- No monthly fees on savings account: Although the savings account has a minimum opening deposit requirement, there are no monthly fees or minimum balance requirements once the account is open.
- Competitive rates on savings and CDs: Popular Direct offers competitive rates on both savings accounts and CDs.
Cons Explained
- No ATM card access to savings: Popular Direct does not offer ATM cards for its savings accounts. To gain access to your funds, you'll need to initiate an electronic transfer and wait for it to complete.
- High minimum deposit requirement:. The high minimum deposit requirements may prevent some potential customers from being able to open an account. You must have $100 for a savings account and $10,000 for a CD.
- Fee may apply if you close an account: If you close your savings account within 180 days, you may be charged a $25 fee. Additionally, early withdrawal penalties apply to CDs.
Who Is Popular Direct Best For?
Popular Direct is best for customers who want an online bank account to complement their existing banking relationship. It may be a good fit if you:
- Are at least 18 years or older
- Have a checking account at another bank
- Are not looking to have one bank handle all of your deposit and lending needs
- Have larger balances to meet the minimum opening deposit requirement
- Are looking for a high-yield online savings account or CD
- Do not need immediate access to your funds
- Are able to deposit money electronically
What Does Popular Direct Offer?
As an online-only bank, Popular Direct has a limited selection of deposit products. Its accounts are not meant to replace your existing bank for daily transactions but can supplement your primary account with high-yield deposit products. It only offers:
- Savings accounts
- CDs
Savings Accounts
The Popular Direct Select Savings account offers a high annual percentage yield (APY) with no monthly fees. To open an account, the minimum deposit is $100. There is no minimum balance required to earn interest. Once your account is opened, it must remain open for at least 180 days or you may incur a $25 fee.
Savings accounts are entitled to a combination of six transfers or withdrawals per month. Each additional withdrawal will cost $5.
| POPULAR DIRECT SAVINGS ACCOUNTS | |||
|---|---|---|---|
| ACCOUNT NAME | MIN OPENING DEPOSIT | MONTHLY FEE | APY |
| Select Savings | $100 | $0 | 5.20% |