Popular Direct Bank Review: Savings and CDs
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- Savings
- Certificates of deposit
- Customer experience
Overall institution rating
4.0
The online bank, a division of the international company Popular and New York-based Popular Bank, offers competitive rates on savings and certificates of deposit for customers who are able to meet the steep minimum deposit requirements. You need to have a bank account at another bank in order to fund a Popular Direct account.
Best for: Those who don’t need a checking account, want to earn highly competitive rates on savings and CDs, and can meet the high minimum deposit requirements by funding from an external bank account.
Pros
- No monthly fees.
- Competitive rates on savings account and CDs.
- Extended phone customer service hours.
Cons
- High minimum opening deposits for CDs.
- No branch access.
- No checking account.
- Must already have another bank account to fund your account.
Full review
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingPopular Direct’s savings account offers a competitive interest rate that applies to all balances. To open this account, you need at least $100.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Like many other online savings accounts, Popular Direct's doesn't have a monthly fee. Popular Direct has an unusual policy: Once you set up your funding account, you must use only that account for transfers during the first 70 days a Popular Direct account is open.
Certificates of deposit
CD
Member FDIC
4.5
/5 NerdWallet ratingSome of Popular Direct’s CD rates are competitive, but all require a large minimum deposit. To open a CD, the minimum deposit is $10,000, which is higher than many banks’ requirements of $0 to $2,500.
» COMPARE: Best CD rates
Customer experience
3.5
NerdWallet ratingPopular Direct’s website clearly lays out rates and minimum deposits, but you have to dig into the disclosures to see the fees. Live customer service is available by phone Monday to Friday from 7:30 a.m. to midnight Eastern and weekends from 9 a.m. to 6 p.m. Eastern, and you can also message the bank. The bank lacks some support channels, such as live chat, that some other online banks have.
The no-frills mobile app mainly helps you monitor accounts and deposit checks.
How does Popular Direct compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.60% With $0 min. balance for APY | APY 5.05% With $5,000 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
