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Ponce Bank


Overview / Commentary
www.poncebank.com
718-863-7600
2244 Westchester Avenue
Bronx, NY 10462

Ponce Bank is headquartered in BRONX and is the 32nd largest bank in the state of New York. It is also the 455th largest bank in the nation. It was established in 1960 and as of March of 2023, it had grown to 251 employees at 14 locations. Ponce Bank's money market rates are 12X the national average, and it boasts an A+ health rating.

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www.savebetter.com Since Savebetter's Sallie Mae "No-Penalty" CDs locked up your money for a month anyway, might as well look at this short fixed term CD from Ponce Bank. As others have noted, Savebetter only links to one external account to move money in and out.

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Reviews (6)

Ponce Bank's HYSA Is Now Top Tier @5.05%

Posted by: |

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.

4

I Like Savebetter Platform

Posted by: |

Good speed in getting money in and out with lots of choices.

4

No Bank Is Perfect

Posted by: |

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.

14

Excellent Experience

Posted by: |

I have opened account with them using SaveBetter.com and I experienced no problems no issues just nice customer service...

9

Excellent bank

Posted by: |

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.

7

Money Market Really Lacking

Posted by: |

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%.

4


Health
A+

Data as of Q1 2023

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #31189
Year Established1960
Employees251
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.19%
Return on Equity - YTD1.04%
Annual Interest Income$26.4MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$2.53B$1.59B
LoansQ1 2023vs Q1 2022$1.62B$1.31B
DepositsQ1 2023vs Q1 2022$1.38B$1.23B
Equity CapitalQ1 2023vs Q1 2022$442.7MM$241.6MM
Loan Loss AllowanceQ1 2023vs Q1 2022$29.0MM$16.9MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$23.2MM$16.0MM
Real Estate OwnedQ1 2023vs Q1 2022$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Ponce Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Ponce Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%--Ponce Savings

Ponce Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.15%$1-Money Market Deposit Account via Raisin
0.20%*$50k*-Money Market
OTHER TIERS: 0.10% → Up to $1.5k | 0.15% → $1.5k - $50k

Ponce Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%--Non-Profit Business Checking
0.10%*$50k*-Premium Interest Checking
OTHER TIERS: 0.05% → Up to $1.5k | 0.08% → $1.5k - $50k
0.05%--50+ Interest Checking
0.05%--Direct Interest Checking
0.05%--Business Interest Checking

Ponce Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.50%$1-9 Month High-Yield CD via Raisin
5.40%$1-3 Month High-Yield CD via Raisin
5.30%$1-1 Month High-Yield CD via Raisin
5.30%$1-4 Month No Penalty CD via Raisin
5.25%$500-3 Month CD Special
5.25%$1k-13 Month CD Special
4.30%$1k-24 Month CD
4.30%$1k-Business 24 Month CD
4.27%$1k-18 Month CD
4.27%$1k-Business 18 Month CD
4.25%$1k-12 Month CD
4.25%$1k-Business 12 Month CD
4.00%$1-6 Month High-Yield CD via Raisin
3.80%$500-Business 6 Month CD
3.80%$500-6 Month CD
3.50%$500-3 Month CD
3.50%$500-Business 3 Month CD
3.25%$1k-60 Month CD
3.25%$1k-Business 60 Month CD
3.00%$500-1 Month CD
3.00%$500-2 Month CD
3.00%$500-Business 1 Month CD
3.00%$500-Business 2 Month CD
2.85%$1k-36 Month CD
2.85%$1k-Business 36 Month CD
2.50%$1k-48 Month CD
2.50%$1k-Business 48 Month CD
1.61%$1-48 Month High-Yield CD via Raisin
1.31%$1-13 Month High-Yield CD via Raisin
1.21%$1-11 Month High-Yield CD via Raisin

Ponce Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.40%$1k-24 Month IRA
4.27%$1k-18 Month IRA
4.25%$1k-12 Month IRA
3.80%$500-6 Month IRA
3.50%$500-3 Month IRA
3.35%$1k-60 Month IRA
3.00%$500-1 Month IRA
3.00%$500-2 Month IRA
2.95%$1k-36 Month IRA
2.60%$1k-48 Month IRA
Locations

Availability

New York Area

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