The popular Direct Savings has a high interest rate, and it doesn't charge monthly service fees. If you don't have $100 to open an account, then you can find other online accounts that pay similar rates.
The transfer of money is made by popular direct, which is a unique method. You can link your Popular Direct Savings account to an external account to transfer funds for your opening deposit. For the first 70 days you have the account, you can only transfer money from popular Direct into the account you used to fund the savings account - no other accounts.
CDs are subject to high interest rates from popular direct. The bank requires a high deposit of $10,000. It also charges relatively high penalties if you withdraw funds before your CD matures, especially for longer terms.
The online bank, popular Direct, offers a high-yield savings account and CDs. The lack of a checking account means you can't access your savings as quickly as possible. To transfer money to an external account, you'll need to do it for a couple of days.
If you set up a popular Direct Savings account, you'll link it to an external bank account to transfer funds to popular Direct. If you withdraw funds out of your savings in the first 70 days, then you can only transfer to the linked funding account.
You can contact a live customer support number to speak with a live customer support agent for assistance. While popular Direct has a mobile app on the Apple and Google Play stores, there are hardly any reviews. If a mobile experience is important to you in banking, then you might consider looking for another bank.
Your deposits are covered by the FDIC for up to $250,000, or $500,000 for joint accounts.
We usually consider the BBB's rating, which assesses businesses for transparent business practices and customer service issues. However, popular direct doesn't have a BBB rating yet.
To find out if a particular financial institution is right for you, contact current customers or read online customer reviews.
The controversies surrounding popular direct have been nothing if any.
We rate bank products and services using our bank account methodology for our popular direct review.
We review different features for different types of bank accounts. In addition, we'll look at early withdrawal penalties and CD variety specific for CDs. Also, for savings accounts, we will factor monthly fees.
Plus, popular Direct has three online banks: Marcus and Ally.
Both Marcus and Popular Direct have savings accounts and CDs, but no checking account. In both banks, you need to transfer money to an external account to access your savings.
Marcus is the best option for low minimum deposits. Marcus has a $500 minimum deposit limit for its savings account, and popular Direct asks for $100 to open a savings account, and $10,000 to open a CD. Marcus High-Yield CD, along with Marcus No-Penalty CD, does not charge a fee when you withdraw funds before your CD matures. If you're interested in a no-penalty CD, Marcus is the way to go.
Ally, unlike popular direct, has a checking account. If you want to spend money quickly, all you need to do is transfer money from savings to checking.
Ally is the clear option if you don't have thousands of dollars for an opening deposit with Popular Direct. Ally doesn't require minimum deposits for any of its accounts.
There's an album called the Ally High Yield CD that's similar to the popular Direct CD. There's also a No Penalty CD and an Ally Raise Your Rate CD. If Ally's rates go up, the Raise Your Rate CD can raise your rate, once during a two-year term and twice during a four-year term.