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Updated on Friday, October 1, 2021
Popular Direct’s CD rates
Popular Direct CDs
- Minimum opening deposit: $10,000
- Minimum balance amount to earn APY: None
- Early withdrawal penalty:
- For the 3-month CD, you’ll pay 89 days’ worth of interest.
- For the 6-month CD, you’ll pay 120 days’ worth of interest.
- For the 1-year, 18-month, and 2-year CDs, you’ll pay 270 days’ worth of interest.
- For the 3-year and 4-year CDs, you’ll pay 365 days’ worth of interest.
- For the 5-year CD, you’ll pay 730 days’ worth of interest.
If you’ve got spare cash laying around — at least $10,000, to be exact — you can open a CD with Popular Direct.
These CDs are simpler products than the bank’s savings accounts, with fewer hidden fees. Still, you may get socked with a substantial fee if you make an early withdrawal from the account. For example, making an early withdrawal from the 3-month CD will cost you 89 days’ worth of simple interest — basically all of the interest you would have earned had you left it untouched.
While these CDs automatically renew at maturity, this bank gives you a 10-day grace period to make any changes to the CD or withdraw the money, if you choose.
How to get Popular Direct’s CDs
You can easily open a CD with Popular Direct online with the click of a few buttons.
One thing to keep in mind is that the bank is placing a 60-day hold on all new accounts after they’re opened. This shouldn’t be a big deal since most people don’t make withdrawals until the CD matures anyway. But, it’s just something to keep in mind in case you might need to make an early withdrawal within the first 60 days after opening.
How Popular Direct’s CD rates compare
Popular Direct also has some of the highest CD rates on the market currently. But, you’ve got a high bar to pass to get those high rates, with a minimum opening deposit of $10,000. If that’s not something you can afford, or if you want to see what else is on the market, we recommend checking out our current top picks for CD rates.
Overall review of Popular Direct’s banking products
To be sure, Popular Direct is offering some of the best rates on the market with their savings and CD accounts. However, we’re not a fan of the high threshold for minimum opening deposit. This precludes a lot of people from opening an account at this bank.
Furthermore, we’re not fans of their complicated rules and fee structures, especially on their savings account. This bank may work for you if you’re careful and know your way around these restrictions. But for most other people, we’d recommend checking out other banks first.