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Popular Direct Review 2023

Updated January 10, 2023
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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

Popular Direct is best for anyone looking for an online savings account and CDs that pay top-notch yields.

Highlights

  • High APY
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Popular Direct is an online bank that pays highly competitive rates on its CDs and savings account. It does impose relatively steep minimum deposit requirements, however, and its product offerings do not include a money market or checking account.

Pros

  • Checkmark

    Popular Direct offers accounts with highly competitive rates.

  • Checkmark

    Any fees that are charged are relatively easy to avoid.

Cons

  • Minimum deposit requirements are high.

  • The bank does not offer branches.

  • There is no ATM access; funds can only be accessed electronically.

  • The mobile app has limited capabilities and low customer ratings.

  • Checking and money market accounts are not offered.

Popular Direct bank products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

Popular Direct savings overview

Popular Direct’s savings account earns one of the highest annual percentage yields (APYs) available nationwide. The account requires a $5,000 minimum deposit, however, which is higher than what some other high-yield savings accounts require.

Popular Direct doesn’t include an ATM card with its savings account, so you’ll need to make an external transfer to access the funds. Additionally, you can add money to the account with your phone by using mobile check deposit.

Pros

  • Checkmark

    Popular Direct offers a top-notch APY.

  • Checkmark

    There is no monthly service fee.

Cons

  • Other banks with similar APYs require much lower minimum balances.

  • No ATM card is provided.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

The Popular Direct savings account does not come with an ATM card, so customers who want to deposit or withdraw money will need to rely on methods like external transfers and mobile deposit capture.

Popular Direct’s mobile app allows for basic account management, including viewing your account balance, transferring money between internal accounts, and depositing funds remotely. Overall, the app receives less-than-favorable user ratings on Google Play and the App store.

Customers have additional capabilities when logged onto the bank’s website, such as setting up account alerts, accessing e-statements and transferring money between external accounts.

Customer service can be reached over the phone between 7:30 a.m. and midnight ET Monday through Friday, and between 9 a.m. and 6 p.m. on weekends.

About Popular Direct

Popular Direct is an online bank that was launched in July 2016. It offers certificates of deposit (CDs) and a savings account that are opened through federally insured regional bank Popular Bank.

Popular Bank was formerly known as Banco Popular North America. Its parent company, Popular Inc., was founded in 1893. The financial institution serves customers in the United States, Puerto Rico, Latin America and the Caribbean.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.