Popular Direct offers CDs across various terms with highly competitive rates. The minimum deposit, however, is $10,000. The average saver may struggle to meet that threshold.
Early withdrawal penalties vary depending on the length of the CD term. For example, for a 12-month CD, the penalty for an early exit is 270 days of simple interest. For a 5-year CD, the penalty is much steeper: 730 days of simple interest.
Compared to other banks, the minimum deposit is higher.
A harsh early withdrawal penalty applies for long-term CDs.