Popular Direct is an online-only division offered by New York-based Popular Bank, the U.S. banking subsidiary of Popular, Inc., which is a publicly traded, full-service bank and is one of the 50 largest U.S. banks by assets.
Popular direct offers high-yield deposit accounts for savers across the U.S., Puerto Rico, and the Caribbean. All rates and fees are current as of May 2, 2023, and are subject to change.
Popular Direct offerings
Popular Direct offers just two types of accounts, certificates of deposit (CDs) and a high-yield savings account. It does not currently offer a checking account.
High-yield savings account
- Popular Direct High-Rise Savings
- Minimum opening deposit: $5,000
- APY: 4.75%
- Fees:
- Monthly service fee: $0
- Early account closing fee: $25
- Stop payment request: $30
- Copies of checks, statements, or other records: $5$10
- Incoming or outgoing domestic collections, NSF fees: $35
- Special statement handling: $5
- Excessive withdrawal transaction fee: $5
- Overdraft NSF fees: $10 (no fee when account is overdrawn by $50 or less
- Account research/reconciliation: $35 per hour/$20 minimum
Certificates of deposit
- Popular Direct Certificates of Deposit
- Minimum opening deposit: $10,000
- Minimum balance requirement: $0
- Minimum balance to earn interest: $0
- Fees:
- Monthly maintenance fee: $0
- APY:
- 3-month CD: 4.10%
- 6-month CD: 4.85%
- 12-month CD: 5.07%
- 18-month CD: 4.90%
- 24-month CD: 4.60%
- 36-month CD: 4.45%
- 48-month CD: 4.30%
- 60-month CD: 4.50%
- Compounding frequency: Interest is compounded daily and credited monthly
- Early withdrawal penalty:
- Terms less than 91 days: 89 days worth of simple interest
- Terms equal to or greater than 91 days but less than 12 months: 120 days worth of simple interest
- Terms equal to or greater than 12 months but less than 36 months: 270 days worth of simple interest
- Terms equal to or greater than 36 months but less than 60 months: 365 days worth of simple interest
- Terms equal to or greater than 60 months: 730 days worth of simple interest
Other services Popular Direct offers
In addition to its deposit accounts, Popular Direct offers:
- Calculators: Popular Direct also offers CD and savings calculators to help customers choose the best term for them and determine how much they should save.
- Digital banking tools: Popular Direct customers can transfer funds between internal and external accounts, deposit funds remotely, access e-statements, and more.
The Popular Direct platform and customer support
Popular Direct offers a suite of digital banking tools. Customers can access their accounts and do all of their banking online or from the Popular Direct mobile app.
The Popular Direct App is available for download on the Apple App Store and Google Play, although the app currently has a rating of just over 1-star on both storefronts.
For customers who want to connect with a Popular Direct customers service representative, they can do so by calling the customer care center Monday through Friday between 7:30 a.m. and 12:00 a.m. ET, as well as weekends between 9:00 a.m. and 6:00 p.m. ET. Representatives are not available on Federal Reserve holidays. You can also contact the bank via mail.
Pros and cons of Popular Direct
If youre considering banking with Popular Direct, here are a few of the major perks and drawbacks to note:
Pros
- Competitive savings APYs. Popular Directs savings account and CDs boast APYs well above 4%significantly higher than national averages.
- Wide range of CD terms. Popular Direct offers several CD terms that range from 360 months, giving savers the power to choose which term works for them and their savings goals.
Cons
- High minimum deposits. Savers will need to deposit between $5,000$10,000 to open an account with Popular Direct. This could be a challenge for newer savers.
- Limited account options. Currently, Popular Direct only offers one high-yield savings account and CDs. It does not offer a checking account, money market account, or other type of deposit account.
Frequently asked questions
Is Popular Direct FDIC-insured?
Yes. All of the deposits made into your Popular Direct account are insured by the FDIC up to the applicable maximum amount allowed by law for each deposit ownership category.
How do I contact Popular Direct bank?
Customer service representatives can be contacted by calling Popular Directs customer care center at 1-800-274-5696.
Is Popular Direct an online-only bank?
Yes. Popular Direct operates online and does not have any physical branches.
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