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Ponce Bank High-Yield Money Market Deposit account review

Earn 2.5% APY on your total balance with this online money market savings account.

finder.com’s rating: 4.0 / 5.0

★★★★★

The Ponce Bank High-Yield Money Market Deposit account has no monthly maintenance fees and a competitive 2.5% APY. Plus, you only need $1 to get started. This account is powered by SaveBetter.com — an online platform that lets you open savings products from multiple FDIC-insured banks in one place. But the only way to access money is through a linked bank account.

2.50%

APY

$0

Fee

$1

Minimum deposit to open

Details

Annual percentage yield (APY)2.50%
Fee$0
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
More infoGo to site
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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

The Ponce Bank High-Yield 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 2.5% 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 a Ponce Bank Money Market account, this specific deal is only available through SaveBetter.com. And as a SaveBetter customer, you’ll use its platform, mobile app and customer service 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.

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

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

  1. Select 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.

Eligibility

Ponce Bank High-Yield 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 High-Yield Money Market Deposit to similar accounts

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

Ponce Bank High-Yield Money Market Deposit

American Express® High Yield Savings Account

★★★★★

Finder rating 4 / 5

★★★★★

Finder rating 4.6 / 5

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on Ponce Bank's secure site
Go to site
on American Express's secure site

Fee

$0

Fee

$0

APY

2.50%

APY

1.90%

Minimum deposit to open

$1

Minimum deposit to open

$0

Minimum balance to earn interest

$0

Minimum balance to earn interest

$1

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

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

  • Competitive interest. Your account earns a competitive 2.5% APY on your total balance.
  • Low opening deposit. Open a Ponce Bank High-Yield 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.

How much interest can I earn with a Ponce Bank High-Yield 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 High-Yield Money Market Deposit account, then deposited $100 a month after that.

APY1 year2 years3 years4 years5 years
2.5%$25.64$53.21$82.78$114.39$148.08

What should I look out for?

The Ponce Bank High-Yield 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.
  • 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.
  • No ATM card or check writing. 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 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 High-Yield Money Market Deposit with other accounts

Use this table to see how Ponce Bank High-Yield 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 Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.40%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.15%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
2.75%
$0
$1
Daily
UFB Rewards Savings
Finder Rating: 5 / 5: ★★★★★
UFB Rewards Savings
2.61%
$0
$0
Daily
Earn a 2.61% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
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How do I deposit or withdraw my money?

There’s one way to deposit and withdraw money in your Ponce Bank High-Yield Money Market Deposit account: to or from a linked external bank account.

How to contact SaveBetter about my Ponce Bank Money Market account?

Reach out to SaveBetter customer support in three ways:

  • Call 844-994-3276 weekdays from 9 a.m. to 4 p.m. ET.
  • Live chat with a representative during the week.
  • Email service@savebetter.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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