Dedicated to Deposits: Deals, Data, and Discussion

Money Market and CD Specials at Banco Popular


Popular Community Bank
Banco Popular continues to offer competitive rates on a money market account and two special CDs. These specials are not listed at Banco Popular's website. I learned about these from readers, and I called today to verify. The specials vary by state. I was only able to verify these for California and New York. They may also be available in other states where Banco Popular has branches. I was told these rates should be available through at least next Thursday (9/18/08).

4.15% 4-Month CD

The CD specials include a 4.15% APY 4-month CD and a 4.35% APY 11-month CD. The minimum deposit is $1,000. Note, I was quoted a little lower 11-month rate for California (4.30% APY). According to the CSR, no checking account is required for these CDs.

4.00% Money Market Until 2009

Banco Popular continues to offer a 4.00% money market account for balances of at least $25K that's guaranteed through 12/31/08. A yield of 3.50% APY applies to balances between $10K and $25K. These rates require an Investor Checking Account with a balance of at least $1,000. This checking has a yield of 2% APY.

A reader noted that Banco Popular allows POD's on its money market accounts, so one should be able to have full FDIC coverage for above $100,000 (see post).

Checking Account Bonus in New York

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 also has some competitive savings accounts and CDs, and these are available online nationwide. I just reported on a new savings account promotion at E-LOAN in this Tuesday E-LOAN post. Refer to my August E-LOAN post for more CD details.

Thanks to the reader who commented on these specials.

Related Pages: New York, money market accounts, California, Popular Community Bank, CD rates, New Jersey, Florida

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Comment #1 by Anonymous posted on
Does anyone know if Banco Popular has updated its website to allow ACH transfers and to show the APY on its money market accounts?

Comment #2 by barry (anonymous) posted on
I opened this checking acct on tuesday am at the branch on 2nd ave and 27th st. in nyc. I gave them my left over Chase checks and ATM card from Chase plus opened the acct with $50.00. I get the $25.00 for giving up my chase acct, $50.00 for setting up DD from my part time job and another $50.00 when i use online bill pay(just 1x). I also walked out with a nice piece o American Tourister rolling luggage. Also the first $25.00 bonus was already put into my acct. After my 1st DD the 50.00 will be put in and then another 50.00 when i use the bill pay. You cant lose since i only keep about 70.00 in this acct. They were also quite professional.