Popular Direct

Overview / Commentary
85 Broad Street
New York, NY 10004

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CD Rate Reductions - 1/31/2019

PD has reduced all of their 18 month and longer term CD's this week. Still near the top of available internet rates but the EWP as reported previously remains higher than average.

5 Year CD Rate Drops Again - 1/30/2019

5 year CD drops again, now 3.5% APY (was 3.55%)

1 Year CD Drops To 2.73% From 2.85% - 1/22/2019

This rate change appears today.

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Slick And Fast

I worked for a couple of weeks trying to buy a CD from an institution that was paying .05% higher than Popular Direct and finally gave up. I went to the Popular Direct website and within 24 hours, I had filled out the application, confirmed the two micro deposits with my linked bank and the CD was purchased. Really well done website. These folks have their act together. Yes, it's a minuscule 0.05% less in the two year CD rate but the absence of brain damage is worth it!

No Problems With Frozen Account Or Transferring Money

Posted by: susancar | Jun 21, 2018

Reading all these negative reviews about this bank ~ I panicked and tried to transfer $5,000 out a couple days ago. Just checked today and had no problems what so ever. I have had an account of some form with Popular Bank for a couple years now; I just keep opening up a new account when they offer better rates and transfer all but $500 until the old account has been opened 180 days to avoid the early withdraw fee... THAT is a pain, but I must say I have never encountered any issues and whenever I call customer service, I am satisfied with the service that I get. Their website isn't as sophisticated as others, but I keep getting the great interest rate which makes me stay.

A Bank That Just Can't Seem To Get It Right

Posted by: NYCDoug | Mar 30, 2019

It used to be that Banco Popular would post monthly interest on the 2nd of each month, while pretending it came in on the 1st (the date listed on your ledger). All other US banks I'm aware of give you your interest on the final day of the month, where it is clearly seen -- posted and received -- that very day, before the new month begins. (Sometimes posted earlier, on a Friday, if the month ends on a weekend.)

Now, Popular Direct has a new game afoot. They adjust your "available balance" upward, toward the end of the month, with your latest interest. (As in today -- a Saturday -- March 30th 2019.) But there is no indication in your activity ledger that any interest has actually been earned. Instead, in some seeming coverup, all prior running balances in your ledger are, unaccountably, also increased upwards by the same phantom interest amount . . . an amount you need to deduce yourself, if you've been keeping an independent tally (tracking your finances on a spreadsheet, Quicken, or even paper & pencil).

At least you get to see your interest early (once you figure it out). But with their strange system, I'm not sure this is an improvement; just another head-scratching annoyance. Those Puerto Rican programmers sure have peculiar banking practices -- not the most transparent!

Not Worth It

Posted by: Tegan | Mar 28, 2019

After emailing directions to break a cd and transfer the balance to an external account, I received a polite email letting me know they'd take care of it. Two days later I logged in to find the account hadn't been closed and there was now an Inactivity Notice attached to it. - Called and the CSR had to talk to her supervisor in order to break this cd. --Just want to add the cd's closed, but the inactivity notice is still showing on my account page. I have no idea how to get rid of it.



Health Grade Components

FDIC Certificate #34967
Year Established1999
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.73%
Return on Equity - YTD4.1%
Annual Interest Income$390.4MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$9.38B$9.17B
LoansQ4 2018vs Q4 2017$6.56B$6.14B
DepositsQ4 2018vs Q4 2017$6.98B$6.69B
Equity CapitalQ4 2018vs Q4 2017$1.71B$1.66B
Loan Loss AllowanceQ4 2018vs Q4 2017$62.2MM$72.1MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$113.6MM$133.1MM
Real Estate OwnedQ4 2018vs Q4 2017$2.6MM$2.0MM
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Popular Direct Savings Account Rates

2.36%$5k-Popular Direct Plus Savings Account

Popular Direct CD Rates

3.00%$10k-5 Year Popular Direct CD
2.90%$10k-4 Year Popular Direct CD
2.85%$10k-3 Year Popular Direct CD
2.70%$10k-2 Year Popular Direct CD
2.67%$10k-18 Month Popular Direct CD
2.60%$10k-1 Year Popular Direct CD
2.40%$10k-6 Month Popular Direct CD
2.05%$10k-3 Month Popular Direct CD

Popular Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 85 Broad Street - New York, NY 10004

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