Popular Direct Bank
Popular Direct Bank Review: Savings and CDs
Popular Direct is an online bank that offers strong annual percentage yields but also requires fairly high minimum balances.
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The bottom line:
The online bank, a division of the international company Popular and New York-based Popular Bank, offers competitive rates on savings and certificates of deposit for customers who are able to meet the steep minimum deposit requirements. You need to have a bank account at another bank in order to fund a Popular Direct account.
Best for: Those who don’t need a checking account, want to earn highly competitive rates on savings and CDs, and can meet the high minimum deposit requirements by funding from an external bank account.
- No monthly fees.
- Competitive rates on savings account and CDs.
- Extended phone customer service hours.
- High minimum opening deposits for CDs.
- No branch access.
- No checking account.
- Must already have another bank account to fund your account.
Full review
Popular Direct Bank
Savings
Popular Direct Savings
APY
4.40%
With $0.01 min. balance for APY
Bonus
N/A
Popular Direct’s savings account offers a competitive interest rate that applies to all balances. To open this account, you need at least $100.
Like many other online savings accounts, Popular Direct’s doesn’t have a monthly fee. Popular Direct has an unusual policy: Once you set up your funding account, you must use only that account for transfers during the first 70 days a Popular Direct account is open.
Certificates of deposit
Popular Direct CD
1-year APY
4.30%
3-year APY
4.15%
5-year APY
4.20%
Minimum deposit
$10,000
Some of Popular Direct’s CD rates are competitive, but all require a large minimum deposit. To open a CD, the minimum deposit is $10,000, which is higher than many banks’ requirements of $0 to $2,500.
6-month CD: 4.35% APY.
1-year CD: 4.30% APY.
18-month CD: 4.15% APY.
2-year CD: 4.20% APY.
3-year CD: 4.15% APY.
4-year CD: 4.05% APY.
5-year CD: 4.20% APY.
3-month CD: 4.30% APY.
Customer experience
Popular Direct’s website clearly lays out rates and minimum deposits, but you have to dig into the disclosures to see the fees. Live customer service is available by phone Monday to Friday from 7:30 a.m. to midnight Eastern and weekends from 9 a.m. to 6 p.m. Eastern, and you can also message the bank. The bank lacks some support channels, such as live chat, that some other online banks have.
The no-frills mobile app mainly helps you monitor accounts and deposit checks.
How does Popular Direct compare?
APY
3.80%
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
Spencer Tierney
Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.