Popular direct Bank 2% on Savings

[ShokWaveRider]

Anyone tried this place? It is FDIC Insured.

https://www.populardirect.com/products/savings/popular-direct-exclusive-savings

 

[MichaelB]

My experience is banks that are FDIC insured say so. From the bottom of the page you linked

All Popular Direct deposit products are offered by, and will be opened through, Popular Bank. Popular Bank is a Member FDIC institution and a New York state chartered bank. Processing services for all Popular Direct deposit products are provided by Popular Bank. All deposits with Popular Bank (including deposits through Popular Direct deposit products) are insured by the FDIC up to the applicable maximum amount allowed by law for each deposit ownership category. All balances for Popular Direct and Popular Bank deposits would be combined for purposes of determining FDIC coverage eligibility.

 

[ShokWaveRider]

My experience is banks that are FDIC insured say so. From the bottom of the page you linked

That is what I stated in the OP. "It is" Not "Is It?" My "?" placement was misleading. I meant has anyone tried it?

 

[pb4uski]

Yes, it seems to be.

https://research.fdic.gov/bankfind/

 

[MichaelB]

That is what I stated in the OP. "It is" Not "Is It?" My "?" placement was misleading. I meant has anyone tried it?

Ah, yes, punctuation matters.

 

[ShokWaveRider]

Ah, yes, punctuation matters.

Updated OP... LOL

 

[johkar]

I have several CDs with Popular Direct. Have always had a positive experience with them.

 

[Debinnov a]

I see there is a $5 monthly dormancy fee if no activity for 12 months. So, you just have to make a deposit or withdrawal once per year at the least? I've never had to deal with that before.

 

[Just_Steve]

Popular direct Bank is a part of Banco Popular North America.

 

[ShokWaveRider]

I do not see an issue with the limitations as long as one has access to one's money. I probably need to research it a little further and read the fine print.

 

[mrfeh]

Looks good, although I'm not sure I want to open another savings account just for an additional .4-.5%.

Anybody know why they are making this offer? Has their savings rate been competitive w/ the other major players in the past?

 

[johkar]

I see there is a $5 monthly dormancy fee if no activity for 12 months. So, you just have to make a deposit or withdrawal once per year at the least? I've never had to deal with that before.

I didn't realize they charged a fee, but every now and then I get a letter saying they will mark one of my CD accounts as dormant if I do not contact them, due to no activity in the account. So I have to call them, and they update the account and all is well. I asked them once what kind of activity are you expecting for a CD They told me they want to make sure you are not deceased, so I guess this is their way of doing it. I have never had a fee charged for this.

 

[johkar]

Looks good, although I'm not sure I want to open another savings account just for an additional .4-.5%.

Anybody know why they are making this offer? Has their savings rate been competitive w/ the other major players in the past?

Popular Direct was very aggressive with their CD rates about 1 to 2 years ago, and we got several. I have not looked lately to see how their rates compare now. Seems like many of the on-line banks are being competitive with these savings accounts now. I have one with Discover paying 1.5 APY. As someone said, as long as you can access your money when you want, you should be fine.

We have been using on line banks for a few years now. The only annoying thing, they will run a credit check on you to open a new account, even a CD, and even if you already have other CDs or accounts with them. No problem, unless you have a freeze on your credit, which we did when the whole Equifax mess came to light. Now I am going to need to manage more carefully, like adding funds to an existing CD, instead of opening a new one.

 

[foxcreek9]

MagnifyMoney gives them an F

https://www.magnifymoney.com/transparency

 

[meierlde]

Note you might check with local banks to see if they offer brokered cds thru their investment decision. It seems a lot do. I do know Wells Fargo, Bof A and others do. I was suprised when withdrawing a CD from BBVA compass that they did offer brokered CDs thru their investment division, but did not take advantage of their offer.

 

[audreyh1]

I didn't realize they charged a fee, but every now and then I get a letter saying they will mark one of my CD accounts as dormant if I do not contact them, due to no activity in the account. So I have to call them, and they update the account and all is well. I asked them once what kind of activity are you expecting for a CD They told me they want to make sure you are not deceased, so I guess this is their way of doing it. I have never had a fee charged for this.

OK - this is kind of weird, and would make me think twice about buying > 12 month CDs.

High yield savings easier to schedule the occasional transaction.