-
Financial Rates:
4.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
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
-
Financial Rates:
3.0
-
Customer Service:
3.0
-
Website Experience:
4.5
-
Bank Fees:
5.0
Pros:
- Competitive interest rates on accounts
- Savings account has a low opening minimum
- No monthly fees on saving account
- Rising CDs offer interest rate increases
Cons:
- Limited accounts offered
- Some CDs have high opening amounts
- Interest rates not fixed for savings
- Limited ways to contact customer service
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.
The interest rates for Rising Bank accounts are competitive. The rates are competitive with other online accounts. They are much higher than typical bank rates. The rates are not tiered. Any amount above the required opening amount earns competitive interest rates.
The Rising Bank high yield savings account and the regular CDs have low opening amounts. The regular CDs are available in one, two, and three-year CDs. These CDs and the savings account each only requires $1,000 to open.
There are no monthly fees on the high yield savings account. This account is free. To earn interest, you must keep $1,000 in the account. The CDs only have a fee if you withdraw money before the CD reaches maturity.
Rising Bank offers two Rising CDs. These come in 18-month and 36-month terms. Each of these CDs requires $25,000 to open. During the CD term if interest rates increase you can increase the rate on your CD. The 18-month CD allows for one rate increase; the 36-month allows two rate increases. When you increase the rate of the CD, you can also deposit more money into the CD.
Rising Bank has limited types of accounts available. They offer a high yield savings account and CDs. The CD terms range from one year to three-year terms. There are not a wide variety of term lengths available through Rising Bank. They offer regular CDs, one jumbo CD, and two Rising CDs. Rising Bank does not offer a money market account or checking accounts. No business accounts are currently available.
The Rising CDs and the jumbo CD have high opening amounts. The Rising CD terms each require $25,000 to open. The jumbo CD has one term length, and it requires $100,000 to open the account. You must keep these amounts in the CDs to earn interest.
The interest rates for the Rising Bank high yield savings account are not fixed. Rising Bank may change the rate you earn on your account at any time. The bank does not have to notify you if the rates change. Interest credits to your account every month for the savings account and every three months for CDs. If you close your accounts before interest credits, you will not receive the earned interest.
Rising Bank offers limited ways to contact customer service. Reach a representative through phone, mail, or email. They are open Monday through Friday. The Rising Bank website says their customer service representatives offer personalized help. The ways to contact someone are limited though.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| 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 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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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.