Popular Direct
Written by Jessica Merritt | Edited by Ali Cybulski | Updated on 05/19/2025
Popular Direct is an online subsidiary of Popular Bank, which is part of Popular Inc., a financial services provider founded in 1893. Popular Inc. is a financial services provider with operations in the U.S., Puerto Rico and the Caribbean.
You will find only a high-yield savings account and certificates of deposit (CDs) from Popular Direct. The online bank focuses on great rates, banking on the go and robust customer support, according to its website.
- High-yield savings: This account requires only a $100 minimum deposit, much lower than a CD. It has no monthly service fee but a $10 fee per overdraft, with no more than three charges each business day. The Federal Deposit Insurance Corp. (FDIC) will insure your money for the standard coverage limit of up to $250,000 per account ownership category.
- CDs: Deposit your money into a CD for a fixed amount of time, and the bank guarantees a fixed interest rate. Popular Direct requires a steep minimum deposit of $10,000 to open a CD; most CD minimums range from $500 to $2,500, and some may have no minimums. CDs are available in a variety of short and long terms. Penalties apply if you take cash out of your CD before its maturity date.
Online and mobile banking:
Create a user ID for online banking, which allows you to set up account notifications, review statements, and transfer funds between external accounts. Download the Popular Direct mobile banking app in either the Apple or Google app stores. Use the app to transfer funds between internal accounts, check account balances and deposit funds remotely.Customer support:
You can reach the bank by phone or send a secure message through online banking. Call 800-274-5696 from 7:30 a.m. to midnight Eastern time Monday through Friday and from 9 a.m. to 6 p.m. ET Saturday and Sunday. You can also find answers to common questions on the Popular Direct website.
PROS
• Boasts high annual percentage yields (APYs) on savings accounts and many CDs
• Calls for low minimum deposit to open high-yield savings account
• Provides a wide range of CD terms
CONS
• Requires steep $10,000 minimum deposit for all CDs
• Offers a limited product selection
• Operates only online, with no physical branches
Good Experience
I took out their 3 month CD which recently matured. Great customer service they've got you covered.
I didn't even bother with their app or online banking when I was with them.
Just set it and forget it. Popular will shoot you an email and/or contact you telephonically a month before the CD matures as a reminder to act within a 10 day grace period which I did. Popular D had my funds back into the account I funded with in two days. An overall smooth experience.
Rolled My CD
My 6 month CD matured today so I phoned in as directed to tell them to send the matured CD funds to a linked funding account. I spoke with a male CS rep with a distinct negro voice who said he would make notation on the matured CD to send these funds to my funding account but from the site it appears these matured funds were instead rolled into another 6 month CD. What gives?? Do I have to fight with Popular Direct to have my money sent to where I directed them to go on account of someone’s backwardness?? I thought these guys were hired for their servant mentality and could get instructions right .
Only One External Account
The biggest drawback of their savings account is that they allow only one external account to be linked and even if you attempt to withdraw money by initiating eternally, it will reject if not initiated from that one external account. You can't change that external account for 60 days and when you finally do, you can't change the new external account for another 60 days. And so on.
AWFUL And A Complete Waste Of Time
Alli I want to do is change the phone number associated with my account so that I can have access to my money. TWO hours on the phone with them telling me that Experian is denying access for them to give me a security code which is nonsense. I Have Aura, a credit protection app, and have the ability to lock and unlock credit file at will. I've spoken directly with Experian and there is NO LOCK on my credit file with them so, what the hell is going on? Popular Direct tells me that I need to mail them a copy of my photo ID, more nonsense and inconvenience to me. Why can't Popular Direct get approval from Experian when there is no lock on my credit file???? DO NOT USE THIS BANK for ANYTHING. HUGE WASTE OF TIME.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34967 |
| Year Established | 1999 |
| Employees | 852 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.41% |
| Return on Equity - YTD | 2.97% |
| Annual Interest Income | $186.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $14.53B$13.69B |
| Loans | Q1 2025vs Q1 2024 | $11.05B$10.39B |
| Deposits | Q1 2025vs Q1 2024 | $11.95B$11.27B |
| Equity Capital | Q1 2025vs Q1 2024 | $2.01B$1.91B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $85.9MM$95.2MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $51.6MM$54.1MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $71K$324K |