Popular Community Bank (PCB) is offering a promotional rate on its Optimum Money Market (1.26% APY), with a rate guarantee for six months from the account opening date. The minimum opening deposit is $10k, and a minimum average daily balance of $10k must be maintained to qualify for the promotional rate.
Popular Community Bank is also offering a 19-month CD (1.26% APY) as part of their “2 Choices – 1 Great Rate!” promotion, but the 19-month CD only ranks 20th when to compared to other similar length-of-term CDs available in New York.
Thank you to DA reader, Sperry8, for his Forum post on the Optimum Money Market Special.
Headquartered in New York City, Popular Community Bank has a market area that includes the greater New York Metropolitan area, Northern New Jersey, and South Florida, but the Optimum Money Market is only available to New York residents.
Popular Community Bank (FDIC Certificate # 34967) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.28% (excellent) based on March 31, 2016 data. In the past year, PCB has increased its total deposits by $539.35 million, an excellent annual growth rate of 11.11%. Please refer to our financial overview of Popular Community Bank for more details.
How the Optimum MMA Special Compares
The six month promotional rate guarantee makes a comparison to both CDs and Money Market Accounts appropriate. Therefore, when compared to all the 6-month CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New York residents, Popular Community Bank's Optimum Money Market Special promotional rate currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.26% APY||Optimum Money Market Special (6-month guarantee)||Popular Community Bank|
|1.10% APY||6-month CD||LOMTO Federal Credit Union|
|1.05% APY||6-Month My Term CD||MySavingsDirect|
When compared to the 308 Personal Money Markets tracked by DepositAccounts.com that are available to New York residents, Popular Community Bank's Optimum Money Market Special promotional rate currently ranks first, regardless of minimum deposit requirement.
|Interest Rate||Account Name||Credit Union/Bank|
|1.26% APY||Optimum Money Market Special ($10k min, 6-month guarantee)||Popular Community Bank|
|1.25% APY||Mega Money Market ($35k max)||All America Bank|
|1.11% APY||Yield Pledge Money Market ($150 max, 1-year guarantee)||EverBank|
The above rates are accurate as of 7/22/2016.