Popular Direct Bank

Customers who can meet the stringent requirements for the minimum deposit into their accounts at the online bank, which is a division of both the international company Popular and the New York-based Popular Bank, can take advantage of the bank's competitive interest rates on savings accounts and certificates of deposit. To transfer the bank into your Popular Direct account, you must have an existing bank account at another financial institution.

High-Rise Savings

The High-Rise Savings account from Popular Direct offers a competitive interest rate applied to all accounts balances. This account has a minimum deposit requirement of $5,000, which is a significant sum compared to what is generally required to start comparable accounts.

The Popular Direct savings account, much like many other online savings accounts, does not charge a monthly fee. However, a $5 charge is assessed for excessive withdrawals if you take out money more often than six times every calendar month.

Once you have established your funding account, you must utilize that account for transfers for the first seventy days that a Popular Direct account is active. This is an uncommon condition that Popular Direct imposes.

CD

Although Popular Direct's CD rates are less competitive overall, some are, and they all need significant initial investment. The minimum deposit to establish a certificate of deposit is $10,000, which is much more than the requirements of many banks, which range from $0 to $2,500.

Banking Experience

The rates and the required minimum deposit are presented straightforwardly on the website of Popular Direct; nevertheless, the fees are buried deep within the disclosures. Live customer care is accessible via phone Monday through Friday from 7:30 a.m. to midnight Eastern time and on the weekends from 9 a.m. to 6 p.m. Eastern time. In addition, you have the option to send the bank a message. The bank does not offer all of the customer assistance methods other competing online banks use, such as live chat. The basic mobile app helps you track your accounts and deposit checks.

Customer Service

Calling 800-274-5696 will put you in touch with Popular Direct's customer care representatives, who are accessible around the clock, seven days a week. You may also send a letter to Popular Direct at the Florida address shown on their website.

Popular Bank customers can access their accounts through the mobile banking application. It is downloadable for use on iOS and Android-based mobile devices. You can obtain an overview of your accounts using the mobile app, study the history of your accounts, make mobile deposits, and transfer money between suitable accounts.

How to Bank With Popular Direct

As Popular Direct does not have any physical locations for its branches, the internet is the best place to register an account with the company. After your account has been activated, you will have access to it via mobile banking, internet banking, or the telephone. Since Popular Direct does not provide ATM cards, you will need to contact another bank to withdraw money from your account and request a transfer to your deposit account there. You can make a mobile deposit using the app or initiate a transfer from an existing bank account in that you have to deposit money.

Pros

• Rates on savings accounts and certificates of deposit that are competitive Popular Direct offers rates on savings accounts and certificates of deposit that are competitive.

Cons

• No access to savings through ATM card Popular Direct does not offer its customers' savings accounts accessible via ATM cards. You will need to begin an electronic transfer and then wait for it to finish before you can access the money in your account.
• High minimum deposit requirement. Some prospective clients won't be able to create an account because of the high minimum deposit requirements. A savings account requires that you have $5,000, whereas a certificate of deposit requires that you have $10,000.

Who Benefits the Most from Using Popular Direct?

Customers who already have a connection with a financial institution but wish to supplement it with an online bank account are the ideal candidates for Popular Direct. You may find it to be a good match if you have the following:

• Have you reached the age of 18, or are you older than that?
• Have a checking account with a different financial bank.
• Only intend to place some of your deposits and requests for loans with a single financial bank.
• Maintain higher balances to fulfill the requirements for the minimum initial deposit.
• Are you interested in a high-yield online savings account or certificate of deposit?
• Have no pressing need to get a hold of your money right now.
• Can make electronic deposits of money Desire to have round-the-clock access to customer assistance by telephone.