Ponce Bank is headquartered in BRONX and is the 28th largest bank in the state of New York. It is also the 407th largest bank in the nation. It was established in 1960 and as of March of 2025, it had grown to 211 employees at 14 locations. Ponce Bank's CD rates are 4X the national average, and it has an A health rating.
Ponce Bank's HYSA Is Now Top Tier @5.05%
I changed the title from the original post to reflect the new higher HYSA rate of 5.05%. Ponce Bank, like several others, is affiliated with Savebetter. Ponce has been middle of the road rate-wise for HYSA. They have now moved to the forefront. I have several accounts with FIs affiliated with Savebetter. It is interesting to see the competition between the financial institutions to set the highest rate. It is also encouraging to see new financial institutions coming on board. I have nothing but good things to say about Savebetter and how they operate. I hear customer service is less than stellar, but I have never tried to contact them. I simply park my money and collect my interest, which has been steadily rising due to the automatic rate increases I get whenever my FI raises their offering rate.
I Like Savebetter Platform
Good speed in getting money in and out with lots of choices.
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 SaveBetter.com and I experienced no problems no issues just nice customer service...
Stay Away From Ponce Bank Direct
I just opened a CD with Ponce Bank Direct and so far have no idea where my money is!! The Custom service is the worst you can imagine! I have emailed and called several times with absolutely no response from Ponce Bank Direct. Save yourself ALL the headache and look elsewhere for your banking needs.
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 Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 31189 |
| Year Established | 1960 |
| Employees | 211 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.86% |
| Return on Equity - YTD | 5.57% |
| Annual Interest Income | $44MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $3.08B$2.8B |
| Loans | Q1 2025vs Q1 2024 | $2.38B$1.99B |
| Deposits | Q1 2025vs Q1 2024 | $2.03B$1.61B |
| Equity Capital | Q1 2025vs Q1 2024 | $475.8MM$453.4MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $23MM$24.7MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $27.3MM$17.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |
