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Popular Direct Bank Ultimate Savings Account 2.55 %APY with $5,000 minimum deposit

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I just noticed that Popular Direct Bank has 2.55 %APY with $5,000 minimum deposit on new accounts. It is FDIC insured. I assume that just like Wealthfront, this introductory rate won't last long. For now, I think I will just keep my money with CIT bank, but it may be of interest to others. I will probably regret it if the low APY at Popular Direct starts going on for a while.

https://www.populardirect.com/pro...e-savings/

There is a $4 a month fee if your balance drops below $500, and the usual excessive withdrawal fee of $5 applies, if you make more than six withdrawals a month. There is also a $25 fee if you close your account within 180 days, which could be important.
Something that is unusual is that you can only fund from just one external account for the first 70 days. It says you can still make withdrawals during that period though.
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This comment has been rated as unhelpful by Slickdeals users
Joined Oct 2008
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#2
the APY is not locked like a CD. it can change to 0% next month...it probably wont since it's a competitive online only bank version of the puerto rican bank banco popular. i dont see anything on their site that guarantees the APY for more than a month.
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Joined Feb 2012
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#3
I was surprised that they are even offering this high of a rate, when other banks are dropping theirs. The online savings account rate that I have now with CIT, has recently dropped down to 2.3% from almost 2.5%. I am not switching at the moment, because I have a feeling that this rate will drop also before too long. Although 2.3% really isn't that bad, compared to the rates that most other banks are offering..
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Joined Dec 2017
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#4
Not comfortable with the need for high minimums especially when they lock to only one external accounts for 70 days according to Nerdwallet
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Joined Nov 2006
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#5
compared to greendot 3.0? i'm not trusting greendot lol
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