I have investments in a CD and Ultimate Savings Account with Popular and all has gone well. But then again, I read the conditions of the Ultimate Savings Account and understood how it worked before I plunked my money down.
So many of the complaining customers act so outraged when the bank treats their account exactly like they said they would - - in writing.
Yesterday I did a transfer from Popular to my external account and it was there this morning.
Yes, rates in a savings account can go down. That's the nature of a savings account. If you don't want that to happen, buy a CD.
The representatives on the phone have always been responsive and polite to me, likely because I'm polite with them. Try it.
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.
Take a look at the very fine print on the account agreement before you do business with this bank. When you close your account, they DO NOT accrue interest to the closing date. That can get expensive if you don't pay attention.
I had 2 savings accounts with Popular Bank for last few years. I closed them mid month and was told that I forfeited my accrued interest. Their terms and conditions states that interest is accrued daily and post end of month. There is a very, very tiny footnote that state I lose the interest if I close accounts before they post the interest. It took me at least 10 minutes talking to the customer rep to find the footnote.
I believe this is deceitful. Otherwise it would have been in the main body of the document instead of an extremely tiny footnote.
I deal with over 20 banks and not one keeps my accrued interest! I believe Popular Bank is dishonest. I will never use them again.
Overall | |
---|---|
FDIC Certificate # | 34967 |
Year Established | 1999 |
Employees | 688 |
Primary Regulator | FED |
Profit Margin | |
---|---|
Return on Assets - YTD | -0.01% |
Return on Equity - YTD | -0.04% |
Annual Interest Income | $385.1MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2020vs Q4 2019 | $10.26B$10.06B |
Loans | Q4 2020vs Q4 2019 | $7.66B$7.18B |
Deposits | Q4 2020vs Q4 2019 | $7.77B$7.63B |
Equity Capital | Q4 2020vs Q4 2019 | $1.81B$1.82B |
Loan Loss Allowance | Q4 2020vs Q4 2019 | $156.5MM$45.1MM |
Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $38.7MM$45.8MM |
Real Estate Owned | Q4 2020vs Q4 2019 | $1.6MM$2.1MM |
Always verify rates and promotions with the bank or credit union. We are not Popular Direct; we are a rate comparison website and cannot provide official rates or promotions.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.55% | - | - | Popular Direct Select Savings |
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