Popular Direct offers CDs across various terms with decent rates. Those searching for more competitive APYs can find them if they shop around. The minimum deposit on Popular Direct's CDs is $10,000, which may be a struggle for the average saver.
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.
Requires a high minimum deposit.
Higher yields can be found elsewhere.
A harsh early withdrawal penalty applies for long-term CDs.
No bump up or penalty-free CD options available.