Dedicated to Deposits: Deals, Data, and Discussion

4.75% 11-Month / 4.50% 4-Month CD at Banco Popular in New York.

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Popular Community Bank
Update 8/29/08: A reader has reported that these special CDs have ended.

Banco Popular is offering some very competitive short-term CD rates for its New York branches: 4.75% APY for an 11-month term and a 4.50% APY for a 4-month term. The minimum deposit is $1,000, and the maximum is $249,000.

These CD specials are not listed at the bank's website. A reader mentioned seeing these advertised, and I just called for additional details (1-800-377-0800). I was able to confirm the 4.75% and 4.50% yields for New York. For Central Florida, the CSR quoted me lower rates: 4.35% APY 11-month, 4.15% APY 4-month. I was not able to get rates for other states. According to the CSR, these rates are for both new and existing customers. No checking account is required. The special could end at any time. A reader in my previous Banco Popular post mentioned that a New York branch had said a previous CD special was only for existing customers. So I recommend contacting your local branch to verify your eligibility and the rate.

Other NY Banco Popular Deals

Money Market Account: Banco Popular is also advertising a 4.00% money market account for balances of at least $25K that's guaranteed through 12/31/08. This was advertised in the 8/25/08 NY Daily News. The ad is available online here.

The small print of the ad states that the 4% APY includes a bonus rate of 1.00% valid only for retail checking account customers who maintain a collected balance of $1,000 or more and maintain a Consumer Relationship Money Market Account with a collected balance of $25,000 or more. There's a 3.50% APY for balances between $10K and $25K, and 1.75% APY for under $10K. A $100 minimum opening deposit is required.

Checking Account Bonus: Banco Popular has a special website for promotions being offered at New York and New Jersey branches. There's a bonus of up to $125 for opening a Totally Free Checking Account: $25 for another bank's debit card and unused checks, $50 for adding direct deposit and $50 for using their online bill pay. There's also a $50 business checking account bonus.

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's current offerings include a 4.02% APY 6-month CD, a 4.06% APY 9-month CD and a 4.35% APY 12-month CD. 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.
  Tags: New York, Popular Community Bank, CD rates, Florida

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Comments
Comment #1 by anonymous77 (anonymous) posted on
anonymous77
Re: the Banco Popular MM offer

How does a 'collected' minimum balance differ from a regular minimum balance?

Also, apparently there is a maintenance fee of $10 (may vary state-to-state) if the required checking account balance falls below $1000 at any time. (There's an interest checking account that can be used to satisfy the checking account requirement, but it pays only 2%.)

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