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Summary: Popular Direct Bank launched in 2016 as the online-only division of Popular Bank. The company’s roots date back to 1893 with the founding of Banco Popular de Puerto Rico (BPPR). Popular Direct accounts are FDIC-insured, with insurance applying to assets there and at Popular Bank.
Popular Direct Bank product overview
Popular Direct Bank offers two main products: savings accounts and certificates of deposit (CDs). Here’s a brief look at each product type and the features they provide.
Popular Direct high-yield savings account
This account offers a competitive yield on all savings balances. However, to open an account, you must deposit a minimum of $100. This shouldn’t be a big hurdle for most customers, though many high-yield savings accounts don’t have a minimum deposit requirement.
Popular Direct operates exclusively online, so you must open a high-yield savings account on the bank’s website and link an external account to fund the new account. The bank’s policy will only allow you to transfer from that account for the first 70 days the account is open.
Read more: 10 best high-yield savings accounts available today
Popular Direct CDs
CDs are available in terms of three months to five years and require a minimum opening deposit of $10,000. Many customers will find this minimum too high and look at CDs at other banks. However, those with enough cash to meet the minimum may appreciate Popular Direct’s strong CD yields.
Read more: These 8 banks offer CDs with no minimum deposit requirement
Popular Direct Bank fees
Popular Direct charges minimal fees, but there are some instances when you may be subject to fees as a customer.
Popular Direct Bank pros and cons
Consider these pros and cons before opening an account with Popular Direct Bank:
Pros:
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Competitive yields on deposit accounts: Popular Direct offers competitive yields on savings and CDs, with every account earning 4% APY or higher. Traditional savings accounts and CDs typically have much lower yields.
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No monthly fees: Neither its savings accounts nor CDs charge monthly maintenance fees. There are no caveats, such as requiring a certain balance to avoid monthly fees.
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Variety of CD terms: Eight different CD terms are available, ranging from three months to five years. This allows you to open a CD that matches your financial goals.
Cons:
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No checking accounts: Popular Direct Bank doesn’t offer a checking account, requiring you to link an external account and fund your accounts with ACH transfers.
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High minimum deposit requirement for CDs: Both the savings accounts and CDs have minimum opening deposits. While the $100 minimum for savings isn’t unreasonable, the CDs require at least $10,000, which will be too high for many customers.
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No physical branches: Online banks often have no physical branches, and Popular Direct Bank is no exception. This may be a drawback for those who prefer banking in person.
Customer service and mobile banking experience
For help with any concerns about your Popular Direct accounts, you can contact the bank via phone Monday through Friday from 7:30 a.m. to 12:00 a.m. ET and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. ET. The contact number is 1-800-274-5696. Customer service is not available on Federal Reserve Bank holidays.
Popular Direct Bank has an app on the Apple App Store and Google Play. The mobile app has basic features like the the ability to check balances, deposit mobile checks, and see recent transactions. However, the app is poorly rated on both platforms, with a 1.4 on the App Store and a 1.3 on Google Play. Users say the app has limited functionality and mention various technical issues, such as trouble logging in and being forced to log in through a browser.
Popular Direct Bank address and phone number
The mailing address for Popular Direct Bank is:
Popular Bank
Attn: Popular Direct Products
P.O. Box 4884
Miami Lakes, FL 33014
If you prefer to contact the bank’s customer care center via phone, the general contact number is 1-800-274-5696. Customer care is available Monday through Friday from 7:30 a.m. to 12:00 a.m. ET and Saturday and Sunday from 9:00 a.m. to 6:00 p.m. ET.
Popular Direct FAQs
Is Popular Direct Bank FDIC-insured?
Yes. Popular Direct is a division of Popular Bank, an FDIC-insured financial institution. For the purposes of FDIC insurance, coverage applies to the sum of the assets you have within both Popular Bank and Popular Direct.
What is Popular Direct Bank’s routing number?
Popular Direct’s routing number is 113007835.
Is Popular Direct a trustworthy bank?
Yes, Popular Direct is a reputable online bank and FDIC-insured through its parent bank. The standard deposit insurance coverage limit is $250,000 per depositor, per institution, per ownership category.
Is Popular Direct the same as Popular Bank?
Popular Direct Bank is the online branch of Popular Bank. The bank’s roots date back to 1893 with the founding of Banco Popular de Puerto Rico.
How do you withdraw money from Popular Direct?
You can withdraw money from your Popular Direct savings account by initiating a transfer of funds to a linked external account within online banking. If you must transfer funds within the first 70 days, you can only transfer funds to the external account you provided during the account opening process or by calling the Popular Direct Customer Care Center.
How long has Popular Direct been in business?
Popular Direct Bank was launched in 2016. However, it is the online-only division of Popular Bank, which has roots that date back to 1893.
