Ponce Bank is headquartered in Bronx and is the 38th largest bank in the state of New York. It is also the 532nd largest bank in the nation. It was established in 1960 and as of June of 2022, it had grown to 253 employees at 14 locations. Ponce Bank's money market rates are 6X the national average, and it has a B+ health rating.
No Bank Is Perfect
Like most online banks, Ponce Bank outsources it's servicing agent; and in this case it's SaveBetter. For the most part this review is based on my seven months of experience with SaveBetter.
PROS:
1. Account application is simple and straight forward.
2. Very simple & user-friendly account platform.
3. Low opening balance of only ONE Dollar.
4. Super-fast ACH transfers; currently NO $ limit.
5. No fees, even for closing account.
6. Accrued interest is paid if closing account, on the next month statement.
7. No new application required if opening an account with another bank in the SB platform.
8. Knowledgeable, friendly customer service agents at SaveBetter.
9. Interest is compounded daily, credited monthly.
10. On request, SaveBetter will email you a Beneficiary form...(requires last 4 digits of their Social)
11. Ponce Bank has a "A" health rating on DepositAccounts.com
CONS:
1. SaveBetter only allows you to link ONE bank account. I linked my local brick-&-mortar bank checking account.
Excellent Experience
I have opened account with them using the website SaveBetter.com and I experienced no problems no issues just nice customer service reps!
Excellent bank
I deposited $20,000 dollars split up between a savings account and a three month CD. Their rates are competitive with three month CDs at 0.25 percent interest. Their savings accounts have 0.10 percent interest. These rates are slightly better than the big name banks. Everyone in this bank is competent and caring. Their checking accounts are totally free with no strings attached in terms of fees. Again, this is better than what I have seen in other big name banks. My whole family does their banking with this bank because of the above. I wholeheartedly recommend this bank to anyone looking for a good local banking institution.
Money Market Really Lacking
Ponce advertises money market rates that are competitive but they are not. I signed up a while ago and today when my other accounts are getting 2% this ponce bank is .41%. That is correct not a mistake. They are giving .41%.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 31189 |
| Year Established | 1960 |
| Employees | 253 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.26% |
| Return on Equity - YTD | -1.59% |
| Annual Interest Income | $36.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $2.03B$1.53B |
| Loans | Q2 2022vs Q2 2021 | $1.33B$1.34B |
| Deposits | Q2 2022vs Q2 2021 | $1.19B$1.25B |
| Equity Capital | Q2 2022vs Q2 2021 | $461.0MM$151.7MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $17.5MM$15.9MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $18.6MM$9.2MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
