Popular Direct Bank Review: Savings and CDs
Popular Direct is an online bank that offers strong annual percentage yields, or APYs.
Overall bank rating

Savings
CD rates
Banking experience
3.5
The bottom line: The 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.
Pros
Competitive savings account rate.
24/7 customer support.
Cons
Steep minimum opening requirements.
No branch or ATM network.
No checking account.
Must have an external bank account and can’t use a different one to transfer within the first 70 days.
Full review

Popular Direct Select Savings Account
4.0
NerdWallet ratingAPY
0.55%
With $5,000 minimum balance
Popular Direct’s Select Savings account offers a competitive interest rate that applies to all balances. To open this account, you need at least $5,000, which is a large amount compared with what other, similar accounts typically require.
Like many other online savings accounts, Popular Direct's doesn't have a monthly fee. But if you take out money more than six times a month, there’s a $5 excessive withdrawal fee.
Popular Direct has an unusual policy: Once you set up your funding account, you must stick to transfers using only that account during the first 70 days a Popular Direct account is open.

Popular Direct CD
3.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.50%
5-year APY
0.85%
Minimum Deposit
$10,000
Some of Popular Direct’s CD rates are competitive, but all require a very large minimum deposit, which hurts the online bank’s CD score. $10,000 is the minimum to open a CD, which is higher than many banks.
Banking 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 24/7 by phone and you can email or message the bank. The bank lacks some support channels, such as live chat, that some other online banks have.
The no-frills mobile apps mainly help you monitor accounts and deposit checks.

Popular Direct Select Savings Account
4.0
NerdWallet ratingAPY
0.55%
With $5,000 minimum balance
Popular Direct’s Select Savings account offers a competitive interest rate that applies to all balances. To open this account, you need at least $5,000, which is a large amount compared with what other, similar accounts typically require.
Like many other online savings accounts, Popular Direct's doesn't have a monthly fee. But if you take out money more than six times a month, there’s a $5 excessive withdrawal fee.
Popular Direct has an unusual policy: Once you set up your funding account, you must stick to transfers using only that account during the first 70 days a Popular Direct account is open.

Popular Direct CD
3.0
NerdWallet rating1-year APY
0.25%
3-year APY
0.50%
5-year APY
0.85%
Minimum Deposit
$10,000
Some of Popular Direct’s CD rates are competitive, but all require a very large minimum deposit, which hurts the online bank’s CD score. $10,000 is the minimum to open a CD, which is higher than many banks.
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 24/7 by phone and you can email or message the bank. The bank lacks some support channels, such as live chat, that some other online banks have.
The no-frills mobile apps mainly help you monitor accounts and deposit checks.
How does Popular Direct compare?
Member FDIC | Deposits are FDIC Insured | |
---|---|---|
APY0.50% With $0 minimum balance | APY0.40% With $0 minimum balance | APY0.20% With $0.01 minimum balance |
BonusN/A | BonusN/A | BonusN/A |
RATING 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.