Popular Direct is an online-only department used by New York-based Popular Bank, the U.S. banking subsidiary of Popular, Inc., which is an openly traded, full-service bank and is among the 50 biggest U.S. banks by properties.
Popular direct deals high-yield bank account for savers throughout the U.S., Puerto Rico, and the Caribbean. All rates and charges are present since May 2, 2023, and undergo alter.
Popular Direct offerings
Popular Direct uses simply 2 kinds of accounts, certificates of deposit (CDs) and a high-yield cost savings account. It does not presently use an examining account.
High-yield cost savings account
- Popular Direct High-Rise Savings
- Minimum opening deposit: $5,000
- APY: 4.75%
- Fees:
- Monthly service charge: $0
- Early account closing charge: $25
- Stop payment demand: $30
- Copies of checks, declarations, or other records: $5–$10
- Incoming or outbound domestic collections, NSF charges: $35
- Special declaration handling: $5
- Excessive withdrawal deal charge: $5
- Overdraft NSF charges: $10 (no charge when account is overdrawn by $50 or less
- Account research/reconciliation: $35 per hour/$20 minimum
Certificates of deposit
- Popular Direct Certificates of Deposit
- Minimum opening deposit: $10,000
- Minimum balance requirement: $0
- Minimum balance to make interest: $0
- Fees:
- Monthly upkeep charge: $0
- APY:
- 3-month CD: 4.10%
- 6-month CD: 4.85%
- 12-month CD: 5.07%
- 18-month CD: 4.90%
- 24-month CD: 4.60%
- 36-month CD: 4.45%
- 48-month CD: 4.30%
- 60-month CD: 4.50%
- Compounding frequency: Interest is intensified daily and credited regular monthly
- Early withdrawal charge:
- Terms less than 91 days: 89 days’ worth of basic interest
- Terms equivalent to or higher than 91 days however less than 12 months: 120 days’ worth of basic interest
- Terms equivalent to or higher than 12 months however less than 36 months: 270 days’ worth of basic interest
- Terms equivalent to or higher than 36 months however less than 60 months: 365 days’ worth of basic interest
- Terms equivalent to or higher than 60 months: 730 days’ worth of basic interest
Other services Popular Direct deals
In addition to its bank account, Popular Direct uses:
- Calculators: Popular Direct likewise uses CD and cost savings calculators to assist consumers pick the very best term for them and identify just how much they must conserve.
- Digital banking tools: Popular Direct consumers can move funds in between internal and external accounts, deposit funds from another location, gain access to e-statements, and more.
The Popular Direct platform and client assistance
Popular Direct uses a suite of digital banking tools. Customers can access their accounts and do all of their banking online or from the Popular Direct mobile app.
The Popular Direct App is offered for download on the Apple App Store and Google Play, although the app presently has a ranking of simply over 1-star on both shops.
For consumers who wish to get in touch with a Popular Direct customer supports agent, they can do so by calling the client care center Monday through Friday in between 7:30 a.m. and 12:00 a.m. ET, along with weekends in between 9:00 a.m. and 6:00 p.m. ET. Representatives are not offered on Federal Reserve vacations. You can likewise get in touch with the bank through mail.
Pros and cons of Popular Direct
If you’re thinking about banking with Popular Direct, here are a few of the significant advantages and downsides to keep in mind:
Pros
- Competitive cost savings APYs. Popular Direct’s cost savings account and CDs boast APYs well above 4%—considerably greater than nationwide averages.
- Wide variety of CD terms. Popular Direct uses numerous CD terms that vary from 3–60 months, providing savers the power to pick which term works for them and their cost savings objectives.
Cons
- High minimum deposits. Savers will require to deposit in between $5,000–$10,000 to open an account with Popular Direct. This might be an obstacle for more recent savers.
- Limited account alternatives. Currently, Popular Direct just uses one high-yield cost savings account and CDs. It does not use a bank account, cash market account, or other kind of bank account.
Frequently asked concerns
Is Popular Direct FDIC-guaranteed?
Yes. All of the deposits made into your Popular Direct account are insured by the FDIC as much as the suitable optimum quantity enabled by law for each deposit ownership classification.
How do I get in touch with Popular Direct bank?
Customer service agents can be called by calling Popular Direct’s client care center at 1-800-274-5696.
Is Popular Direct an online-only bank?
Yes. Popular Direct runs online and does not have any physical branches.
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