Poppy Bank (CA) Offers Poppy Savings At Two Branches

POSTED ON WEDNESDAY, SEPTEMBER 5, 2018 BY Ken Tumin

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

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.

Poppy Checking

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!

Availability

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.”

Bank Overview

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 43^rd 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.

Comments

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13 Comments.

deplorable 1 | Sep 5, 2018 | Comment #1

That is a outstanding deal! Hopefully we will see some nationwide savings rates at 2.5% soon.

RJM | Sep 5, 2018 | Comment #4

Its a yawner if you ask me. Its a hybrid savings with a required reward checking account.

checking requirement ...$10 monthly service fee will be waived with either a monthly $500 direct deposit or 10 monthly debit card transactions.

Too much work for an extra .25%.

deplorable 1 | Sep 6, 2018 | Comment #6

I guess it all depends on how easily you could set up a direct deposit and/or what counts as a direct deposit. Some banks simply require a monthly ACH transfer while others are more restrictive. Yeah I don't like hoops either but I would do this deal with the DD requirements if I lived in the area. I predict AllAmerica/Redneck will be @ 2.25% sometime after the next FED hike judging from recent history.

RJM | Sep 6, 2018 | Comment #8

Heritage Banks reward checking pays 3.35% on $25k.

+1.10% versus .25%. And only ONE account required.

deplorable 1 | Sep 6, 2018 | Comment #9

Rewards checking accounts require debit card hoops though and not just direct deposit which is a big deal killer for those of us who use rewards credit cards exclusively. Not to mention low caps and the time involved for the debit card hoops.

RJM | Sep 6, 2018 | Comment #10

I can't do a real direct deposit (only ACH) and the 10 transactions used to be fairly quick for me at a local shell station. (Until they went to chip readers outside and that station has either blocked me or there is an issue with my chip?)

In any event, ten $1 billpays is not difficult at all and I only forgo .20 in CC cashback per month. Right now I have THREE RCAs but 2 are obsolete now and I will stop using them at year end unless they bump their rates. And the 3rd will probably be also by March.
The 2 worst RCAs pay 3% and 3.05% which is a half point over Poppys poor deal.

Anonymous | Sep 5, 2018 | Comment #2

The 2.50% rate is great, the required checking with either direct deposit or 10 debit transactions is not! I've had it with hoops to jump through.

Att | Sep 5, 2018 | Comment #3

And what happens to the rate 1/1/19?

CTM | Sep 5, 2018 | Comment #5

You mean 1/1/20.

Just as information, not a prediction, when Poppy merged with Blue Gate, they left the terms and conditions of the savings account / checking account package unchanged and extended the guarantee period.

larry | Sep 6, 2018 | Comment #7

Anybody want to speculate that DA reader is probably the "branch manager" of either bank? One thing is for sure, the 2.50% APY is better than Northern by 25 basis points. If I was still in NorCal I would do this deal for sure, but I'm not so Bon Voyage!

Uclandrew | Sep 21, 2018 | Comment #11

Set this account up at the Milpitas location, it was a surprise to me that it was located inside of a safeway, had a hard time finding it. Took me all of 30 minutes to setup checking and savings account both are required. Deposited money on the spot. Staff was very friendly and answered all of my questions. They also helped me setup online banking. Creating password and verification questions were super easy and no hold ups...online user interface is simple yet straightforward. Decided not to do direct deposit because the deposit has to be made the same date every month and if your deposit day is later then you drop down to the lowest tier interest at something ridiculous like .01% . Set up a $500 recurring ach transfer from an external account. Done! Interest compounds daily and is paid monthly with no penalties for closing the account in the future when cd rates hit 4-5% Too much work?

Mona G | Sep 21, 2018 | Comment #12

Are you sure the interest compounds DAILY?

And is paid MONTHLY?

Very interesting, if, in fact, true. Thanks in advance.

Uclandrew | Sep 22, 2018 | Comment #13

Hi Mona, that is what the CSR told me, it’s in my paperwork somewhere. I just closed a CD at CIT bank and they had the same setup, I didn’t see the interest post to the account until the end of the month unlike Ally bank which showed the balance going up in my account daily, not sure why they do that your guess is as good as mine. Cheers!