Popular Direct's Short-Term CDs Enjoy Top Rates

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Deal Summary: Popular Direct CDs: 6-Month (1.40% APY), 1-year (1.55% APY), 18-month (1.70% APY), $10k minimum.

Availability: Nationwide (internet bank)

In the last six months, I’ve written four separate blog posts about Popular Direct’s longer term Popular Direct CDs. Now it’s the shorter-term CDs turn. At the end of last week, Popular Direct raised the rates on its 6-Month Popular Direct CD (1.40% APY), 1-year Popular Direct CD (1.55% APY), and 18-month Popular Direct CD (1.70% APY). The minimum opening deposit for any Popular Direct CD is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.70%$10k-Popular Direct18 Month Popular Direct CD
1.55%$10k-Popular Direct1 Year Popular Direct CD
1.00%$10k-Popular Direct6 Month Popular Direct CD
Accounts mentioned in this post. Rates as of August 21, 2017.

As stated on the CD Disclosure page, the Early Withdrawal Penalty (EWP) reads as follows:

For terms equal to or greater than 91 days but less than 12 months, the fee is 120 days simple interest.

For terms equal to or greater than 12 months but less than 36 months, the fee is 270 days simple interest.

Availability

As an online division of Banco Popular North American, Popular Direct’s website states,

All Popular Direct deposit products are offered by, and will be opened through, Banco Popular North America (BPNA). BPNA is a Member FDIC institution and a New York state chartered bank.

Opening any type of account, including Popular Direct CDs, must be done online.

Bank Overview

Popular Direct/BPNA has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.70% (excellent) based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by 971.84 million, an excellent annual growth rate of 19.57%. Please refer to our financial overview of Popular Direct/BPNA (FDIC Certificate # 28934) for more details.

BPNA was also the holding institution for E-LOAN, but on May 15, 2017, all E-LOAN deposit products became Popular Direct products. BPNA is currently the 13th largest bank headquartered in New York, with assets in excess of $8.83 billion and more than 243,000 customer accounts.

Note: Earlier in June, The New York Times ran an article about Santander’s takeover of the failed Spanish bank, Banco Popular. The similarity in names caused a DA reader to express some concern about BPNA. To quote myself from a Forum post,

Popular Direct is a division of Banco Popular North America, which is a subsidiary of the Puerto Rico-based bank holding company, Popular, Inc. I can find no connections between Popular, Inc. and the Spanish Banco Popular.

How the CDs Compare

When compared to the 190 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Popular Direct’s 6-month CD APY currently ranks second, regardless of minimum deposit.

When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Popular Direct’s 1-year CD APY currently ranks first, regardless of minimum deposit.

When compared to the 150 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Popular Direct’s 18-month CD APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 7/3/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: New York CD rates, Miami CD rates, 1-year CD rates, nationwide deals, Internet banks

Comments
Anonymous
Anonymous   |     |   Comment #1
A difficult bank to deal with. After you apply you are supposed to receive a "welcome package" within 10 business days. I did not receive mine and had to follow up numerous time and finally received it via email. You cannot speak to customer service or the new account department without going through several security questions. There is no POD entry on the application. It is entered on the signature card - call for instructions. Requires SS#. Lots of questions, many of which I chose not to answer.
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Popular Direct Raises 2-Year CD Rate
Comments
POSTED ON TUESDAY, JUNE 27, 2017 BY KEN TUMIN
Deal Summary: 2-Year Popular Direct CD (1.80% APY), 5-year Popular Direct CD (2.35% APY), $10k minimum

Availability: Nationwide (internet bank)

In a May Forum post, I noted a rate increase for Popular Direct’s 2-year and 5-year Popular Direct CDs. While there has been no additional increase for the 5-year CD (currently 2.35% APY), ten more bps were added last week to the 2-year CD (1.80% APY). The minimum opening deposit for any Popular Direct CD is $10k, with no stated balance cap.

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Popular Direct (Internet Bank) Ups 3-Year CD Rate
Comments (3)
POSTED ON MONDAY, MARCH 27, 2017 BY KEN TUMIN

Deal Summary: 3-Year Popular Direct CD, 1.90% APY, $10k minimum

Availability: Nationwide, internet bank

It’s been almost nine months since Banco Popular North America introduced its newest internet division, Popular Direct. At the end of last week, Popular Direct raised the rates on its long-term CDs, with the 3-year Popular Direct CD being the most competitive. The minimum opening deposit for any Popular Direct CD is $10k, with no stated balance cap.

Since August 2016, there have been four rate increases for the 3-year CD,...

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Popular Direct’s 5-Year CD - Rate Leader for Internet Banks
Comments (3)
POSTED ON FRIDAY, JANUARY 6, 2017 BY KEN TUMIN
Availability: Nationwide, internet bank

In late December, Popular Direct increased its 5-year CD rate by 20 basis points to 2.25% APY. The last time Popular Direct had significant CD rate hikes was in early November. I decided to wait for the resolution of the CD rate listing issue that occurred in December before reporting on this 5-year CD. Popular Direct is now listing correct interest rates and APYs on its website. This 5-year CD has an interest rate of 2.226%. The interest is compounded daily resulting in a 2.25% APY....

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Popular Direct (Internet Bank) Raises CD Rates
Comments (8)
POSTED ON MONDAY, NOVEMBER 14, 2016 BY KEN TUMIN

Update: Popular Direct has corrected its CD rate table, and the interest rates and APYs are now consistent. In addition, Popular Direct raised its 5-year CD rate (2.25% APY).

Availability: Nationwide, internet bank

In early August, Banco Popular North America introduced its new internet bank, Popular Direct. At that time, I wrote about the new Popular Direct Savings account, which continues to earn 1.26% APY on deposits of $5k+.

At the end of last week, Popular Direct raised the rates on several CDs, with the 18-month. 2-year, and...

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Popular Direct (New Internet Bank) Debuts 1.26% Savings Account
Comments (59)
POSTED ON FRIDAY, AUGUST 5, 2016 BY KEN TUMIN

UPDATE 8/9/2016: According to CSR, all deposits ($5k minimum) earn 1.26% APY at this time.

Availability: Nationwide

I frequently have the opportunity to introduce DA readers to new products, specials, and rate increases. This is one of the rare occasions when I can introduce a new financial institution: Popular Direct, a new internet bank under the aegis of Banco Popular North America.

Popular Direct is offering a variety of CDs (which I will discuss in a separate blog post), and the Popular Direct Savings account, which according to all...

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