Popular Direct Review 2024
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Edited by
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At a glance
CDs
Savings
About Bankrate Score
Overview
Popular Direct is best for anyone looking for an online savings account and CDs that pay top-notch yields. Customers thinking about signing up for Popular Direct should be comfortable completely banking online, since there’s no ATM access to withdraw your cash. On that note, it’s important to point out that Popular Direct’s mobile app has received very low ratings, which may be a pain point considering if you must bank solely online with Popular Direct.
Highlights
- High APY
- Top CD Rates
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Popular Direct is an online bank that pays highly competitive rates on its certificates of deposit (CDs) and savings account. It does impose relatively steep minimum deposit requirements for its CDs, however, and its product offerings do not include a money market or checking account.
Pros
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Popular Direct offers accounts with highly competitive rates.
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Any fees that are charged are relatively easy to avoid.
Cons
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There is no ATM access; funds can only be accessed electronically.
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The mobile app has limited capabilities and low customer ratings.
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Checking and money market accounts are not offered.
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Popular Direct banking products
APY last updated between 11/14 and 11/20.
Popular Direct savings overview
Popular Direct doesn’t include an ATM card with its savings account, so you’ll need to make an external transfer to access the funds. Additionally, you can add money to the account with your phone by using mobile check deposit.
Pros
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Popular Direct offers a top-notch APY.
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There is no monthly service fee.
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The minimum deposit required to open the account is low.
Cons
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No ATM card is provided.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Popular DirectAPYAPY last updated between 11/14 and 11/20.APYAPY last updated between 11/14 and 11/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $10 |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
Customer experience
Customer support. Customer service can be reached over the phone between 7:30 a.m. and midnight ET Monday through Friday, and between 9 a.m. and 6 p.m. on weekends.
Mobile app. Popular Direct’s mobile app allows for basic account management, including viewing your account balance, transferring money between internal accounts, and depositing funds remotely. Overall, the app receives very low user ratings on the Google Play and the Apple App stores. The Popular Direct savings account does not come with an ATM card, so customers who want to deposit or withdraw money will need to rely on methods like external transfers and mobile deposit capture.
Customers have additional capabilities when logged onto the bank’s website, such as setting up account alerts, accessing e-statements and transferring money between external accounts.
About Popular Direct
Popular Direct is an online bank that was launched in July 2016. It offers CDs and a savings account that are opened through federally insured regional bank Popular Bank.
Popular Bank, an affiliate of Banco Popular de Puerto Rico, was formerly known as Banco Popular North America. Its parent company, Popular Inc., was founded in 1893. The financial institution serves customers in the United States, Puerto Rico, Latin America and the Caribbean.
How Popular Direct compares to other banks
Compare different account types offered by Popular Direct. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.
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Selected bank
Popular Direct savings account
Bankrate score
4.8
Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
LendingClub Bank savings account
Bankrate score
5.0
Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
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| 4.60% | 5.00% | |
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Minimum balance for APY
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| $100.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,300 | $2,500 | |
| Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included. | LendingClub Bank offers a LevelUp Savings account that rewards you with a top yield when you make deposits totaling at least $250 per statement cycle. The account has no monthly service fees and no minimum balance required to earn interest, though your savings rate can vary if you don't meet the $250 requirement in a given month. | |
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APY offering:
4.60%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$100.00
4/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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APY offering:
5.00%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Popular Direct vs. CIT Bank
Both Popular Direct and CIT Bank are online-only institutions. CIT offers a wider range of deposit accounts over Popular Direct, offering multiple types of CDs, savings, money market and checking accounts. (Popular Direct only offers one savings account and various CDs.) This makes CIT Bank the better choice if you’re looking to consolidate your finances under one roof.
The yields at both banks are comparable. Popular Direct CDs tend to have consistently higher yields regardless of the term when compared to CIT Bank. However, you’ll need $10,000 on hand to open those Popular Direct CDs, whereas CIT Bank requires just $1,000 to open a standard CD. Likewise, Popular Direct’s savings account offers a higher yield than CIT Bank’s Savings Connect account.
All this noted, it’s important to mention that CIT Bank generally offers a better online-only experience. The CIT Bank app has much higher user ratings on the Apple App Store and Google Play Store when compared to Popular Direct.
Popular Direct FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Popular Direct customer reviews
Popular Direct has 25 reviews
Dive into community reviews below and see what others think about Popular Direct.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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