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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.

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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Editorial disclosure

All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Popular Direct

Popular Direct Review 2022

Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Updated November 10, 2022 Bankrate logo

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On This Page

At a glance

3.4 Bankrate Score CDs Savings About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Popular Direct is best for anyone itching for a new savings account paying more interest than the average brick-and-mortar bank.

Highlights

24/7 Customer Service High APY Compare offers Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info 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. Info 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. Min. balance for APY Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info 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. Info 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. Min. balance for APY Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info 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. Info 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. Min. balance for APY Offer details

Bask Bank

Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.

Overall

Popular Direct serves mobile and online banking customers across the country and pays competitive rates.

Pros

Popular Direct offers a very competitive rate on its savings account. Any fees that are charged are relatively easy to avoid.

Cons

Minimum deposit requirements for CDs and savings accounts are high. Customers cannot visit a physical branch. There is no ATM access; funds can only be accessed electronically. The mobile app has limited capabilities and low customer experience ratings. There are minimal product offerings.

Popular Direct bank products

Savings CD 4.8 Bankrate Score

Popular Direct savings overview

Popular Direct offers one of the highest APYs available with a $5,000 minimum deposit. While the $5,000 minimum deposit is higher than many other banks, this is one of the highest APYs nationwide.

Popular Direct doesn’t have an ATM card available for its savings account, so you will need to make an external transfer to access the funds if needed. Additionally, you can make deposits via mobile check deposit with your mobile device.

Pros

Popular Direct offers a competitive APY. There is no monthly service fee.

Cons

There are much lower minimum balance accounts elsewhere that earn similar APYs. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info 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. Min balance for APY Offer details Offer details

Capital One

Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 2.5 Bankrate Score

Popular Direct CD overview

Popular Direct offers CDs across various terms with decent rates. Those searching for more competitive APYs can find them if they shop around. The minimum deposit on Popular Direct's CDs is $10,000, which may be a struggle for the average saver.

Early withdrawal penalties vary depending on the length of the CD term. For example, for a 12-month CD, the penalty for an early exit is 270 days of simple interest. For a 5-year CD, the penalty is much steeper: 730 days of simple interest.

Pros

There's a good variety of short-term and long-term CDs.

Cons

Requires a high minimum deposit. Higher yields can be found elsewhere. A harsh early withdrawal penalty applies for long-term CDs. No bump up or penalty-free CD options available. Compare Offer Advertiser Disclosure

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD 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. Min. deposit Term Offer details Offer details

Capital One

Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns.

Bank experience

At Popular Direct, you won’t be able to withdraw cash at ATMs and you won’t have access to checks. However, you will have access to mobile deposit capture. Besides mobile check deposit capabilities, customers won’t have access to much else on the app besides checking their balances and searching for past transactions. Overall, customer reviews of the app suggest there’s a lot of room for improvement. You can, however, call a customer service representative 24 hours, seven days a week.

About Popular Direct

Popular Direct is an online bank that was launched in July 2016 in an effort to use digital platforms to simplify the process of opening and maintaining a bank account. The institution offers certificates of deposit and a savings account. Both types of accounts are opened through Popular Bank, a community bank and subsidiary of a leading financial services firm with federally insured deposits. Popular Bank 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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. .