Ponce Bank Money Market Account Review
Ponce Bank High-Yield Money Market Deposit isn't available on Finder right now.
- Annual Percentage Yield (APY)
- Up to
0.20%
- Fee
- $10 per month
(can be waived) - Minimum deposit to open
- $50
Our verdict
An online high-yield money market account with a poor APY, but no monthly fees if you keep a balance of $1,500.
The Ponce Bank MMA has no monthly fee if you maintain a balance of at least $1,500. The rates are tiered, offering up to 0.20% APY with at least $50,000. While this is a money market option, you won't get an ATM card or checkwriting, 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: Not really anyone, there are better options out there.
Pros
-
Low opening deposit
-
No monthly fee with minimum balance
Cons
-
Can only access funds via a linked bank account
-
No ATM card or checkwriting privileges
-
Limited customer support
-
Low APY
Ponce Bank MMA interest rates
This is a tiered account, which means your balance will determine which rate you earn.
| Balance tier | APY |
|---|---|
| $1.00 to $1,499.99 | 0.1% |
| $1,500.00 to $49,999.99 | 0.15% |
| $50,000+ | 0.2% |
What we like about the Ponce Bank Money Market account
This MMA is best for individuals who want to grow their savings and don’t want to pay monthly fees to keep the account open. But aside from the lack of a monthly fee, there isn’t much else worth praising.
And unfortunately, there are minimum balance requirements to keep this account fee-free. If you drop below a balance of $1,500, you’re charged $10 if the account’s minimum balance falls below $1,500 at any point in the statement cycle.
What could be better
Ponce Bank’s MMA doesn’t have a competitive interest rate. The national average interest rate on an MMA is 0.38%, according to the FDIC. So even if you were to keep a balance of at least $50,000 in Ponce Bank’s MMA, its APY is still much lower than average.
Plus, you won’t find any extra perks like automatic savings tools, and there’s no ATM card or checkwriting privileges — two features that are common for money market savings accounts.
If you want a higher APY, consider one of the best MMAs in the market.
Ponce Bank MMA fees and access
| Type of fee | Amount |
|---|---|
| Monthly service | $10 (can be waived) |
| Opening deposit | $50 |
| APY | Up to 0.20% APY with balance $50,000+ |
Compare Ponce Bank MMA with other accounts
See how other money market accounts compare based on their interest rates, fees and minimum opening deposits.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer support
In the past, the Ponce Bank MMA was avaiable through Raisin, which is a savings marketplace. The Ponce MMA previously had an APY above 5.00%, but now that the product isn’t with Raisin anymore, the highest APY on the MMA is just 0.20% (and even that requires a high balance).
Ponce has barely any customer complaints on its Better Business Bureau profile, but has a poor D- rating. It only has one review on Trustpilot, and it’s in reference to Ponce Bank’s relationship with “Save Better,” which is Raisin’s previous name. There isn’t much chatter on Reddit about Ponce Bank, either, as most threads talk about the exclusive rates that used to be offered through Raisin.
Savings account ratings
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★★★★★ — 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.
Your reviews
Bethany Finder
Banking editor
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