When opening CD or savings account, what features and benefits do you like the most? Known for their high rates, Popular Direct Bank is the place to to squirrel away your money for a rainy day. Read on if you’re interested in a high APR rate on your Savings and CDs.
Though Popular Direct doesn’t offer any checking accounts, be sure to check out their rates for their other accounts. You’ll enjoy features such as customer service reps 24/7, no fee for overdrafts of $5 or less, make deposits with your mobile phone and more.
Please note that you must have a $5,00 minimum to open a savings account and $10,000 to open a CD.
Table of Contents
- 1 Savings Account Options
- 2 Compare Savings Accounts
- 3 CD Account Options
- 4 Compare CD Accounts
- 5 Alternative Checking Account Options
- 6 Reasons To Bank with Popular Direct
- 7 Reasons Not To Bank with Popular Direct
- 8 Popular Direct Bank Routing Number
- 9 Contact Customer Service
- 10 How Popular Direct Compares
- 11 Bottom Line
Savings Account Options
Popular Direct Bank does offer a few selection of savings accounts & certificate of deposit accounts (CDs) with decent perks. Access to these accounts will be through their digital banking with variety of ways to waive the monthly fees.
Their Popular Direct Plus Savings Account offers a high-yield APR with interest compounded daily. With this high-yield APR savings account, there is a $5,000 minimum to open the account. Enjoy interest compounded daily and a monthly service fee that can be waived with a $500 average daily balance. They currently offer one of the highest rates around.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn 0.40% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
CD Account Options
Popular Direct Bank’s CD account requires $10,000 to open with terms ranging from 3 month up to 5 years. It offers one of the highest rates around and the longer term you choose the higher the interest rate.
You will have the option to choose from a 3-month, 6-month, 12-month, 18-month, and 2-year through 5-year term. The longer the term, the higher the interest rate Popular Direct offers.
Interest compounds daily on the Popular Direct CDs. With no tiered interest rates, you’ll earn the same rate regardless of your balance. There is no minimum balance requirement.
You have a 10-day grace period upon maturity to either withdraw the funds or roll them into another CD. If you miss that window, they automatically roll over.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.80% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 0.30% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Alternative Checking Account Options
Open your Huntington 25 Checking account today and enjoy:
• $300 bonus by making cumulative new money deposits of at least $25,000 within 60 days of account opening. $500 will be deposited in your new account within 14 days of meeting requirements.
• 24-Hour Grace Overdraft Fee Relief. It is designed to give you more time to make a deposit in order to avoid an Overdraft Fee.
• Earn Interest on Balances. 0.05% Annual Percentage Yield applies to all balance tiers.
• Free ATM Withdrawals. They’ll waive all non-Huntington ATM cash withdrawal fees at any ATM and reimburse you for some withdrawal fees charged by another ATM owner.
• Waived Monthly Maintenance Fee
• Credit score and identity monitoring at no added cost
Reasons To Bank with Popular Direct
- Customer service reps are available 24/7. When visiting a physical branch isn’t an option, this is a great feature to have.
- No fee for overdrafts of $5 or less. Overdraft fees tend to add up the more it happens, so it’s nice that you have some room to work with.
- Make deposits with your mobile phone. Download the Popular Direct Bank app to deposit your checks with just a picture of the front and back of your check.
- Sign up for account alerts. Keep track of your balance while on the go and easily keep track of fraudulent activity.
- Daily compounded interest. Although you won’t see much change in a day, you’ll be able to see how much your balance grows over time.
- You earn interest on all balances. Popular Bank Direct doesn’t require a minimum average balance in order to earn interest on your account but you may earn a penalty with a low balance
- Open an account from any state. Popular Bank Direct is online-only, so you can open an account from anywhere in the United States.
- The CD and savings rates are competitive. Because Popular Direct is all online, they can use all the saved overhead to put towards higher interest rates.
- You can get up to five years of e-statements. Opt-in to receive e-statements to be able to see your last 5 years worth of statements in case you need to pull up past transactions.
Reasons Not To Bank with Popular Direct
- High minimum opening balances. You need at least $5,000 to open a savings account and $10,000 to open a CD.
- Other banks have much lower minimum requirements. Some banks have no minimum opening balance requirements at all.
- There are hidden fees. Popular Direct advertises that they don’t charge any monthly fees, but there are plenty of hidden costs.
- In addition to the low balance fee, there is an early account closure fee, an excessive withdrawal fee, and the dormancy fee.
- No ATMs for deposits or withdrawals. This can be frustrating when you have cash to deposit or you want to make a quick withdrawal.
- All transactions occur online only via external transfers (transfers to an existing account at another bank).
Popular Direct Bank Routing Number
The main routing number is 113007835. To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach Popular Direct Customer Service at 1-800-274-5696. Reps are available 24/7.
How Popular Direct Compares
- Capital One 360: They offer similar accounts to First IB. Both have fee free online accounts, but Capital One 360 has the upper hand when it comes to ATMs. you can find Allpoint ATMs throughout the United States, making it easy to avoid ATM fees from Capital One and the third-party bank.
- Marcus by Goldman Sachs:If you bank strictly for savings, Marcus by Goldman Sachs offers competitive rates on savings accounts and CDs. Additionally you don’t need a minimum balance and they still offer competitive rates.
Choosing a bank that best suits your needs is a important decision. You’ll be investing time and money into these institutions and will need to make the right choice and be sure the bank will offer you what you need.
It’s very important to keep in mind the potential fees that may incur and how to avoid them if possible. If Popular Direct has the variety and options you’re looking for, apply today and enjoy high rates and more.
If you’re interested in banking with Popular Direct, see our list of the latest Popular Direct Account Reviews and Popular Direct CD Accounts! For more options from a variety of banks, see our list of the best bank promotions!