Advertising Disclosure

Poppy Premier Savings Gets a Trim - 4.40% APY

Bluewire
  |     |   63 posts since 2023

There is no limit on the balance you may maintain in your account.

Interest will be compounded daily and credited to your account monthly.

You are limited to six (6) withdrawals per month at no cost. Any withdrawals after the first six (6) will result in a per withdrawal fee of $5.00.

You will be permitted to add beneficiaries after your account is opened and you enroll in online banking.

  Post a comment
17
blueribb
  |     |   12 posts since 2014
Our account still shows 4.40% RATE, which is 4.50% APY. We have been with Poppy since early 2024.
Reply
3
enduser
  |     |   711 posts since 2015
Ditto, mine showing 4.40% APR, 4.50% APY
Reply
3
ichaelm
  |     |   479 posts since 2010
My account, which I opened in Sept right before the Fed cut the EFFR, also shows a 4.40% rate. It sounds like existing customers weren't affected by the rate cut and are grandfathered in at 4.50%.CME presently shows an 87% chance that the Fed will leave the EFFR at 4.50 when it next meets on 5/7.
Reply
2
Bluewire
  |     |   63 posts since 2023
It would be great if 'grandfathered' Poppy accounts continued enjoying a higher interest rate, but new ones are looking at 4.40% APY: https://www.poppy.bank/poppy-premier-online-savings-faqs/
Reply
12
me1004
  |     |   1,381 posts since 2010
Yes, I'm still getting 4.5% APY now too. But it is true that for new accounts, it has dropped to 4.4% APY. It appears that changed on April 18. This is a common practice at Poppy, to drop the rate for new online savings accounts, but not those who already hold it. But they also eventually typically bring them into line, so it is a sort of bad omen for those still getting 4.5%.

Still I think it is disappointing that they have dropped, in face of the Fed stating it will not do so at this time, maybe down the line, but maybe not, they say -- because of Trump's actions, especially on tariffs. They fear real inflation, runaway inflation due to Trump's policies, feel they must make anti-inflation mode the higher priority for now, not unemployment, despite the risk of a recession.

I note, Trump now says he has the power to fire Fed Chairman Powell; another of his interpretations and definition changes of the law. That could be coming.
Reply
3
RickZ
  |     |   218 posts since 2010
Where are people seeing 4.5% APY? Mine shows 4.4% interest rate only. 4.4% interest rate equates to 4.45% APY even if compounded daily (unless I'm missing something).
Reply
1
enduser
  |     |   711 posts since 2015
yes use the omni APY calculator to show you that it is 4.50% APY. make sure you set the compound frequency to "daily"
Reply
2

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.