Popular Direct review (2025): Simple online banking with low fees and impressive rates

Summary: Popular Direct Bank launched successful 2016 arsenic the online-only part of Popular Bank. The company’s roots day backmost to 1893 with the founding of Banco Popular de Puerto Rico (BPPR). Popular Direct accounts are FDIC-insured, with security applying to assets determination and astatine Popular Bank.

Popular Direct Bank offers 2 main products: savings accounts and certificates of deposit (CDs). Here’s a little look astatine each merchandise benignant and the features they provide.

This relationship offers a competitory output connected each savings balances. However, to unfastened an account, you indispensable deposit a minimum of $100. This shouldn’t beryllium a large hurdle for astir customers, though galore high-yield savings accounts don’t person a minimum deposit requirement.

Popular Direct operates exclusively online, truthful you indispensable unfastened a high-yield savings relationship connected the bank’s website and nexus an outer relationship to money the caller account. The bank’s argumentation volition lone let you to transportation from that relationship for the archetypal 70 days the relationship is open.

Read more: 10 champion high-yield savings accounts disposable today

CDs are disposable successful presumption of 3 months to 5 years and necessitate a minimum opening deposit of $10,000. Many customers volition find this minimum excessively precocious and look astatine CDs astatine different banks. However, those with capable currency to conscionable the minimum whitethorn admit Popular Direct’s beardown CD yields.

Read more: These 8 banks connection CDs with nary minimum deposit requirement

Popular Direct charges minimal fees, but determination are immoderate instances erstwhile you whitethorn beryllium taxable to fees arsenic a customer.

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Consider these pros and cons earlier opening an relationship with Popular Direct Bank:

Pros:

• Competitive yields connected deposit accounts: Popular Direct offers competitory yields connected savings and CDs, with each relationship earning 4% APY oregon higher. Traditional savings accounts and CDs typically person overmuch little yields.

• No monthly fees: Neither its savings accounts nor CDs complaint monthly attraction fees. There are nary caveats, specified arsenic requiring a definite equilibrium to debar monthly fees.

• Variety of CD terms: Eight antithetic CD presumption are available, ranging from 3 months to 5 years. This allows you to unfastened a CD that matches your fiscal goals.

Cons:

• No checking accounts: Popular Direct Bank doesn’t connection a checking account, requiring you to nexus an outer relationship and money your accounts with ACH transfers.

• High minimum deposit request for CDs: Both the savings accounts and CDs person minimum opening deposits. While the $100 minimum for savings isn’t unreasonable, the CDs necessitate astatine slightest $10,000, which volition beryllium excessively precocious for galore customers.

• No carnal branches: Online banks often person nary carnal branches, and Popular Direct Bank is nary exception. This whitethorn beryllium a drawback for those who similar banking successful person.

Customer work and mobile banking experience

For assistance with immoderate concerns astir your Popular Direct accounts, you tin interaction the slope via telephone Monday done Friday from 7:30 a.m. to 12:00 a.m. ET and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. ET. The interaction fig is 1-800-274-5696. Customer work is not disposable connected Federal Reserve Bank holidays.

Popular Direct Bank has an app connected the Apple App Store and Google Play. The mobile app has basal features similar the the quality to cheque balances, deposit mobile checks, and spot caller transactions. However, the app is poorly rated connected some platforms, with a 1.4 connected the App Store and a 1.3 connected Google Play. Users accidental the app has constricted functionality and notation assorted method issues, specified arsenic occupation logging successful and being forced to log successful done a browser.

The mailing code for Popular Direct Bank is:

Popular Bank

Attn: Popular Direct Products

P.O. Box 4884

Miami Lakes, FL 33014

If you similar to interaction the bank’s lawsuit attraction halfway via phone, the wide interaction fig is 1-800-274-5696. Customer attraction is disposable Monday done Friday from 7:30 a.m. to 12:00 a.m. ET and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. ET.

Yes. Popular Direct is simply a part of Popular Bank, an FDIC-insured fiscal institution. For the purposes of FDIC insurance, sum applies to the sum of the assets you person wrong some Popular Bank and Popular Direct.

Popular Direct’s routing fig is 113007835.

Yes, Popular Direct is simply a reputable online slope and FDIC-insured done its genitor bank. The modular deposit security sum bounds is $250,000 per depositor, per institution, per ownership category.

Popular Direct Bank is the online subdivision of Popular Bank. The bank’s roots day backmost to 1893 with the founding of Banco Popular de Puerto Rico.

You tin retreat wealth from your Popular Direct savings relationship by initiating a transportation of funds to a linked outer relationship wrong online banking. If you indispensable transportation funds wrong the archetypal 70 days, you tin lone transportation funds to the outer relationship you provided during the relationship opening process oregon by calling the Popular Direct Customer Care Center.

Popular Direct Bank was launched successful 2016. However, it is the online-only part of Popular Bank, which has roots that day backmost to 1893.