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Popular Direct Select Savings Account review

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Has a strong APY, but watch out for a high opening deposit and a post-signup transfer restriction.

finder.com’s rating: 3.9 / 5.0

★★★★★

Popular Direct’s Select Savings comes with a strong APY that’s compounded daily and support when you need it. But an initial deposit of at least $5,000 and an ACH transfer restriction for at least 70 days after opening might make you think twice.

0.65%

APY

$4 per month

Fee

$5,000

Minimum deposit to open

Details

APY0.65%
Fee$4 per month
To waive the feeMaintain a daily balance of $500 or more
Minimum deposit to open$5,000
Minimum balance to earn interest$0.01
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$5
More Info

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Popular Direct Select Savings account is best for those looking for a high-yield account. It offers a nice 0.65% APY with online sign up in minutes.

But this digital bank requires a high opening deposit of $5,000 and places restrictions on ACH transfers for 70 days after signup.

How do I open a Popular Direct Select Savings account?

Open your account from Popular Direct’s website in seven easy steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. From Popular Direct’s website, click Savings from Popular Direct’s homepage.
  3. Scroll and click Apply now.
  4. Select individual or joint account ownership and click Continue. Or log in, if you already bank with Popular Direct.
  5. Enter your personal information, then click Continue.
  6. Enter your address and other contact details, and click Continue.
  7. Read and accept the account disclosures, and click Continue.
  8. Fund your account, choose your preferences and Submit your application.

Eligibility

  • At least 18 years old
  • Valid Social Security number
  • US citizen and resident
  • Valid passport or state-issued ID
  • Initial deposit of at least $5,000

Required information

  • Name and contact information
  • Birthdate and Social Security number
  • Government-issued ID
  • Employment and income details
  • Routing and account number for funding account

What are the benefits of the Popular Direct Select Savings Account?

This FDIC-insured account is designed to help you save with online signup in minutes and benefits that include:

  • High-interest savings. The strongest perk is a 0.65% APY across the board on balances of $0.01 to $100,000 or more.
  • Nonstop support. Get help 24/7 by phone, email or online form.
  • Free e-statements. Customers enrolled in e-statements can access the last five years for no extra fee.

What should I look out for?

A strong interest rate and 24/7 customer service make this account an attractive savings option. But watch for potential drawbacks that include:

  • 70-day ACH transfer restriction. New customers can only make ACH transfers from one external bank account during the first 70 days of account opening.
  • High opening deposit. You’ll need at least $5,000 for account approval.
  • Fees. You’ll pay $4 monthly if you can’t maintain a daily balance of $500. You also face fees for withdrawals or transfers beyond six monthly, if your account is inactive after 12 months and to close your account.
  • No checking option. Popular focuses its products on savings, offering only this account and a CD.
  • No branches or ATMs. You won’t be able to speak with a representative in person, and without an ATM card, you must rely on transfers to get money in and out of your account.

If you want an account with a lower minimum deposit, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

$
$
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
0.50%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
Central Bank of Kansas City Savings
0.40%
$0
$1
The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY.
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
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Compare up to 4 providers

How do I deposit or withdraw money?

Without ATM access, access to your money is limited to transfers from outside bank accounts and depends on the transaction. You also can’t touch your cash until 60 days after you’ve opened your account.

Deposits

  • Mobile check deposit
  • Direct deposit
  • Online transfer

Withdrawals

  • Preauthorized withdrawals
  • Online transfer

How do I contact Popular Direct customer service?

Get 24/7 help with your account in three ways:

  • Call. Talk to a rep at 800-387-2331.
  • Email. Send a note to populardirect@bpop.com.
  • Mail. Send correspondence to
    Attn: Popular Direct Products
    Popular Bank
    PO Box 4884
    Miami Lakes, FL 33014

Frequently asked questions

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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