-
Financial Rates:
4.0
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Customer Service:
3.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- High-interest rates on accounts
- Account available everywhere
- Variety of CD terms
- Online and mobile banking
Cons:
- Opening accounts requires large deposit
- The savings account has a monthly fee
- Only offer CDs and one savings account
- Linked external account required
What You Need to Know
The interest rates on Popular Direct accounts are very competitive. They are considerably higher than your typical brick and mortar banks. The rates are competitive with other online-only accounts.
Because Popular Direct is an online-only bank, the accounts are available everywhere. Applying for the account is quick and completed online. Everything you need for your account is accessed online. There are no branch locations.
Popular Direct offers a variety of different CD term lengths. The terms range from a three-month term to five-year terms. The other terms include six months, one year, eighteen months, two, three, and four-year terms. The interest rates increase the longer the term length.
All Popular Direct accounts come with online and mobile banking. With online banking, you can set up account notifications and see statements. You can transfer funds between the linked external account. Mobile and online banking allow you to transfer money between Popular Direct accounts. You can check account balances and deposit checks.
To open a savings account with Popular Direct, you must have $5,000 as your opening deposit. To open a CD with Popular Direct, you must have $10,000 as the opening required deposit. You will still earn interest if your balance drops below these required amounts.
Popular Direct savings account has a monthly fee. The fee is $4 per month if your balance falls below $500. No fee is charged if your balance remains above $500. There is also a fee for closing the account before 180 days after opening it. A $5 monthly fee is charged each month if your account is inactive for 12 months. Following the 12th month, the fee is charged each month the account is inactive.
Popular Direct only offers CDs and one savings account. They do not offer a checking account, money market account, or any business accounts. The CDs range from 30-day CDs to a five-year term.
Popular Direct requires you link your account to an external account. The linked account allows you to make deposits into your Popular Direct account. The external bank account cannot be changed within the first 60 days of opening the account.
Cool Things
Financial Articles
On the Popular Direct website are a variety of different financial articles. These articles help you understand different financial topics. The topics cover apps to help you keep track with your goals and how to write a business plan. Holiday spending tips and budgets are other topics.
Financial Calculators
Popular Direct offers a savings and a CD calculator. The CD calculator lets you see what the different interest rates would do for the money you have to invest. The savings calculator maps out a savings plan. It displays how long it would take you to save a set amount of money.
History
Popular Direct offers products under Popular Bank. Popular Bank is the subsidiary of Popular, Inc in the United States. Popular, Inc started doing business in Puerto Rico and the Virgin Islands 120 years ago. It started banking in the United States as Popular Community Bank over 50 years ago. They also bank in the Caribbean and Central America.
Popular Bank first started banking 50 years ago in the Bronx, New York. Today, Popular has over 50 branch locations in New Jersey, New York, and Florida. They have over 55,000 ATMs around the world. Popular Bank offers checking and savings accounts. Loans, business accounts, and credit cards are available. Popular Direct only offers a savings account and CDs.
Awards and Recognition
- "Best Places to Work" by South Florida Biz Journal in 2016
- "Save 10" award by the Financial Services Roundtable in 2015
Giving Back
Popular Bank works with Operation HOPE. Together they hope to help with the financial struggle people face. This organization offers small business workshops with one-on-one training. They offer training for entrepreneurs. They discuss information to help them succeed in their businesses. There are three different HOPE Inside locations.
Popular Bank donated $1 million to start a fund for those rebuilding in Puerto Rico. The fund was set up to help those affected by Hurricane Maria. The bank started the fund with the $1 million. Then they allowed customers and others to donate to the fund.
Frequently Asked Questions
Yes. Popular Direct is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
You can set up preauthorized withdrawals. You can transfer money between different Popular Direct accounts. You can transfer money back into your linked external bank account.
Yes. With the Popular Direct app, you can transfer money between internal accounts. You can check your account balance and deposit checks. You can only transfer money between external accounts online, not through the app.
No. The savings account has a monthly fee of $4. To waive the fee, keep at least $500 in the account. If your account is dormant for one year, you will be charged a $5 monthly fee for each month after the year of inactivity.
The interest rates are high on their CDs and savings account. Checking accounts and business accounts are not available. There are no branch locations. The savings account has a monthly fee, but it is low and easy to waive. The opening required deposit is high.
Yes. They use Secure Socket Layer technology. Accounts require passwords. You will be logged out after a period of inactivity.
Yes. Popular Direct offers very competitive interest rates. Their rates are much higher than your typical brick and mortar banks. Their rates are competitive with other online-only accounts.
No. The only accounts are CDs and one savings account. No checking account, money market account, or specific business accounts are available.
The interest rates are much higher than your typical brick and mortar banks. Everything for your account is online. There are no branch locations.
Popular Direct does not offer checking accounts. The only accounts are CDs and one savings account.
Reach customer service through mail, email, phone, or an online message. You can also visit a local branch.
No. Popular Direct does not offer checking accounts, so no bill pay is available.
No. Make deposits from electronic transfers from your linked external account. Direct deposits or mobile check deposits are other ways to deposit money.
Deposits made before 8 p.m. EST are credited the same day. Transfers between Popular Direct accounts are instant.
Yes. Direct deposit can be set up for the savings account.
Bank Contact Information
Popular BankAttn: Popular Direct Products
P.O. Box 4884 Miami Lakes, FL 33014
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.