Dedicated to Deposits: Deals, Data, and Discussion

4.11% 7-Month / 4.15% 9-Month CD at Banco Popular


Popular Community Bank
Update 8/16/08: These CD specials may have ended. Please check with the bank for the latest rates and specials.

Banco Popular is offering some competitive short-term CD rates: 4.11% APY for a 7-month term and 4.15% APY for a 9-month term. The minimum deposit is $1,000.

These CD specials are not listed at the bank's website. A reader mentioned seeing these advertised, and I just called for additional details. I was only able to confirm these for New York and California. The CSR said these special CDs are scheduled to end on August 14, 2008.

Branches are located in California, Florida, Illinois, New Jersey, New York and in Arlington, Texas. Rates may vary by state, so make sure to call to verify. The bank is a member FDIC (FDIC Certificate # 34967).

E-LOAN Note: E-LOAN is a subsidiary of Banco Popular, and E-LOAN savings and CD accounts are FDIC insured through Banco Popular. So deposits at E-LOAN should be considered Banco Popular deposits from an FDIC insurance point-of-view.

E-LOAN's short-term CD rates are not quite as competitive as these Banco Popular specials. E-LOAN is currently only offering a 3.76% APY 6-month CD and a 3.81% APY 9-month CD. The 12-month CD has a yield of 4.15% APY. The highest yield is a 5-year CD with an APY of 5.25% for a $100K minimum deposit (5.01% APY for a $10K minimum). For more details on E-LOAN CDs, please refer to my E-LOAN CD review.

Thanks to the reader who emailed me info on these specials.

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

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Comment #1 by Anonymous posted on
Although Banco Popular acquired ELoan in part to get their online banking system, BP's web site is unbelievably primitive.

If you get one of their accounts, be prepared to go back to the branch to withdraw money, close the account, etc. You cannot do anything except check your interest on their site. That's $$ interest - the last time I tried, before I withdrew my $$ out of disgust, you can't check the interest RATE you're getting on a variable product like a MMA. You have to call your branch each Wednesday to find out if they've changed the rate.

I told them I would bring my money back when they had a decent web site with ACH capabilities, etc.

Comment #2 by Anonymous posted on
My wife tried to get one of the 4.11% 7-month CDs at a Brooklyn, NY branch yesterday. She was told that those rates are only for existing customers. I then tried to get further info by calling the bank's toll-free number. The person I spoke with said he could not confirm the rates, but he said it was possible such rates were being offered and suggested I check with a local branch. I then spoke with the ****'t. Branch Mgr. at the branch that my wife visited, and she repeated that the 4.11% rate is only for existing customers. Does anyone know of a NY branch that is offering these rates to new customers?