Poppy Bank Offers Market-Leading Rate On 12-Month CD


Update 1/11/2022: Poppy Bank has ended its online application. They now require a branch visit for opening CDs.

Deal Summary: 12-month CD, 1.00% APY, $1k minimum deposit

Availability: Nationwide through online application Branch visit is now required.

Earlier this week, California-based Poppy Bank raised the rates on about half of its CD product line, with the 12-month CD (1.00% APY) having the most competitive rate. When I wrote about Poppy Bank’s long-term CDs in March, the online market area had been expanded statewide; the online market area now includes all 50 states.

Poppy Bank is offering a “uni-rate” on a portion of the product line, with the 12-, 18-, 24-, 36-, and 48-month CDs all earning 1.00% APY. The minimum opening deposit for any Poppy Bank CD is $1k, with no stated balance cap.

The CD Truth-in-Savings (TIS) disclosure is not listed on Poppy Bank’s website. CSR stated a copy of the TIS would be provided after account opening, which really doesn’t help when trying to do due diligence before opening a CD. According to CSR, the Early Withdrawal Penalties are as follows:

  • 90 days of interest – 9-month and 12-month CDs
  • 180 days of interest – 24-month CD
  • 365 days of interest – 36-month, 48-month, and 60-month CDs

Partial withdrawals are allowed, and earned dividends can be withdrawn penalty-free at any time.

Funding a CD can be done by ACH, wire transfer, or check. Maturing funds will be distributed through a check to the address on file, wire transfer, or deposited into a Poppy Bank savings or checking account. There is a seven day grace period before a CD automatically renews at the then-current rate.

Unlimited beneficiaries can be named (equal shares), with Social Security, date of birth, and full legal name required for each beneficiary.


Headquartered in Santa Rosa, California, Poppy Bank has expanded its market area and now offers its CDs to all US citizens and residents aliens through an online application. [ Update 1/11/2022: CDs now require a branch visit.] According to CSR, CDs cannot be opened as a business account or trust account.

CDs can also be opened at any of 18 California branches located in Alameda, Corte Madera, Costa Mesa, La Jolla, Los Angeles, Menlo Park, Milpitas, Napa, Petaluma, Pleasanton, Roseville, San Rafael, Santa Rosa (4), Walnut Creek, and Windsor.

Bank Overview

Poppy Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 6.72% (excellent), based on September 30, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $684.33 million, an excellent annual growth rate of 25.45%. Please refer to our financial overview of Poppy Bank (FDIC Certificate # 57903) for more details.

Originally known as First Community Bank, Poppy Bank was founded in 2005 by nine prominent San Francisco area business leaders. The Bank re-branded as Poppy Bank in November 2017 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.

The Bank’s footprint expanded into Southern California with the 2018 acquisition of Blue Gate Bank (Costa Mesa). Currently the 32nd largest bank headquartered in California, Poppy Bank has deposits in excess of $3.5 billion and more than 20,000 customer accounts.

How the 12-month CD Compares

When compared to the nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit, Poppy Bank’s 12-month CD APY currently ranks first.

The above information and rates are accurate as of 12/16/2021.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Los Angeles CD rates, San Francisco Bay CD rates, Sacramento CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
If anyone goes to the final stages on this offering, I’d love to see details posted of your experiences. When I saw this opportunity earlier today and I scoured the banks website for details (to no avail) I decided it wasn’t worth the effort. I was curious as to funding options as well as disbursement options upon maturity. Ken covered the funding alternatives, but upon maturity if I have to wait 7ish days for a mailed check (out of state customer) or there is an outgoing wire transaction fee it was probably not worth my efforts given that I suspect within 2-4 months there will likely be other, more online oriented banks offering similar deals.
Poppy Bank (CA) Offers Competitive Long-Term CDs Statewide
Deal Summary: CDs – 24-month (0.75% APY), 36-month (1.00% APY), 48-month (1.00% APY), 60-month (1.00% APY), $1k minimum deposit.

Availability: All California residents through online application.

Poppy Bank is currently offering competitive rates on its long-term CDs, all of which are available statewide. Of the four CDs listed below, the 36-month CD has the most competitive rate. The minimum opening deposit is $1k, with no stated balance cap.

The CD disclosure is listed on the penultimate page of the online application, which really doesn’t help anyone trying...

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Poppy Bank (CA) Offers Poppy Savings At Two Branches
Deal Summary: Poppy Savings, 2.50% APY, $10k minimum, guaranteed through December 31, 2019, checking requirement.

Availability: Offer in-branch at the Menlo Park and Milpitas locations only.

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.)

Poppy Savings

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Poppy Bank (CA) Ups 12-Month CD Rate
Deal Summary: 12-month CD (2.50% APY), 24-month CD (2.75% APY), $1k minimum deposit.

Availability: Market area is San Francisco Bay area.

About a month ago, Poppy Bank (formerly known as First Community Bank) added a 12-month and a 24-month CD, with fairly ho-hum rates. Following increases of 50 bps over the weekend, those rates are now quite competitive: 12-month CD (2.50% APY) and 24-month CD (2.75% APY). The minimum opening deposit is $1k, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty...

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