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Popular Direct’s Top Savings Rate and Account Review

Popular Direct, the online banking arm of Banco Popular North America (BPNA), is currently offering the best savings rate in our database. Popular Direct's savings rate is at 1.25 percent with an annual percentage yield of 1.26 percent. Popular Direct's savings yield of 1.26 percent is  21 basis points higher than the second best savings rate in our database.

Popular Direct is also in a healthy financial position and gets a 5 out of 5 star rating. 

These days, most online savings accounts have a bare minimum opening deposit of $1 or less. The minimum opening deposit for a savings account at Popular Direct is $5,000. Popular Direct's savings rate is tiered based on the account balance but right now all tiers have the same rate and yield.

There is an ongoing minimum balance of $500 that has to be maintained for each statement period. If the balance falls below $500 for even a single day a fee of $4 is charged to the account. 

Another popular feature with most online deposit accounts is the ability to deposit checks by just taking photos of the check with your mobile device. Popular Direct also has this feature called Mobile Deposit. Other mobile features include checking your account balance and transferring money between accounts.

Popular Direct's Savings Account Fine Print

  • Minimum account opening balance $5,000
  • Monthly service fee of $4 if account balance falls below $500
  • Early account closing fee of $25 if account closed before 180 days
  • Dormancy fee of $5 if no account activity in 12 months
  • Excessive withdrawal fee of $5 if you exceed the legal limit of 6 withdrawals or transfers during any statement cycle
  • Interest is earned and calculated on the account by the daily balance method

For more information on this savings account or to open an account go to Popular Direct Savings Account.

 







 
Author: Brian McKay
October 4th, 2016