Poppy Bank Adds Nationally Available Premier Online Savings Account

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Update 1/5/2024: The guarantee period for new accounts has been reduced from 180 days to 90 days.

Deal Summary: Premier Online Savings, 5.50% APY, $1k minimum deposit, rate guaranteed for three months, online opening only.

Availability: Nationwide through online application

California-based Poppy Bank is ending the year with a new and rate-leading savings account. The recently unveiled Premier Online Savings earns 5.50% APY that is “guaranteed for ninety (90) days from the date the account is opened.” A Premier Online Savings can be opened with a $1k minimum deposit and a minimum $1k balance must be maintained to earn the 5.50% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.50%$1k-Poppy BankPremier Online Savings - Rate guaranteed for 3 Months
Rates as of February 27, 2024.

Premier Online Savings Ins and Outs

While the Poppy Bank website has an FAQs section, it’s not comprehensive. There is a Terms and Conditions disclosure for the Premier Online Savings that is only available when you open an account, which is not very helpful for doing due diligence. The following information was obtained from an email and a conversation with a couple of bank branch officials. (FYI – the Call Center personnel only had access to information available on the website.)

  • Premier Online Savings can be opened as an individual or joint account, but not as a business or trust account.
  • $1k minimum daily balance required to earned stated APY.
  • Initial funding can only be done through Plaid and is limited to $10 million.
  • No debit or ATM card is available. Up to six fee-free monthly withdrawals can be made using the Poppy Bank online banking platform. There is a $5 fee per withdrawal in excess of the six monthly withdrawals.
  • There is no monthly maintenance fee, but there is a $5 monthly paper statement fee if you choose not to receive electronic statements.
  • ACH deposits and withdrawals can be initiated from an external bank account.
  • ACH transfers initiated from Poppy Bank are limited to $10k per day and $30k per rolling 30 days (no limit as to the number of external accounts that can be linked.)
  • Hold times for ACH transfers are 1-2 business days.

Availability and Account Opening

Headquartered in Santa Rosa, California, Poppy Bank has a brick-and-mortar presence in Northern and Southern California, but currently offers the Premier Online Savings on a nationwide basis to U.S. citizens and residents aliens (18 years or older) who have a valid Social Security number.

Opening a Premier Online Savings can only be opened online. Although Poppy Bank has 16 Northern California and four Southern California branches, the 5.50% APY is only available when opening a Premier Online Savings online.

Bank Overview

Poppy Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 5.21% (excellent), based on September 30, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $242.31 million, an excellent annual growth rate of 7.19%. 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 brick-and mortar presence expanded into Southern California with the 2018 acquisition of Blue Gate Bank (Costa Mesa). Currently the 20th largest bank headquartered in California, Poppy Bank has assets in excess of $5.7 billion and nearly 30,000 customer accounts.

How the Premier Online Savings Compare

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, no bank or credit union have a higher rate than currently offered on the Poppy Bank Premier Online Savings.

The above information and rates are accurate as of 12/28/2023.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

Related Pages: Los Angeles savings accounts, San Francisco Bay savings accounts, Sacramento savings accounts, savings accounts, nationwide deals

Comments
Rickny
  |     |   Comment #1
I had a problem whenI got to the finding step. Called and was put on hold and dropped. Called again and left message. No callback but they are on CA. Sent secure message last night. Waiting for reply.
  I was advised when I 1st called the account was created.  I was able to set up on line banking  and started linking external accounts
midas89
  |     |   Comment #2
Thank you, Ken, for yet again providing so many details to help all of us have so much relevant information.

Frustrating that Poppycock Bank has such a low $30,000 monthly ACH transfer limit when transfers are initiated at Poppy, even though it is mitigated by the fact a high-limit external bank can be used to do all the transfers. And frustrating that Poopy Bank is still enforcing only 6 withdrawals per month and will charge $5 for every transaction over 6 withdrawals monthly.
gark
  |     |   Comment #33
They also don't allow you to add any beneficiaries to the online savings account as stated on their FAQs page.
BBor
  |     |   Comment #44
The bank didn't allow me to add more than $25,000 ($10,000+10,000+5,000). Than I called the bank, CSR stated that monthly transfer limit is $25,000. Not $30,000.
eaaamino
  |     |   Comment #3
Do they pull chex?
Rickny
  |     |   Comment #4
I think no ChexSystems. When I run into a bank that has limits on $ amounts and/or limit on withdrawals, I just pull from the outside accounts. I also have other savings accounts and my Chase checking account. Got email today verifying account opening, waiting for micro deposits to verify external accounts to fund.
IGR
  |     |   Comment #6
it appears, Yes
Tee
  |     |   Comment #5
Thanks Ken I just opened with no problems it's a nice six month rate @ 5.50% APY
fp
  |     |   Comment #7
YIKES ! Major issues with external transfers originating from your bank ! At first Poppy was using Plaid for their initail transfer but now they are using the 2 small deposits. PLAID did NOT work. We tried 6 different external banks and NONE were successful ! Not sure these folks are ready for prime time. Is it working for you ?
111
  |     |   Comment #8
Sorry, I couldn't resist. It seems that 'Poppy" got a little bit "sloppy".

https://www.youtube.com/watch?v=M2Aqpk-avec
midas89
  |     |   Comment #9
@111: After "Poppy" (I know in the show "Seinfeld" his name is spelled "Poppie") was released from prison, he found the easiest option for him to make money again was to become a male adult film star. His first starring role was in the adult film called "Poppycock"

Coincidentally, in the "Poppycock" adult movie, Poppie also leaves stains on sofa cushions.

In an interview, when Poppie was asked about his former restaurant business, Poppie replied that he doesn't ever want to talk about it since he has washed his hands of the whole debacle.
111
  |     |   Comment #10
@midas - OK man, you truly had to take this to an even darker place? (Not that I'm really complaining, BTW!)

Incidentally, I wonder if Powell has completely "washed his hands" of the rate hikes by now? Hard to know.
payitforward
  |     |   Comment #11
I reside in Calif. and have been a Poppy Bank customer for about 18 mos. There are no ACH limits, in or out, when initiated from an external FI.
fp
  |     |   Comment #12
Thats great but I have NOT been able to initiate any transfers to Poppy Bank after trying 6 different banks in this new account.

Poppy is a little sloppy with new accounts !
me1004
  |     |   Comment #14
fp, your initial psot suggested you were using Plaid. At least, that was the only one you named as who you were using. I believe payforward is talking of not using Plaid or other thrid party, instead setting up an ACH link to your Poppy account from your external source, and then initiating from that external source.
fp
  |     |   Comment #16
No go, CEO office called me today and said no out of state transfers from your banks into Poppy, what a joke!
me1004
  |     |   Comment #20
You know, over the years, I have heard even the CEOs not knowing how they operate. Not often, but it happens. That sounds very strange -- very. But did he/she indicate they will let people out of state open the account, They just can't deposit that way?

You might want to test it by using your external, out of state finanical institution to set up the link between that one and Poppy -- it should make one or two deposits and withdrawals to establish the link. If that works, then clearly they do take out of state transfers. And no problem for you testing like that. If it works, try a larger amount of your own to transfer to Poppy.

Oh, wait, I see your msg below, they said walk-ins only. I know that is not so, I have an account there, I don't have to walk in. And now I remember, I have my account there linked to a CU out of state, based in Chicago. I don't recall if I've actually made an ACH transfer other than the set-up process.
Carpline
  |     |   Comment #21
Why would the CEO's office be calling you concerning out-of-state transfers?
fp
  |     |   Comment #22
"Why would the CEO's office be calling you concerning out-of-state transfers?"

Because I went there to get answers as to why my 6 banks could not be set up to transfer in and out of Poppy. All I know is I do not trust them based on what I was told. Rate is great but having no control of moving money in or out is unacceptable.
Rickny
  |     |   Comment #13
Verified micro deposits sent to Chase. I could not pull in 50k initiated at Poppy. Got error message over limit. I did 10k and worked. I also linked ACH via Chase to Poppy and was able to deposit the other 35k but since it is my 1st ACH from Chase to Poppy it's in "Pending Review " so Chase will contact me to verify the transaction.
ACH transfers initiated from Poppy Bank are limited to $10k per day and $30k per rolling 30 days (no limit as to the number of external accounts that can be linked.) Hold times for ACH transfers are 1-2 business days
fp
  |     |   Comment #15
Was told by the CEO's office today NO using my 6 other banks to transfer money into Poppy Bank ! There system does not allow it for out of state customers due to fraud, walk ins only. What a gigantic waste of time !

The worst online banking experience ever!
fp
  |     |   Comment #17
Rickny, please send me a pm, curious if you were able to complete/initiate a transfer from Chase to Poppy. I tried and it was a no go, CEO office states none of your existing banks can transfer into Poppy, only Poppy can initiate a transfer with $10k daily limit/$30k max per month
Rickny
  |     |   Comment #18
fp The transfer is in a pending status  after I did a verbal verification  with Chase.. Transfer is scheduled for  1/2/2024. Not happy with Poppy what you posted. I'll let you know how it goes on Tuesday.
mimuna
  |     |   Comment #19
I had a seamless experience opening the Premier Online Savings account at Poppy Bank. The Plaid verification worked fine for Popular Direct during the application process, and the next business day my ACH transfer (over $100k, so it seems setting a large funding amount in the application funding was a good bet since apparently the typical ACH transfer limits are low) was pulled from Popular Direct and credited to Poppy Bank.
Rickny
  |     |   Comment #23
My 35k transfer initiated from Chase is in my Poppy account now.
Tee
  |     |   Comment #24
My transfer initiated from my outside bank is now in my Poppy account also so I am now happy...
fp
  |     |   Comment #25
Well, glad to hear, I guess Poppy does not like my money so I am out !
Tee
  |     |   Comment #26
Rickny & I were able to link our Poppy Bank Account from our external banks with verifying trial deposits so we wonder why u are having this problem?
fp
  |     |   Comment #27
Happy that it is working for you. Just filed a federal complaint against Poppy Bank so will see where that goes.

It might have something to do with Plaid not working then they switched to the 2 trial deposits.
Also, for you folks wondering about why initiating an external transfer from my banks is important:

1. One of my Banks has free same day ACH with no transfer limits and no holds, this is superior to most banks.

2. No $10K a day/$30K per mo. transfer limit baloney
Rickny
  |     |   Comment #28
fp Plaid did not work for me for the initial funding. I was able to create on line access at Poppy. Within on line access I was able to get my account number and routing number. I was then able to link accounts both ways.

I did a pull from Poppy from Chase for $500. The money was posted in Poppy within hours.
Tee
  |     |   Comment #29
What bank is it that does free same day ACH with no transfer limits and no holds?
ionwawa
  |     |   Comment #35
fp will you tell me which bank has same day ach? thank you.
ionwawa
  |     |   Comment #36
will you let me know which of your bank has same day ACH?
Tee
  |     |   Comment #37
Marcus.com same-day ACH transfers $100,000.00 or less through Marcus.com as long as you initiate the transfer by NOON eastern on a business day...
midas89
  |     |   Comment #38
@ionwawa I am skeptical of the accuracy of @fp's statement that he or she is getting ALL 3 of the things stated (no hold times for money pulled in via ACH, an unlimited monetary amount when it comes to ACH transfers in or out, and Same-Day ACH delivery in or out.)

My guess is that @fp indeed has no hold time and same-day ACH, but the monetary amount might not be unlimited. It might be a very high monetary transfer amount, so for him personally, that might be same as unlimited. (Of course, I could be wrong, and if @fp does indeed have a bank offering all 3 things combined, I will apologize in advance.)
enduser
  |     |   Comment #30
Opened account within minutes yesterday, Plaid pushed in the $1000 initial deposit by this morning. I started the linking process from other F.I.'s to poopy. None would link instantly so I have to wait for the micro deposits to post.

I'm going to wire funds from newtek (5.25% APY) to poopy (5.50% APY) since that is the fastest way for me to fully fund poopy. Newtek offers free wires as long as they are over $25k, and have an existing link to the external F.I. funds are going to.

Poopy uses the exact same user interface that bask bank does. Make sure you sign up for and activate paperless statements or you will be hit with a monthly $5 fee. Paperless does not appear to be automatic or the default option. I'm treating poopy as a 6 month CD. I don't expect them to be rate leaders after this offer guarantee is over in 180 days.
midas89
  |     |   Comment #31
My pippy pappy was peppy until he had a bad experience at Poppy, which negatively affected his digestive system, so now he is poopy.
Tee
  |     |   Comment #39
I agree it is a six month cd nothing more nothing less...
gark
  |     |   Comment #32
Big problem is that their FAQ page states that beneficiaries cannot be added to the account
Tee
  |     |   Comment #34
I agree NO beneficiaries can be added as of this time and date...
Rickny
  |     |   Comment #41
Elements had a guarantee on a savings account. Tge day the guarantee ended the rate dropped from 2.3% to .3%. I expect something similar will happen here.
Tee
  |     |   Comment #42
I agree Rickny 100%
midas89
  |     |   Comment #40
Thanks to @ichaelm for first reporting that Poppy has shortened the 5.50% APY rate guarantee down to 3 months for anyone who has not yet already signed up and received the first-offered 6-month rate guarantee.
fdic
  |     |   Comment #43
Well, my mistake, I had forgotten that I had put a freeze on my Chex systems in early 2023.
During the app, it said someone will contact you. Of course, no contact. When I chased them for a few days, they said that someting froze during my app. I said maybe my Chex is frozen and she said no their own internet froze and they just need to do the check again. But after a while, thinking about it, it didnt make much sense. So next day I checked my Chex and it was indeed frozen. So I thawed it on Friday. Today I chased them again and this time they admitted yes the report was frozen and not their "internet". Then she runs it again and says that it is still frozen. Other than Chex , my Experian was frozen too but I had thawed it just before she ran. They won't tell me (or they themselves dont know) which ones they run.

Any clues as to what might be going on? She said she will try once again in the morning and if she gets the same result, then deny it. What a pain this is..
jrcinMich
  |     |   Comment #45
on 2/19/24-btw-I called & was informed that they do not allow any POD or ITF accts-no beneficiaries allowed; ONLY can be individual or joint acct
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