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.
I was happy with the Popular savings account for a couple of years. Then I noticed Popular had a new savings account with a slightly different name paying more than my "Ultimate" savings account.
I called them and asked why I wasn't receiving the new higher yield and the agent said the only way to do that was to close out my Ultimate account and start a new account under the new name.
I closed the account and moved it to an institution paying more. If management wanted to alienate existing customers, this is a way to do it.
Buyer beware-- classic bait and switch. I signed up for a savings account two years ago when the Fed rate was at an all time low. They paid 2% which was great. Last week I realized that they were only paying me 0.4% for the same money in the same account. When I contacted customer service I was told that I needed to request to change to another savings account-- i.e. one with a different name. So why when I had the maximum rate account they offered did that same account change to a mediocre rate account? I should have checked more often. BEWARE
Customer service online and on the phone was a B+grade.
Also if you want to close your account-- you first have to transfer the money out to achieve a zero balance. THEN YOU HAVE TO CALL THE BANK BEFORE THE END OF THE MONTH TO finish closing the account or you will RACK UP FEES... When I took my balance to zero online today the online webpage gave me no warning of the need to make a call to finalize the closing... There is no way to close the account online only! This is for an "online bank." THEY SHOULD INFORM YOU ONLINE WHEN YOU TAKE TRANSFER OUT $ to take your account to zero that you have NOT CLOSED YOUR ACCOUNT...
|FDIC Certificate #||34967|
|Return on Assets - YTD||1.04%|
|Return on Equity - YTD||5.89%|
|Annual Interest Income||$199.0MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$10.82B$10.20B|
|Loans||Q2 2022vs Q2 2021||$8.79B$7.80B|
|Deposits||Q2 2022vs Q2 2021||$8.48B$7.74B|
|Equity Capital||Q2 2022vs Q2 2021||$1.85B$1.86B|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$101.2MM$123.9MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$31.6MM$36.1MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$1.5MM$1.5MM|
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|
|3.35%||-||-||High Rise Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|4.55%||$10k||-||36 Month Popular Direct CD|
|4.50%||$10k||-||24 Month Popular Direct CD|
|4.50%||$10k||-||60 Month Popular Direct CD|
|4.47%||$10k||-||18 Month Popular Direct CD|
|4.47%||$10k||-||48 Month Popular Direct CD|
|4.45%||$10k||-||12 Month Popular Direct CD|
|4.15%||$10k||-||6 Month Popular Direct CD|
|3.05%||$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