Popular Bank is a financial institution headquartered in New York. It offers a range of banking products and services, including savings accounts, checking accounts, CDs, and money market accounts. This review will assess Popular Bank’s offerings, customer service, and overall reputation.
Key Facts
- Better Business Bureau (BBB) Rating: Popular Bank has an A+ rating from the Better Business Bureau, indicating that the company advertises honestly, responds effectively to customer complaints, and is transparent about its business practices.
- User Ratings: There are mixed user ratings for Popular Bank. While some customers have had positive experiences with the bank, others have expressed dissatisfaction with certain aspects of their services. It is important to consider both positive and negative reviews when evaluating the bank.
- Popular Direct: Popular Bank also offers Popular Direct, an online-only division that provides high-yield deposit accounts for savers across the U.S., Puerto Rico, and the Caribbean. Popular Direct offers high-yield savings accounts and certificates of deposit (CDs) with competitive interest rates.
Customer Ratings
Popular Bank has mixed customer ratings. On the Better Business Bureau (BBB), it holds an A+ rating, indicating that the company advertises honestly, responds effectively to customer complaints, and is transparent about its business practices. However, user reviews on platforms like WalletHub show a range of experiences, with some customers expressing dissatisfaction with certain aspects of the bank’s services.
Popular Direct
Popular Bank offers Popular Direct, an online-only division that provides high-yield deposit accounts for savers. Popular Direct offers competitive interest rates on its savings accounts and CDs. The minimum opening deposit for the savings account is $5,000, while the minimum opening deposit for CDs is $10,000.
Pros and Cons
Pros
- High-yield deposit accounts
- Wide range of CD terms
- FDIC-insured
Cons
- High minimum deposits
- Limited account options
- Mixed customer ratings
Conclusion
Popular Bank offers a range of banking products and services, including high-yield deposit accounts through its Popular Direct division. While the bank has an A+ rating from the BBB, customer ratings are mixed. Potential customers should carefully consider both positive and negative reviews before deciding whether to bank with Popular Bank.
Sources
FAQs
Is Popular Bank a good bank?
Popular Bank has an A+ rating from the Better Business Bureau, indicating that the company advertises honestly, responds effectively to customer complaints, and is transparent about its business practices. However, user reviews are mixed, with some customers expressing dissatisfaction with certain aspects of the bank’s services.
What are the pros and cons of Popular Bank?
Pros:
- High-yield deposit accounts
- Wide range of CD terms
- FDIC-insured
Cons:
- High minimum deposits
- Limited account options
- Mixed customer ratings
What is Popular Direct?
Popular Direct is an online-only division of Popular Bank that offers high-yield deposit accounts for savers.
What are the interest rates on Popular Direct savings accounts and CDs?
Interest rates on Popular Direct savings accounts and CDs vary depending on the term length. Current rates can be found on the Popular Direct website.
What is the minimum opening deposit for a Popular Direct savings account?
The minimum opening deposit for a Popular Direct savings account is $5,000.
What is the minimum opening deposit for a Popular Direct CD?
The minimum opening deposit for a Popular Direct CD is $10,000.
Are Popular Direct deposit accounts FDIC-insured?
Yes, all Popular Direct deposit accounts are FDIC-insured up to the applicable maximum amount allowed by law for each deposit ownership category.