Poppy Bank (formerly First Community Bank) is currently offering a Poppy Savings/Poppy Checking combo special only at its Menlo Park and Milpitas branch locations. Both accounts must be opened at the same time. (Note: since this offer is limited to only two branch locations, the Poppy Savings account is not listed in any of DA's rate tables.)
The Poppy Savings is not listed on the Bank’s website, so the following information is from a conversation with CSR.
- 2.50% APY, guaranteed through December 31, 2019.
- $10k minimum opening deposit and minimum balance to earn stated APY.
- If balance falls below $10k, it will convert to a Personal Savings account (0.10% APY).
- True savings account with no ATM or debit card.
The Poppy Checking account is a non-interest bearing account. While the minimum opening deposit is $2.5k, there is no minimum balance requirement. The $10 monthly service fee will be waived with either a monthly $500 direct deposit or 10 monthly debit card transactions.
Thanks to the DA reader who emailed me news of this special!
Headquartered in Santa Rosa, Poppy Bank’s market area has been expanded to include all of California, but the Poppy Savings/Poppy Checking promotion is only available in-branch at the Menlo Park and Milpitas branch locations. According to CSR, this promotion should last another month or so.
CSR stated that both the Menlo Park and Milpitas branches are located inside Safeway grocery stores. The Menlo Park branch opened in April and is next to Starbucks, so “after you open your new Poppy Savings and Poppy Checking, you can get a macchiato and then shop for groceries.”
Poppy Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 3.87% (excellent), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $426.45 million, an excellent annual growth rate of 39.43%. Please refer to our financial overview of Poppy Bank (FDIC Certificate # 57903) for more details.
Poppy Bank is currently the 43rd largest bank headquartered in California, with deposits in excess of $1.5 billion. Founded in 2005 as First Community Bank by nine prominent San Francisco area business leaders, the Bank recently acquired Blue Gate Bank (Costa Mesa). The Bank re-branded as Poppy Bank last November to avoid marketplace confusion, although the parent company name (First Bank Community Holdings) has not changed. According to Poppy Bank CEO, Khalid Acheckzai,
There are thirteen banks named “First Community Bank” in the United States with 157 branch locations. As we expanded, we wanted to distinguish our excellent products and services from our competitors. Changing our name to “Poppy Bank” is unique and an exciting step forward on our road to continued success.
How the Poppy Savings Account Compare
When compared to the Savings accounts tracked by DepositAccounts.com requiring a similar minimum deposit and available in the Menlo Park/Milpitas area, Poppy Bank’s Poppy Savings APY currently ranks first, regardless of minimum balance requirement.
The above rates are accurate as of 9/5/2018.
To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.