Bank offer?

Ponce Bank has several other savings accounts, including one option for kids and teens:

  • Ponce Savings. This basic savings account has a $50 opening deposit and a $5 monthly fee if your balance falls below $100.
  • Passbook Savings. A mid-tier savings account that earns a competitive interest rate. But you’ll need $100 to open and a $500 minimum balance to avoid the $3 monthly fee.
  • Money Market. Has tiered interest rates with competitive rates being reserved for those with $500 or more. You only need $50 to open, which is low compared to other money market accounts.
  • Holiday & Vacation Club Accounts. Save for your next vacation or holiday with this account. Has no monthly fees and only $5 is required to get started. Penalties apply if you withdraw funds early.
  • Young Explorer Passbook Account. Designed for kids aged 6 to 17, this account has a $1 opening deposit and no monthly fees. Teens aged 16 and 17 get an ATM card with parent approval.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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