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Popular Bank Review: Overall Rating
| Feature | Rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.5 |
| CD | 3.5 |
| Money market account | 3.25 |
| Trustworthiness | 3.5 |
| Total | 3.5 |
Popular Bank Pros and Cons
| Pros | Cons |
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About Popular Bank
Popular Bank is considered a minority depository institution by the FDIC because most of its board is Hispanic American and it serves a minority community. The bank has branches in the following states:
- Florida (Sunrise, Aventura, Miami, North Miami, North Miami Beach, Miami Beach, Miami Lakes, Hialeah, Doral, Coral Gables)
- New Jersey (Perth Amboy, Elizabeth, Newark, West New York)
- New York (Brooklyn, Manhattan, Ridgewood, Forest Hills, Elmhurst, Astoria, Bronx)
There are also branches in Puerto Rico and the US Virgin Islands, but those branches offer slightly different products than the ones in the mainland US (which are the accounts we're covering in this review).
You have free access to 55,000 Allpoint ATMs around the US.
Popular Bank has a Rewards program, and you can qualify for the lowest tier if you have at least $5,000 combined in all of your Popular Bank accounts. Perks include waived ATM fees, waived monthly fees, and higher rates on certain accounts.
The Popular Bank mobile app has 2.8 out of 5 stars in the Apple store, and 3.2 out of 5 stars in the Google Play store.
To contact customer support, call Monday through Friday from 7:30 a.m. to midnight ET, or Saturday and Sunday from 9 a.m. to 6 p.m. ET.
Your deposits are FDIC- insured for up to $250,000, or up to $500,000 for joint accounts.
The Role of Hispanic American Financial Institutions
Hispanic American-owned financial institutions serve an important role in addressing banking gaps like language and access in underserved communities.
Banco Popular provides services in English and Spanish. The bank also created the Popular Foundation, which has given over $2.5 million to local organizations focused on education, youth, health, elderly care, and community development.
Is Popular Bank Trustworthy?
The Better Business Bureau gives Popular Bank an A+ rating. A strong BBB grade indicates a company advertises honestly, responds effectively to customer complaints, and is transparent about business practices.
However, a good BBB score doesn't guarantee you'll have a strong relationship with a bank. You may still want to read online customer reviews or ask friends and family about their experiences with Popular Bank.
Popular Bank has been involved in recent public controversies. In 2023, the Federal Reserve Board required Popular Bank to pay a $2.3 million fine, claiming it processed Payment Protection Program loans even though potential instances of fraud were detected and not reporting the potential fraud in a timely manner.
In 2022, the US Department of Treasury's Office of Foreign Assets Control required Banco Popular de Puerto Rico — the bank's Puerto Rico locations — to pay over $255,000 in a settlement that accused the bank of violating Venezuela Sanctions Regulations when processing transactions with two Venezuelan government employees.
Popular Bank FAQs
Is Popular Bank legit?
Popular Bank is a legitimate financial institution. It is FDIC-insured, which means your insured deposits are safe if the bank is shut down. Up to $250,000 per depositor, per category is federally insured in Popular bank accounts.
Is Popular Bank the same as Banco Popular?
Yes, Popular Bank and Banco Popular are both part of Popular, Inc. Popular Bank is the name of the subsidiary of Popular, Inc that operates in the mainland US. Meanwhile, Banco Popular de Puerto is an affiliate of Popular Bank, with locations in Puerto Rico.
Is Popular Bank financially stable?
Popular Bank's outlook is rated as stable, according to Fitch Ratings. Fitch Ratings is a rating system that analyzes whether a particular company is creditworthy.
Popular Bank Account Reviews
Popular Bank Savings Account
The
The interest rate is on par with the average savings account. You'll earn a much higher interest rate with the best high-yield savings accounts online.
Popular Bank Everyday Checking Account
You may like the
Popular Bank also has a Popular Prestige Checking Account where you may be eligible for Popular Rewards, like waived savings account fees. However, the Popular Prestige Checking Account has a higher monthly service fee than the Everyday Checking Account and higher minimum balance requirements to waive fees.
Popular Bank CD
Popular Bank pays high interest rates on CDs, particularly on a 13-month promotional CD. But make sure you won't have to take out money before maturity, because the bank charges hefty early withdrawal penalties compared to many other banks.
Popular Bank Saver Money Market Account
The
This money market account pays a great interest rate overall, and earn an additional 0.05% APY on linked money market accounts when you reach the Silver Tier (balance of $25,000 to $99,999.99 in combined accounts) in the Popular Rewards Program, plus earn an additional 0.10% APY on linked money market accounts when you reach the Gold Tier (balance of $100,000 or more in combined accounts) in the Popular Rewards Program
How Popular Bank Compares
Popular Bank vs. Ocean Bank
But you might prefer Popular Bank if you qualify for its rewards program, which will help you waive ATM fees and monthly fees.
Popular Bank vs. Banesco USA
Popular Bank has more Florida branches than Banesco USA, so you may prefer Popular if it has a branch closer to your home.
If you want to open a CD, your choice between the two banks will come down to which term lengths you want.
Why You Should Trust Us: How We Reviewed Popular Bank
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.