Ponce Bank Review 2024
- Ponce Bank Review
- Ponce Bank Accounts
- Ponce Bank Savings Account
- Ponce Bank CD
- Ponce Bank Money Market Account
- Ponce Bank FAQs
- Why You Should Trust Us
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Ponce Bank OffersPonce Bank 4 Month No Penalty CD
Ponce Bank Review
Ponce Bank is a minority depository institution; most of its board members are Hispanic American, and Ponce serves a minority community.
Ponce Bank is also partnered with Raisin, an online platform that lets you find, fund, and manage multiple high-yield savings accounts and CDs from different banks and credit unions. Raisin offers special rates on interest-earning bank accounts, so you may see different rates on the platform than at a Ponce branch.
There are 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and one in New Jersey (Union City). You can use an ATM for free at each branch location and at Citibank branches.
Branch hours vary slightly by location, but all are open Monday through Friday and closed on weekends. You can call customer service Monday through Thursday from 9 a.m. to 5 p.m. ET, Friday from 9 a.m. to 6 p.m. ET, and Saturday from 9 a.m. to 1 p.m. ET.
The Ponce Bank mobile app has 4.8 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
The Role of Hispanic American Financial Institutions
Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.
Ponce Bank has a financial education program called Ponce U. Customers can learn about financial topics like retirement, owning a house, or investing in the future.
The bank is also certified as a community development financial institution (CDFI). CDFIs can provide necessary financial resources to low-income and disadvantaged communities. In 2020, 75% of all lending at CDFIs went to distressed or underserved communities, according to the CDFI Fund.
Is Ponce Bank Trustworthy?
Ponce Bank doesn't have any public controversies.
The Better Business Bureau gives Ponce Bank a D- rating. The BBB evaluates businesses by looking at responses to customer complaints, honesty in advertising, and openness about business practices.
The BBB states that it gives Ponce a D- because the bank has eight customer complaints on the BBB website, and it hasn't responded to seven of them. But considering Ponce only has one customer complaint that hasn't been addressed yet, you may want to take this D- grade with a grain of salt.
The bottom line: Ponce is a Hispanic American bank in New York. You might like it if you're looking for free checking accounts or high interest rates on CDs. If you'd like to earn a high interest on a savings account, the best high-yield savings accounts pay up to 6.17% APY, though.
Ponce Bank Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.50 |
| CD | 3.50 |
| Money market account | 3.25 |
| Trustworthiness | 3.5 |
| Total | 3.5 |
Ponce Bank: Pros and Cons
| Pros | Cons |
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Ponce Bank Accounts
Ponce Bank Savings Account
Ponce Bank Savings Account
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$5 monthly service fee
Annual Percentage Yield (APY)0.10%
Minimum Deposit Amount$100
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to waive $5 monthly service fee
- con icon Two crossed lines that form an 'X'. Low APY
- con icon Two crossed lines that form an 'X'. $100 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- con icon Two crossed lines that form an 'X'. $5 monthly service fee
- Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
- Most board members are Hispanic American, and the bank serves a minority community
- To waive $5 monthly service fee, maintain a minimum daily balance of $100
- Interest compounded monthly, paid monthly
- Member FDIC
You only need to keep $100 in your Ponce Bank Savings Account to waive the $5 monthly service fee. However, you would earn a much better interest rate with an online high-yield savings account.
Ponce Bank Simply Free Checking Account Review
Ponce Bank Simply Free Checking Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)None
Minimum Deposit Amount$50
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $50 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. You have the option to opt out of overdraft fees, so your transaction would be declined instead
- con icon Two crossed lines that form an 'X'. Doesn't reimburse any fees charged by out-of-network ATM providers
- con icon Two crossed lines that form an 'X'. $29 overdraft fee
- Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
- Free ATMs at branch locations and at Citibank branches
- Most board members are Hispanic American, and the bank serves a minority community
- Member FDIC
The Ponce Bank Simply Free Checking Account is a good free checking account with no monthly service fee or minimum balance. Ponce offers a few other types of checking accounts, too, most of which have no monthly fee.
Ponce Bank CD Review
Ponce Bank CD Start saving On Raisin's site. FDIC Insured Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) Info icon 2.50% to 5.25% if opened directly with Ponce Bank.up to 5.50%
Minimum Deposit Amount Info icon $500 to $1,000 if opened directly with Ponce Bank.$1
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Terms as short as 1 month
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum deposit for terms of 1 to 6 months
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit for terms of 1 to 5 years
- con icon Two crossed lines that form an 'X'. High early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
- Most board members are Hispanic American, and the bank serves a minority community
- Terms range from 1 month to 5 years
- $500 minimum deposit for terms of 1 to 6 months; $1,000 minimum deposit for terms of 12 months to 5 years
- Early withdrawal penalties depend on term length and balance, but can be as high as 2.5 years interest on a 5-year term
- Interest compounded monthly, paid monthly
- Member FDIC
Ponce Bank pays competitive interest rates on CDs. You can open a term of six months or less with only $500, and you'll need $1,000 to open a CD with a term over six months. You can earn even higher rates with Ponce Bank through Raisin. On the Raisin site, Ponce Bank offers terms between one month and four years, and you'll only need a $1 minimum deposit.
Ponce Bank Money Market Account Review
Ponce Bank Money Market Account Start saving On Raisin's site. FDIC Insured Account. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees$10 monthly service fee
Annual Percentage Yield (APY) Info icon 0.10% to 0.20% when opened directly with Ponce Bank.5.28%
Minimum Deposit Amount Info icon $1,500 when opened directly with Ponce Bank$1
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes a debit card and paper checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fee
- con icon Two crossed lines that form an 'X'. $10 monthly service fee
- con icon Two crossed lines that form an 'X'. $1,500 minimum opening deposit ($1 when opened with Raisin)
- con icon Two crossed lines that form an 'X'. Low APY when opened directly with Ponce Bank
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- con icon Two crossed lines that form an 'X'. Doesn't reimburse any fees charged by out-of-network ATM providers
- Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
- Free ATMs at branches and at Citibank branches
- Most board members are Hispanic American, and the bank serves a minority community
- Waive $10 monthly service fee by maintaining a minimum daily balance of $1,500
- Tiered interest rates: Earn a higher rate when your balance reaches $1,500 and $50,000
- Interest compounded monthly, paid monthly
- Member FDIC
The Ponce Bank Money Market Account comes with a debit card and paper checks. It could be a good place to keep your emergency fund, because you can use the card or checks to access your savings quickly if necessary.
Ponce Bank FAQs
Where is Ponce Bank located? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Ponce Bank has 13 branches in New York (Bronx, New York, Jackson Heights, Astoria, Forest Hills, and Brooklyn) and one branch in Union City, New Jersey.
What are Ponce Bank CD rates? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Ponce Bank CDs currently pay up to 5.50% APY. Ponce Bank is also partnered with Raisin and has high-yield online CDs available through the platform. Raisin offers special rates on interest-earning bank accounts, so you may see different rates on the platform than at a branch.
Is Ponce Bank a good bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Ponce Bank may be a good option if you live in New York and want to bank with a local financial institution. The bank is certified as a CDFI. It also has a free checking account and CDs that pay more than the average account.
How Ponce Bank Compares
We've compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.
Ponce Bank vs. Popular Bank
Popular Bank has more branches than Ponce Bank, so it may be the more convenient option for you.
Ponce has several free checking accounts to choose from. But you might prefer Popular if you have enough money in your accounts to qualify for its rewards program. Rewards members can waive a variety of fees and receive ATM fee refunds.
Ponce Bank vs. International Finance Bank
International Finance Bank is primarily in Florida, and it only has one New York branch. You might prefer Ponce Bank if there's a branch closer to your home or office.
But you may like International Finance Bank if you travel regularly. The bank refunds up to five out-of-network ATM fees each month, including fees from international ATMs.
Why You Should Trust Us: How We Reviewed Ponce Bank
For our Ponce Bank review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options. We'll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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