The benefits explained
- No monthly fees on savings account: Although the savings account has a minimum opening deposit requirement, there are no monthly fees or minimum balance requirements once the account is opened.
- Competitive rates on savings and CDs: Popular Direct offers competitive rates on savings accounts and CDs.
Disadvantages Explained
- No credit card access to savings: Popular Direct does not offer ATM cards for its savings accounts. To access your funds, you will need to initiate an electronic transfer and wait for it to complete.
- High Minimum Deposit Requirement:. High minimum deposit requirements may prevent some potential customers from being able to open an account. You must have $5,000 for a savings account and $10,000 for a CD.
- Fees may apply if you close an account: If you close your savings account within 180 days, you may be charged a $25 fee. In addition, early withdrawal penalties apply to CDs.
Who is Popular Direct for?
popular direct is ideal for customers who want an online banking account to complement their existing banking relationship. It may be a good choice if you:
- Are at least 18 years of age or older
- Have a checking account at another bank
- You don’t want one bank to handle all your deposit and lending needs
- Have larger balances to meet the minimum opening deposit requirement
- Looking for a high yield online savings account or CD
- You don’t need immediate access to your funds
- Are able to deposit money electronically
- You want 24/7 telephone access to customer service
What does Popular Direct offer?
As an online-only bank, Popular Direct offers a limited selection of deposit products. Its accounts are not intended to replace your existing bank for day-to-day transactions, but can supplement your main account with high-yield deposit products. It only offers:
Savings accounts
The popular Direct Select savings account offers a high annual percentage yield (APY) no monthly fees. To open an account, the minimum deposit is $5,000. There is no minimum balance required to earn interest. Once your account is opened, it must remain open for at least 180 days or you may incur a $25 fee.
If your account has had no activity for 12 months, a monthly inactivity fee of $5 may apply. Savings accounts are entitled to a combination of six transfers or withdrawals per month. Each additional withdrawal will cost $5.
| POPULAR DIRECT SAVINGS ACCOUNTS | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Select Savings | $5,000 | $0 | 1.55% |
The standard statement period is quarterly. However, if there is activity on the account, you will receive a statement for that month.
CD
Banque Populaire CDs have terms ranging from three months to five years. A minimum deposit of $10,000 is required for all CDs. The bank does not offer higher rates for larger balances.
| POPULAR DIRECT CD RATES | |
|---|---|
| TERM | APY |
| 3 months | 1.15% |
| 6 months | 1.50% |
| 12 months | 2.85% |
| 18 months | 2.50% |
| 24months | 2.75% |
| 36 months | 3.10% |
| 48 months | 3.15% |
| 60 months | 3.40% |
CDs automatically renew at maturity at the prevailing rate. However, customers have a grace period of 10 days after maturity during which they can withdraw money without paying any penalty.
If you have to terminate your CD before maturity, you will have to pay a penalty depending on the duration of the CD.
| PENALTIES FOR EARLY WITHDRAWAL OF THE BANQUE POPULAIRE CD | |
|---|---|
| TERM | SADNESS |
| Less than 91 days | 89 days simple interest |
| From 91 days to less than 12 months | 120 days simple interest |
| From 12 months to less than 36 months | 270 days of simple interest |
| From 36 months to less than 60 months | Simple interest 365 days |
| Equal to or greater than 60 months | 730 days of simple interest |
Popular direct customer service
Popular Direct customer service by phone is available 24 hours a day, seven days a week by calling 800-274-5696. You can also send a letter to Popular Direct at its Florida address.
Customers can also access their account through the Popular Bank mobile app. It is available for both Apple and Google.com/store/apps/details?id=com.mfoundry.mb.android.mb_513″ data-component=”link” data-source=”inlineLink” data-type=”externalLink” data-ordinal=”2″ rel=”noopener noreferrer sponsored nofollow”>android devices. Through the mobile app, you can view an overview of your accounts, view your account history, make mobile deposits and make transfers between eligible accounts.
How to bank with Popular Direct
Because Popular Direct has no physical branches, the best way to open an account is through its website.
Once your account is open, you can access your accounts by phone, online or through mobile banking. Popular Direct does not issue ATM cards, so you will need to request a transfer to your deposit account at another bank to withdraw money. To deposit money, you can initiate a transfer from your existing bank account or make a mobile deposit through its app.
Verdict
Popular Direct offers competitive rates for its savings accounts and CDs if you can meet its minimum deposit requirements. These accounts should be used to supplement your existing banking relationship in order to obtain higher interest rates than those offered by your current bank.
Be careful if you need to close your savings account or withdraw from your CD early. Popular Direct charges early closing fees on savings accounts if they are closed within 180 days. CD early withdrawal penalties apply when withdrawing before CD maturity.
Methodology
Investopedia is dedicated to providing consumers with unbiased and comprehensive bank reviews. We collected over 20 data points from over 80 banks including available products, interest rates, fees and affordability to ensure our content helps users make the right decision for their banking needs. savings and banking.