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Popular Direct Pros and Cons
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Popular Direct Select Savings Account Review
The
Popular Direct has a unique rule about transferring money. When you set up your
Popular Direct Certificate of Deposit Review
Popular Direct pays high interest rates on CDs. The bank requires a high minimum deposit of
About Popular Direct
Popular Direct is an online bank with a high-yield savings account and CDs. There's no checking account, which means you can't access your savings quickly. You'll have to transfer money to an external account, which could take a couple business days.
When you set up a
You can speak with a live customer service representative 24/7 over the phone. There is no live online chat feature.
Popular Direct has a mobile app in the Apple and Google Play stores, but there are hardly any reviews. If a strong mobile experience is important to you when choosing a bank, then you might want to look elsewhere.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Is Popular Direct Trustworthy?
We usually consider ratings from the BBB, which rates businesses on transparent business practices and customer service issues. However, Popular Direct doesn't have a rating from the BBB yet.
To see if a particular financial institution is right for you, talk to current customers or read online customer reviews.
Popular Direct hasn't been involved in any recent public controversies.
Popular Direct FAQs
Is Popular Direct a real bank?
Yes, Popular Direct is a legitimate financial institution; it's a subsidiary of Popular Bank. Popular Direct offers online savings accounts and CDs.
Is Popular Direct FDIC-insured?
Yes, Popular Direct bank accounts are federally insured by the FDIC for up to $250,000 per depositor. The FDIC is a government agency that protects consumers' insured deposits if a bank fails.
What are the early withdrawal penalties for Popular Direct CDs?
The early withdrawal penalty for CDs under 12 months is 120 days of simple interest. For CD terms longer than 12 months but shorter than 36 months, the penalty is 270 days of simple interest. For CD terms longer than 36 months but shorter than 60 months, the penalty is 365 days of simple interest. Any terms that are 60 months or longer have a penalty of 730 days of simple interest.
Methodology: How We Review Popular Direct
For our Popular Direct review, we rate bank products and services using our bank account methodology.
At Personal Finance Insider, we rate products on a scale from zero to five stars. For bank accounts, we review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for savings accounts, we'll factor monthly fees.
How Popular Direct Compares
We've compared Popular Direct to two online-only banks: Marcus and Ally.
Popular Direct review vs. Marcus review
Both Popular Direct and Marcus have savings accounts and CDs, but no checking account. Both banks require you to transfer money to an external account to access your savings.
Marcus is the better choice for low minimum deposits. Marcus has a
Popular Direct review vs. Ally review
Ally pays similar interest rates on savings accounts and CDs.
Unlike Popular Direct, Ally has a checking account. This makes it much easier to access your savings. All you have to do is transfer money from savings to checking, and you can spend the funds almost instantly.
Ally is the clear option if you don't have thousands of dollars for an opening deposit with Popular Direct. Ally doesn't require minimum deposits for any of its accounts.
You might like Ally's CD options. There's an