Ponce Bank offers a high yield savings account with an initial deposit that’s just $1. There are no monthly fees, lending requirements or minimum balance for the account to earn interest. The 0.75% APY is available even on small balances of as little as $5 and you’ll enjoy free ATM withdrawals at any Ponce bank branch nationwide
Ponce Bank High Yield Savings – Now 0.75% APY is a new bank account that offers one of the best rates available on the market today. The current interest rate stands at 0.75%.
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Following the FED’s rate rise on May 4, numerous banks and credit unions have began to raise the APYs on both fixed and variable rate deposit accounts. The interest on Ponce Bank’s variable rate account has been increased from 0.50 percent to 0.75 percent. Details are provided below.]
Ponce Bank has established a high return savings account via the SaveBetter platform that offers a notable annual percentage rate of 0.75 percent and requires just a $1.00 initial deposit.
Consumers may access a curated network of FDIC member banks and their FDIC-insured savings products via the SaveBetter platform, which enables them to establish just one account (with SaveBetter).
Within the SaveBetter network, Ponce Bank’s high return savings account is now the top yielding product. It’s worth noting that the network now only has three banks:
- Bank of Ponce,
- Continental Bank and Continental
- Kansas City’s Central Bank
This digital savings product is not available on Ponce Bank’s website. When you go to Poncebank.com and look at their savings solutions area, you’ll see that the savings products they provide aren’t the same as those offered by SaveBetter.
To learn more about the high return savings account Ponce Bank provides in this review, go to SaveBetter’s product investigation page. Continue reading our in-depth evaluation of the product by clicking here.
This article will teach you:
The FDIC insures the High-Yield Savings Account with Ponce Bank accessible via SaveBetter up to $250,000 per depositor. At this moment, joint accounts are not accessible.
High-Yield Savings Account with Ponce Bank
| Minimum Investment | Fee per month | APY |
| $1 | $0 | 0.75% |
According to recent FDIC statistics, the current national average for a savings account is merely 0.06 percent APY. Following the FED’s change, a few online banks and even nationally accessible credit unions are still giving returns exceeding 1.00 percent APY. Keep in mind that these rates are changeable and subject to change at any moment.
Interest is calculated everyday and credited once a month.
Drawbacks
Before creating the account, one should consider the following disadvantages.
To begin with, the account restricts your access to your cash. You will not have access to any kind of ATM or debit card. Traditional means of deposit, such as direct deposit, wire transfer, cash deposit, or remote check deposit using a mobile app, are also unavailable. Only by connecting a bank account can monies be withdrawn. A transfer might take anywhere from 3 to 5 business days, depending on the bank or credit union you’ve connected.
No shared accounts allowed. Typically, banks and credit unions accept joint savings and/or deposit accounts, which increase FDIC coverage to $500,000 and protect both persons up to the appropriate depositor limitations of $250,000.
To manage the account, you must utilize the SaveBetter mobile app. Furthermore, unlike many digital savings programs, the app lacks fundamental budgeting and automated savings options.
Customer Service goes through SaveBetter and office hours are limited. To reach an actual representative for questions regarding your High-Yield Savings Account with Ponce Bank, you’ll need to call: 844-994-EARN (3276). And the hours of operation are just Monday to Friday from 9:00 a.m. – 4:00 p.m. Eastern Standard Time.
How to Create an Account
If you’d like to open the High-Yield Savings Account with Ponce Bank and earn the advertised interest rate, you’ll first need to navigate to the Ponce Bank offer page on Save Better here.
Follow these instructions after you’ve arrived:
- Click the “Save now” button in forest green.
- Set a strong password and enter your email address.
- Fill up your information and review the terms and conditions (link at the bottom). Once you’ve finished, double-check that you’ve read them. Select “Continue.”
- After then, you must validate your email address.
- You’ll then fill in your date of birth, Social Security number, and contact information. Then press “Continue.”
- Review your application and submit it.
- You’ll need to link the bank to which you’ll be sending money after you’ve been accepted. This step will need your bank account number and routing number.
To finish the procedure, you’ll need the following items:
- a driver’s license or other government-issued identification
- (If you don’t have the number memorized) Social Security Card
- The institution’s bank account number and routing number from which you’ll be sending payments.
If you’re strictly after a high yield, variable-rate online savings account and do not need regular access to these funds, then this High-Yield Savings Account with Ponce Bank may be a good option for you.
This product may not be a suitable match for you if you value in-person banking and quick access to cash and your money.
Keep in mind that you’ll be managing the account via SaveBetter and their app(s), and you won’t be dealing with Ponce Bank directly.
Ponce Bank is a new bank that has just opened. The bank offers checking accounts at 0.75% APY. The account also comes with $0 monthly fees and no minimum balance requirements. Reference: ponce bank checking account.
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