Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Ponce Bank High Yield Savings account review

Last updated:  

Earn 0.5% APY on your total balance with this online savings account.

The Ponce Bank High Yield Savings account has no monthly maintenance fees and a competitive 0.5% APY. Plus, you only need $1 to get started. This account is offered through SaveBetter — 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.

0.50%

APY

$0

Fee

$1

Minimum deposit to open

Details

APY0.50%
Fee$0
Minimum deposit to open$1
Interest compoundingDaily
Go to site
More Info

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The Ponce Bank High Yield Savings 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 0.5% APY and a low opening deposit — three basic features found in all the best 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 high-yield savings account through SaveBetter 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 High Yield Savings account?

Follow these steps to open a Ponce Bank High Yield Savings account:

  1. Click Apply now.
  2. Click 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. Select Continue.
  7. Review and submit your application.
  8. Connect your bank or financial institution to fund your account.

Eligibility

Ponce Bank High Yield Savings 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

What are the benefits of a Ponce Bank High Yield Savings account?

The FDIC-insured Ponce Bank High Yield Savings account has these standout features:

  • Competitive interest. Your account earns a competitive 0.5% APY on your total balance.
  • Low opening deposit. Open a Ponce Bank High Yield Savings 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 High Yield Savings 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 Savings account, then deposited $100 a month after that.

APY 1 year 2 years 3 years 4 years 5 years
0.5% $7.77 $21.58 $41.48 $67.50 $99.66

What should I look out for?

The Ponce Bank High Yield Savings 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.
  • 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 High Yield Savings with other accounts

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
0.60%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
0.55%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Continental Bank High Yield Savings
0.45%
$0
$1
Continental Bank High Yield Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.45% APY.
loading

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 High Yield Savings 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.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site