Popular Direct Ups Plus Savings Rate

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Deal Summary: Popular Direct Plus Savings, 2.00% APY, $5k minimum. Popular Direct CDs – 1-year (2.50% APY), 2-year (2.95% APY), 3-year (3.00% APY), 4-year (3.05% APY), and 5-year (3.25% APY), $10k minimum deposit.

Availability: Nationwide (internet bank)

Yesterday, I addressed the issue of Popular Direct’s recent, and decidedly unpopular, 60 day account freeze in a blog post. You may want to read that post before you continue reading this blog post. Here are the opening sentences to help you decide if you think should read about the new policy.

Popular Direct has a new policy that prevents new customers from accessing money in their accounts for 60 days. This is an account freeze that prevents customers from withdrawing their funds, either by Popular Direct’s ACH transfer service or by ACH transfer services of other banks.

Welcome back.

In mid-May, Popular Direct discontinued its Exclusive Savings account after only being part of the product line for five months. In its stead, Popular Direct brought back its Plus Savings Account, which earned 1.85% APY at the time. As of yesterday, the Plus Savings Account now earns 2.00% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$5k-Popular DirectPopular Direct Plus Savings Account
Rates as of September 18, 2018.

The Account Disclosure for the Plus Savings Account states that,

  • Minimum opening deposit is $5k
  • $4 monthly service fee if the balance on any day is below $500.
  • $25 early closing fee if account is closed within 180 days of opening.
  • $5 monthly dormancy fee if there has been no activity for 12 months.
  • Withdrawals only allowed via an external account, internal transfer to another Popular Direct account, or ACH.
  • $5 fee for each additional debit exceeding the limit of six per statement cycle.
  • Deposits only allowed via an external account, internal transfers to another Popular Direct account, ACH, or Popular Direct mobile app.

Popular Direct CDs

In addition to raising the Plus Savings Account APY, Popular Direct raised the rates on most of its CDs. With increases between 10-25 bps, several of Popular Direct CD APYs now rank in the top three for nationally available CDs. The minimum deposit for the CD is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.25%$10k-Popular Direct5 Year Popular Direct CD
3.05%$10k-Popular Direct4 Year Popular Direct CD
3.00%$10k-Popular Direct3 Year Popular Direct CD
2.95%$10k-Popular Direct2 Year Popular Direct CD
2.50%$10k-Popular Direct1 Year Popular Direct CD
Rates as of September 18, 2018.

A significant issue with Popular Direct CDs is the harsh Early Withdrawal Penalty (EWP). As stated on the CD Disclosure page, the EWP reads as follows:

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

For terms equal to or greater than 36 months but less
than 60 months, the fee is 365 days simple interest.

For terms equal to or greater than 60 months,
the fee is 730 days simple interest.

Another downside related to the EWP is that it also applies to credited interest. According to the CD Disclosure:

Withdrawals of either credited interest and/or principal
prior to maturity will result in early withdrawal penalties

The CD Disclosure page also states that interest is compounded daily and credited on the last day of the month. The automatic renewal grace period is 10 calendar days following the maturity date.

Funding a Popular Direct CD must done through an external account from another U.S. financial institution that has been “validated through the External Account function in Popular Direct Online Banking.” After linking the external account, you may not change it for 60 days. Each time you change the external account, it cannot be changed for another 60 calendar days.

Thanks to DA reader, iamaroc, for his continued Forum posts on Popular Direct products.

Availability

As an online division of Popular Bank, Popular Direct’s website states,

All Popular Direct deposit products are offered by, and will be opened through, Popular Bank. Popular Bank is a Member FDIC institution and a New York state chartered bank.

Opening any type of account, including Popular Direct CDs and Popular Direct Plus Savings Account, must be done online.

Bank Overview

In April, Banco Popular North America was officially renamed Popular Bank.

Popular Direct/Popular Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.35% (excellent) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $269.76 million, an excellent annual growth rate of 4.54%. Please refer to our financial overview of Popular Direct/Popular Bank (FDIC Certificate # 34967) for more details.

Popular Bank was also the holding institution for the now defunct internet deposit platform, E-LOAN; on May 15, 2017, all E-LOAN deposit products became Popular Direct products. Popular Bank is currently the 11th largest bank headquartered in New York, with assets in excess of $9.2 billion and more than 230,000 customer accounts.

How the Plus Savings Account Compares

When compared to the 213 Personal Savings accounts tracked by DepositAccounts.com that are available nationwide, Popular Direct’s Plus Savings Account APY currently ranks second.

To look for the best Savings account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.

How the CDs Compare

When compared to the 214 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $10k or less, Popular Direct’s 1-year Popular Direct CD APY currently ranks second.

When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $10k or less, Popular Direct’s 2-year Popular Direct CD APY currently ranks first.

When compared to the 211 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $10k or less, Popular Direct’s 3-year Popular Direct CD APY currently ranks second.

When compared to the 179 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $10k or less, Popular Direct’s 4-year Popular Direct CD APY currently ranks third.

When compared to the 188 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a minimum deposit of $10k or less, Popular Direct’s 5-year Popular Direct CD APY currently ranks fourth.

The above rates are accurate as of 7/24/2018.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table.

Related Pages: New York savings accounts, Miami savings accounts, savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
Anonymous
Anonymous   |     |   Comment #1
No way. I wouldn't touch this bank with a 10 foot pole. They cannot be trusted.
Att
Att   |     |   Comment #2
Too many warts
deplorable 1
deplorable 1   |     |   Comment #3
lol hmmm the same as a 3 month CD. It looks like they are reading these posts.
TooManyAccounts
TooManyAccounts   |     |   Comment #4
Except the 3 month CD rate is locked in. They can lower (or raise) the savings rate.

I'm with comment #1, given so many options these days, why even bother with these clowns?
larry
larry   |     |   Comment #5
Going to sign up immediately so they can "freeze" our funds for 60 days! Of course I'm kidding because that is just plain nonsense.
deplorable 1
deplorable 1   |     |   Comment #6
The rate would have to be 2.3% or better making it the highest rate for liquid cash for me to consider them. I have 3 places to park liquid cash that have a better rate with no 60 day lock. Even then I would still look at it as a 3 month CD with no access to my cash with these guys.
Popular
Popular   |     |   Comment #7
They need new money to pay for the scheduled money out, hmmm!, who will pay when I will take my money out?
Obviously they are having liquidity problem, not a good sign or very bad management.
RJM
RJM   |     |   Comment #8
I might just keep my popular account open beyond the mandatory 6 months. $500 is not much and it would allow me easy access to any good CDs or savings products they might come up withOUT the 60 days that everyone is whining about.
These rates may be aimed at retaining assets more so than new customers.
You know, those who have already been there longer than 60 days.
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Availability: Nationwide (internet bank)

A year ago, Popular Direct 5-year Popular Direct CD was earning 2.35% APY; as of yesterday, the rate is 3.05% APY. In a series of five rate increases, the APY has added 75 bps since early May 2017. The minimum deposit for the CD is $10k, with no stated balance cap.

A significant issue with Popular Direct CDs is the harsh Early Withdrawal Penalty (EWP). As stated on the CD Disclosure...

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Availability: Nationwide (internet bank)

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Availability: Nationwide (internet bank)

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The Exclusive Savings is the fourth savings account Popular Direct has added to the product line in about two years....

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Availability: Nationwide (internet bank)

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Availability: Nationwide (internet bank)

During the past year, Popular Direct has been quite prolific, producing a series of competitive short-term CD rates. The Bank’s rising rates have resulted in seven separate blog posts from me, and as many Forum posts by DA readers. While rates went up again today, this time it’s the long-term CDs turn: 4-year (2.50% APY) and 5-year...

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