With more than 120 years of industry experience, Popular Bank prides itself on offering innovative financial solutions and services to generations of families. Since its inception, Popular has morphed into a financial institution featuring an extensive portfolio of personal and business banking products designed to meet the unique needs of its customers.
About Popular Bank
Popular Bank is a trusted and sizable financial institution, recognized as one of the top 50 U.S. banks based on its assets. Its first location opened in the Bronx, NY, in 1961 and has since expanded across the United States, as well as to Puerto Rico and the Virgin Islands. Popular Bank delivers a variety of financial products and services, including everyday banking, lending and business solutions.
It’s also backed by the Federal Deposit Insurance Corporation (FDIC), which means up to $250,000 of your deposits are insured.
What Services Does Popular Bank Offer?
Banking
Popular Bank strives to provide a seamless banking experience. Its services are designed with convenience and simplicity in mind. You can choose from options that best fit your lifestyle, and you’ll have the ability to access your funds whenever you need them. You can also open a savings account or invest in investment products like Certificates of Deposit (CDs) to stash your cash. Both typically offer a higher Annual Percentage Yield (APY), making it easy to grow your money effortlessly over time.
Financing
Your goals might require financial backing, and Popular Bank steps in with a range of financing options. Whether you’re eyeing a new home or need a personal loan to consolidate debt, the bank’s loan services are structured to provide you with the funding you need and at competitive terms.
Investments
Investment services are tailored to the needs of both novice and experienced investors. Whether your objective is to build a diverse portfolio or to set aside money for the future, Popular Bank offers investment vehicles that align with your strategic goals. And with professional guidance readily available, you can make investing decisions with confidence.
A Closer Look at Popular Bank’s Products and Services
Popular Bank features banking, financial and investment solutions to meet your needs.
Banking Products
Checking Accounts
With Popular Bank, you have access to various checking account options, such as Everyday Checking, which allows you to earn interest on your balance while enjoying additional perks like fewer fees and monthly rebates for certain charges. Each account is designed to suit different customer needs, ensuring that you have the flexibility to manage your money with ease.
Savings Accounts
You can make your savings goals a reality by opening a savings account at Popular Bank. They provide competitive interest rates to help grow your funds with ease. There are flexible options to choose from, whether you’re saving up for a vacation, college home renovation, rainy day, or some other purpose.
Debit Cards
Popular Bank offers its checking account holders a Mastercard® Debit Card that can be used domestically and internationally. It seamlessly integrates with your mobile wallet for contactless payments and comes equipped with fraud control features to protect your hard-earned money.
Financing Products
Personal Loans
You can get a personal loan to cover the cost of large purchases, consolidate debt or handle unexpected expenses when life happens. These loans feature fixed interest rates and are payable in equal monthly installments, making them easier to manage.
Credit Cards
Popular Bank also offers a variety of credit cards to meet your needs and financial goals. There are options to help you earn cash back and rewards or capitalize on low interest rates when making purchases.
Home Mortgages
Popular Bank’s home loan options help you make one of the largest purchases in your lifetime with confidence. From fixed-rate to adjustable-rate mortgages, you’ll find one that fits your home-buying needs.
Home Equity Line of Credit
Leverage the equity in your home with a Home Equity Line of Credit (HELOC). This flexible financing option lets you draw funds when needed, and you’ll only pay interest on the amount you borrow. It’s ideal if you’re looking to fund ongoing projects or to create a cash cushion that can be used as an emergency fund.
Investing Products
Popular Investments®
Your journey to achieving your financial milestones can begin with Popular Investments. This platform provides several strategies and the expertise needed to diversify your portfolio. Here, you can capitalize on the blend of growth and income options beyond what traditional savings products offer.
Stocks, Bonds and Mutual Funds
You also have the opportunity to choose from individual stocks, safe-haven bonds and diversely managed mutual funds. These instruments are building blocks for both aggressive and conservative portfolios, aligning with your risk tolerance and investment timeline.
Annuities and Insurance
For a more structured approach to investment and saving, you might consider annuities and insurance products. These can offer a steady income stream and financial protection. Annuities represent a commitment to your long-term security and stability, which is worth considering as you begin to plan for the future.
Retirement Planning
Popular Bank’s retirement planning resources can help you establish a comprehensive but flexible strategy for your golden years. It can evolve with your needs and as market conditions change to help ensure your retirement years are some of the best times of your life.
What Are the Pros and Cons of Banking with Popular Bank?
Here are some key benefits and drawbacks to consider when deciding if Popular Bank is most suitable for you.
Pros
- Competitive Interest Rates: You can benefit from highly competitive rates, particularly with Popular Direct’s savings and CD accounts. This could mean more earnings on your savings over time without much effort on your part.
- Diversity: As a Hispanic-American-led institution, Popular Bank provides a unique perspective in banking tailored to meet the needs of this demographic.
- Accessibility: You have access to customer service by phone for extended hours, which can provide added convenience if you have a busy schedule.
Cons
- Limited Physical Locations: If you prefer in-person banking, you should know that Popular Bank has a limited number of branches, primarily located in South Florida, New Jersey, and New York.
- Minimum Deposit Requirements: Some accounts, such as CDs, have a larger minimum opening deposit requirement, which may not be ideal for all savers.
- Fee Transparency: You might need to examine the fine print closely, as some fees are not advertised on the website, and you will need to take a closer look at the account disclosures.
How Does Popular Bank Compare?
Popular Bank distinguishes itself with a variety of checking accounts tailored to different needs. The Everyday Checking account offers the convenience of managing funds and paying bills, with the added benefit of earning interest on your balance. For those seeking a straightforward banking experience, the Easy Access Checking provides a similar level of convenience. Both accounts have the potential to waive monthly fees, and the Everyday Checking comes with a bonus of no statement fees.
On the savings front, Popular Direct stands out with highly competitive rates, boasting a savings account APY of 5.20%, which is quite attractive when compared to the industry average. For those interested in a longer-term investment, Popular Bank’s Certificates of Deposit (CDs) offer terms from 3 months to 5 years, with APYs reaching up to 5.30%. Keep in mind that opening a CD requires a minimum deposit of $10,000, but the high returns may be worth the initial investment.
What Are Customers Saying About Popular Bank?
Customer feedback on Popular Bank reveals a spectrum of opinions. Many users commend the bank for its user-friendly website, which clearly displays information about savings and CD rates, along with the required minimum deposits. However, a common piece of advice is to read the fine print, as details about fees may not be obvious at first glance.
The bank’s longstanding history and commitment to community service have earned it a reputation for reliability, contributing to customer trust. Nevertheless, some customers have expressed concerns over rate adjustments after being initially attracted by competitive offers. That said, live customer support has been a bright spot for consumers who value a personalized banking experience.
Is Popular Bank Right for You?
It depends on what you’re looking for and your personal preferences with regard to banking, financing and investment options. If you value online banking, Popular’s digital platform is easy to navigate and user-friendly. And remember, the bank provides live customer service as well, which can be a major advantage for resolving issues or getting help when needed. This is especially the case if you prefer human interaction.
How to Get Started with Popular Bank
If you’re considering opening an account with Popular Bank, visit the website to learn more about all the financial institutions have to offer. When you’re ready to move forward, visit a local branch to formally apply for a new account or loan or to open an investment account.
FAQs About Popular Bank
Yes, Popular Bank, a subsidiary of Popular, Inc., is a U.S.-based financial institution.
Both are part of the same corporation but cater to different regions. Banco Popular is the title of the parent company in Puerto Rico, and Popular Bank is the U.S.-based subsidiary.
Popular Bank has a solid reputation in the banking industry. It has also operated for more than a century and features an assortment of financial products and services that could meet your unique banking needs.
