Popular Bank review: Hispanic American bank with high interest rates on CDs
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Popular Bank; Alyssa Powell/Insider
Overall bank rating
| Feature | Rating (out of 5) |
| Savings | 3.5 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market account | 3.25 |
| Trustworthiness | 5 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
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Savings
The
Checking
You may like the
CD
Popular Bank pays high interest rates on CDs. 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.
Money market account
The
How Popular Bank works
- 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 2.6 out of 5 stars in the Apple store, and 3.8 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 9:00 a.m. to 6:00 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 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.
How Popular Bank compares
Popular Bank is one of the only Hispanic American banks in New York and New Jersey, so we've compared it to two Hispanic American banks in similar parts of Florida: Ocean Bank and Banesco USA.
Popular Bank | Ocean Bank | Banesco |
Florida branches 11 | Florida branches 22 | Florida branches 4 (1 more coming at the end of 2021) |
Standout feature Rewards program | Standout feature Free checking account | Standout feature CD rates |
Popular Bank vs. Ocean Bank
Ocean Bank has more branches around South Florida, so it may be the more convenient option. You may also like its free checking account, especially if you aren't eligible to waive monthly fees with Popular 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. Banesco's rates are a little higher than Popular's rates, but Banesco only has terms up to three years.