Dedicated to Deposits: Deals, Data, and Discussion

4.75% 60-Month CD at Banco Popular

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Popular Community Bank
Banco Popular is offering a special 60-month CD with a yield of 4.75% APY. The minimum deposit is $1,000 for a regular CD and a $500 minimum for an IRA CD. There are also shorter term CD specials, but these are less competitive. These include a 3.75% APY 24-month CD and a 2.85% APY 4-month CD.

These CD specials are not listed at the bank's website, but were advertised in today's Southern California newspaper. The ad is available online here. I've also seen similar specials advertised in other areas of the country including New York and Florida. All seem to have the 4.75% 60-month CD, but the shorter term CD rates vary.

I just received an email from Banco Popular about their CD early withdrawal penalties. Here are the details that they provided:
  • CD term less than 1 year - penalty is 30 days worth of interest
  • CD term from 1-3 years - penalty is 90 days worth of interest
  • CD term for 3 years or higher - penalty is 180 days worth of interest

Branches are located in California, Illinois, New Jersey, New York and Texas. The bank is a member FDIC (FDIC Certificate # 34967).

Update 6/11/08: Please note that E-LOAN is a subsidiary of Banco Popular, and E-LOAN savings and CD accounts are FDIC insured through Banco Popular. E-LOAN currently has some very competitive CD rates that can be opened completely online (see post).

Other High Certificate of Deposit Rates

The best 60-month CD yield that's widely available is currently at KeyDirect with a yield of 5.00% APY for a minimum deposit of $5K. For other high CD rates, please refer to my last weekly CD rate summary.

Related Pages: New York, California, Popular Community Bank, CD rates, Florida

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
Anyone who has a CD or Savings Account with E-Loan should remember that all E-Loan accounts are really Banco Popular accounts.

Remember to combine your Banco Popular and E-Loan accounts when computing FDIC insurance limits.

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Comment #2 by Anonymous posted on
Anonymous
I just looked at the E-Loan rates:

A 5-year CD when purchased thru E-Loan has 4.85% APY and a 24 month CD has 4.05% APY. But the minimum deposits are $10,000.

These CDs are really Banco Popular CDs being marketed under the E-Loan name. The funds will be deposited at Banco Popular. If you have at least $10,000 to deposit and don't mind doing it online, it looks like you can get better rates by going through the E-Loan web site:
http://tinyurl.com/6mt8kv

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the E-LOAN info. I had forgot to mention this. I just updated the post with this note.

It looks like E-LOAN has just bumped up their CD rates a little. For those who don't mind banking online, this is a better deal than going to a Banco Popular branch.

1