Ponce Bank Review
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Explore Ponce Bank's savings accounts with decent rates, along with high-yield options through Raisin. Keep reading to find out more.
 | |||
4-Month No Penalty CD - 5.17% APY | |||
Overall Score | 4.4 | ||
Savings | 2.5 | ||
CD | 5.0 | ||
Money Market | 5.0 | ||
Fees | 5.0 | ||
Pros and Cons
- Various savings options
- Low monthly fees
- Wide ATM network
- Limited physical location
Bottom Line
Community bank that offers several high-yield savings options through Raisin
Ponce Bank is a community bank offering various financial solutions to suit your needs. From everyday banking to lending, they provide different savings and checking accounts with good rates and low fees.
Plus, they've partnered with Raisin to bring you exclusive high-yield savings options. With that, let's take a closer look at what Ponce Bank has to offer.
What is Ponce Bank?
Ponce Bank, founded in 1960 in The Bronx, is a community-oriented bank with a few branches in New York and New Jersey. They provide a range of banking products for individuals and businesses.
They are also a Community Development Financial Institution (CDFI). Meaning, Ponce Bank invests in the neighborhoods that they serve. For example, they can use customer deposits to fund loans that benefit and support their communities. [1]
Ponce Bank currently offers several personal checking and savings accounts for you to choose from. Plus, they have exclusive savings accounts with great rates, available only through Raisin.
Ponce Bank is owned by Ponce Financial Group, Inc. [2]
Pros & Cons
 |
Pros
- Offers a variety of savings accounts
- Money market account & CDs with high APY via Raisin
- Good rates on CDs
- Access to a network of 60,000+ fee-free ATMs[3]
- Low monthly fees
Cons
- Limited physical locations
- Some products and services available only in-branch
- High balance requirement for in-branch money market account
High-Yield Money Market Account
Ponce Bank offers a high-yield money market account through Raisin. It has a competitive APY, no monthly fees, and you can get started with just a $1 deposit.
Raisin is an online platform that partners with different banks to provide savings products with good rates, minimal fees, and low minimum requirements. It allows you to open and handle multiple savings accounts, money market accounts, and CDs all in one place.
Ponce Bank also has a money market account that lets you earn a higher APY based on your balance. However, you can only open this account at a physical branch. And, the rates are far lower than their Raisin offer and other banks.
A minimum opening deposit of $50 is required. You also need at least $1,500 in your account, or you'll face a $10 monthly fee if your balance drops below that amount during the statement period.
If these requirements are too demanding, consider opening a high-yield account through Raisin instead.
How to Open a Ponce Bank Account via Raisin:
To open a Ponce Bank money market account via Raisin, simply do the following:
- Go to Ponce Bank on Raisin and select Savings.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product.
Certificates of Deposit
Ponce Bank has exclusive offers for High-Yield CDs and a No-Penalty CD via Raisin. High-yield CDs include terms of 1, 3, 6, 9, 11, 13, and 48 months. Their No-Penalty CD has a 4-month term.
You can get started with just $1 to open a Ponce Bank CD with Raisin, and you have very competitive CD rates.
You can also open a CD in-person at a Ponce Bank branch. Branches offer CD terms ranging from 1 month up to 60 months. To open an account, a minimum balance of $500 is required for 1 to 6-month CDs and $1,000 for 12 to 60-month CDs.
Although the rates are not as high as their Raisin offers, they are still at par with some rates on the market. So if you don't mind having your money tied up for a while, it's worth considering Ponce Bank CDs.
How to Open a Ponce Bank CD via Raisin:
To open a Ponce Bank CD through Raisin, simply do the following:
- Go to Ponce Bank on Raisin and select High yield CDs.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product.
Ponce Savings Account
Ponce Bank also has a straightforward savings account option for individuals who prefer simplicity. It requires a $50 opening deposit and a $100 minimum balance to waive the $5 monthly fee.
However, it comes with a low interest rate which might not be the best option for those aiming to grow their savings.
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Ponce Bank:
Fees to Look Out For
Both Ponce Savings and Money Market accounts have monthly maintenance fees of $5 and $10 respectively which can be avoided by meeting their corresponding balance requirements per month.
But, if you open a Ponce Bank account through Raisin, you can avoid the monthly fees.
For CDs, an early withdrawal penalty may be imposed for those who withdraw their money before maturity. [4]
How Ponce Bank Compares
Money Market Deposit Account - 5.25% APY
- No fees
- $1 minimum deposit to open
- 24/7 online access to funds
- Federally insured by NCUA
Money Market Deposit Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
9-Month High-Yield CD - 5.05% APY
- No fees
- $1 minimum deposit
- 24/7 online access to funds
- FDIC insured through California Bank of Commerce
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
Depositing and Withdrawing Funds
At Ponce Bank, you have several convenient ways to deposit or withdraw funds from your account. You can choose from the following options:
- Do a telephone or online transfer
- Set up direct deposit
- Send money through Zelle
- Do a mobile check deposit
- Withdraw from an ATM
- Visit a Ponce Bank branch
But if you have an account via Raisin, you need to link an external account first. From there, you can easily deposit and withdraw your money from Raisin. Note, it may take 1-3 business days to complete a transaction.[5]
Is Ponce Bank Safe?
Yes, Ponce Bank is safe. They are an FDIC member (Certificate #31189) which means deposits are protected up to $250,000 per depositor, per ownership category.
This means that even if the bank fails, account holders can rest assured knowing they're guaranteed to receive their money back, up to the maximum limit allowed by law.
Who is it Best For?
Ponce Bank is a great choice for those eager to boost their savings through competitive rates. They offer high-yield options like money market accounts and CDs through Raisin. With Ponce Bank, you can grow your money securely and easily.
Bottom Line
Ponce Bank offers several savings options with fair rates and minimal fees. Plus, with a few branches and access to a network of 60,000+ fee-free ATMs nationwide, managing your money is convenient wherever you are.
Even if you don't live near a Ponce Bank branch, you can still open an account through Raisin and enjoy exclusive high rates on money market accounts and CDs.
Whether you're looking for a basic savings account or one with a competitive APY, Ponce Bank has good choices for you to consider!
References
- ^ Ponce Bank. Our Story, Retrieved 04/09/2024
- ^ Ponce Bank. Investor Relations, Retrieved 04/09/2024
- ^ Ponce Bank. What is Ponce Bank's ATM Network?, Retrieved 04/09/2024
- ^ Ponce Bank. Personal Savings, Retrieved 04/09/2024
- ^ Raisin. How long does it take to deposit my money? What about withdrawals?, Retrieved 04/30/24
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 9/30/2024.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 5.00% APY
- 5.00% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
