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Ponce Bank High-Yield Money Market Deposit account review: Snag a higher interest rate with Raisin

This online high-yield money market account earns 5.15% APY on your total balance through Raisin.

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By

Kimberly Ellis

Edited by

Holly Jennings

Reviewed by

Alexa Serrano Cruz

Updated

Fact checked
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Our verdict

The Ponce Bank High-Yield Money Market Deposit account through Raisin is a solid place to grow your money without worrying about strict APY or balance requirements. It has no monthly fee, a low opening deposit and a competitive 5.15% APY — a rate that's much higher than the 0.20% APY offered directly through Ponce Bank. But you won't get an ATM card, and you can only access funds through a linked bank account, which may limit your options if you want to deposit cash or checks.

Best for: Those who want a straightforward competitive interest rate but don't mind waiting one to three business days to access funds.

Pros
  • Competitive 5.15% APY
  • Low opening deposit of $1
  • No monthly fee
Cons
  • Can only access funds via a linked bank account
  • No ATM card or checkwriting privileges
  • Customer service limited to weekdays from 9 a.m. to 4 p.m. ET
4.7

★★★★★

Finder rating

Learn more

APY

5.15%

Fee

$0

Minimum deposit to open

$1

What is Raisin?

Raisin is a fintech that provides a digital storefront with select deposit products from various FDIC-insured banks. Raisin lets consumers manage savings products from different financial institutions under one platform. When applying through Raisin, you’ll generally find higher interest rates, lower opening deposits and fewer fees.

Who is Ponce Bank High-Yield Money Market Deposit account best for?

Ponce Bank High-Yield Money Market Deposit account is best for individuals who want to grow their savings but don’t need immediate access to their funds.

While you’ll enjoy a fantastic interest rate with no monthly fees, you won’t find any extra perks like automatic savings tools. Plus, there’s no ATM card or checkwriting privileges — two features that are common for money market savings accounts.

And the only way to deposit or withdraw money is by initiating a free ACH transfer to and from a linked bank account, which can take one to three business days.

How to apply through Raisin

Sign up for this exclusive account through Raisin:

  1. Select Apply now.
  2. Scroll through the Money Market savings accounts and select Ponce Bank High-Yield Money Market Deposit account.
  3. Choose Start Saving.

Ponce Bank High-Yield Money Market Deposit‘s fees and access

Type of feeThrough Ponce Bank directlyThrough Raisin
Monthly service$0$0
Opening deposit$1,500$1
APYUp to 0.20% APY5.15% APY

Compare Ponce Bank High-Yield Money Market Deposit with other accounts

See how other money market accounts compare based on their interest rates, fees and minimum opening deposits.

Ponce Bank High-Yield Money Market Deposit logo

Ponce Bank High-Yield Money Market Deposit

★★★★★

Finder rating 4.7 / 5

Read Review

Fee

$0

APY

5.15%

Minimum deposit to open

$1

Minimum balance to earn interest

$0

Pacific Western Bank MMDA through Raisin logo

Pacific Western Bank MMDA through Raisin

★★★★★

Finder rating 4.8 / 5

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Fee

$0

APY

5.25%

Minimum deposit to open

$1

Minimum balance to earn interest

$0

Patriot Bank High-Yield Money Market Deposit Account logo

Patriot Bank High-Yield Money Market Deposit Account

★★★★★

Finder rating 4.7 / 5

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Fee

$0

APY

5.22%

Minimum deposit to open

$1

Minimum balance to earn interest

$0

Customer support

Customers enjoy the products and exclusive rates offered by Raisin, but account servicing is a bit more challenging. Since Raisin is the intermediary between your account and the bank, Raisin‘s team manages your account instead of Ponce Bank.

Contact Raisin customer service in three ways:

  • Send a direct message through their website
  • Call 844-994-3276
  • Email support.us@raisin.com

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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