Dedicated to Deposits: Deals, Data, and Discussion

3.50% 60-Month CD at Banco Popular in CA, NY & FL - Local Only

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Popular Community Bank
Banco Popular is offering a 3.50% APY 60-month CD. Minimum deposit is $1,000. This is just their standard CD rate. It's not listed at Banco Popular's website. A reader mentioned seeing this, and I just called for additional details. I was only able to check rates for New York, California and South Florida. Rates can vary by region. According to the CSR, this rate is scheduled to last through 10/29/2009.

Banco Popular also has two short-term CD specials, but they're not as competitive as the 60-month CD. For New York, the specials are a 1.70% APY 15-month CD and a 1.25% APY 7-month CD. For California and South Florida, the specials are a 1.40% APY 15-month CD and a 1% APY 7-month CD.

If you receive a rate quote for your location, please leave a comment. They have a toll-free number at 1-800-377-0800. Press zero to connect to a CSR, and ignore the multiple requests for your account number.

Banco Popular has branches in California, Florida, Illinois, New Jersey and New York. Refer to this Banco Popular's locator page to find branches near where you live.

Internet CDs at E-LOAN

E-LOAN which is a subsidiary of Banco Popular has a slightly lower 5-year CD rate. The rate as of 10/25/09 is 3.31% APY. It's hard to believe that a year ago, E-LOAN was offering a 5.25% 5-year CD.

Checking Account Bonus in NY and NJ

Banco Popular is still listing a $125 checking account bonus at its New York and New Jersey branches. Refer to my bonus review for more details.

Financial Overview

Banco Popular's parent, Popular Inc, has been trying to recover from heavy losses it has taken in this financial crisis. Last week it reported a 3rd quarter loss of $125 million. As you might expect, its ratings for safety and soundness are weak: zero star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. Banco Popular North America is a member FDIC (FDIC Certificate # 34967).

Thanks to the reader who emailed me news of this 5-year CD.

Other High Certificate of Deposit Rates

  Tags: New York, California, Popular Community Bank, Illinois, CD rates, New Jersey, Florida

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