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Ponce Bank Review 2021

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Ponce Bank is an American community bank with several branch locations in New York (the Bronx, Manhattan, Queens, Brooklyn), and Union City in New Jersey.

It was founded in 1960 and offers a variety of personal and business banking products.

If you are looking for access to high-yield savings accounts or free checking, Ponce Bank may meet your needs.

Ponce Bank Banking Products

Ponce Bank is set up to be your one-stop-shop for everyday banking services.

It offers personal checking, savings, money market, CDs, mortgages, and retirement accounts, as well as commercial banking services.

Ponce Bank fully supports online banking which means you can easily schedule bill payments, transfer money, deposit cheques, find branch locations, and check your account balances from the comfort of your home.

It also has a mobile banking app you can install on iOS and Android devices.

The personal banking solutions offered by the bank include:

Ponce Bank Savings Accounts

Ponce Bank offers traditional savings accounts plus CDs, money market products, and UTMAs.

Money Market Deposit Account: A money market deposit account can help you earn higher rates on your deposits compared to traditional savings.

For example, you get a 0.41% APY on this high yield Money Market Deposit Account Product.

It is FDIC-insured and has a $1 minimum deposit requirement.

Certificates of Deposit: CDs are a great investment tool for guaranteeing your returns over a specific period of time.

For example, you can buy CDs offering fixed interest rates for 1-60 months terms.

Some of the best Ponce Bank CDs available via the SaveBetter website include:

Ponce Savings Account: This savings account pays a competitive interest and has a $50 minimum opening deposit.

Uniform Transfer to Minors Act (UTMA) Account: You can use this account to set up savings or CDs for a minor.

Other Ponce savings solutions are:

  • Passbook Savings
  • Holiday and Vacation Club Accounts
  • Young Explorer Passbook or Statement Account

Ponce Bank Checking Accounts

It offers four checking account packages as follows:

Premium Interest Checking: This account pays a higher interest rate on your balance when you maintain a balance of $1,500 or more. It also offers free standard checks.

50+ Interest Checking: This checking account is for customers aged 50+ and it pays a competitive interest, has no monthly service fees or minimum balance, and offers free standard checks.

Direct Interest Checking: This checking account pays interest on your balance and supports direct deposits and automatic bill payments.

Simply Free Checking: This entry-level checking account has no monthly fee or minimum fee or minimum balance. It does not pay interest.

Ponce Banks’s routing number is 226070131.

Ponce Retirement Accounts

If you are saving towards retirement or a future educational expense, Ponce Bank has got you covered.

Available accounts include:

  • Individual Retirement Accounts (IRA)
  • Traditional IRA
  • Roth IRA
  • Coverdell Education Savings Account

Ponce Bank Fees

Some bank fees may apply to your account depending on your usage.

Premium Interest Checking: A $7 monthly fee is charged if your minimum balance falls below $1,500.

Ponce Savings: You pay $5 per month if your balance is below $100.

Passbook Savings: There is a $3 monthly charge if your balance falls below $500.

Money Market: This account has a $10 monthly charge if your minimum balance falls below $500.

Is Ponce Bank Safe

Ponce Bank has been around since 1960 and has earned a good reputation for investing in underserved communities.

It is a member of the Federal Deposit Insurance Corporation (FDIC) and deposits are insured up to $250,000 per depositor, per account ownership category.

You can contact the bank by calling (781) 931 – 900 on Monday – Thursday (9am-5pm), Friday (9am-6pm), and Saturday (9am-1pm).

Their 24-hour telephone banking service is available by calling 1-833-467-6623.

Conclusion

Ponce Bank offers various high yield savings and deposit products.

To take advantage of no-fee money market deposit accounts and CDs that Ponce Bank is offering through its partnership with Save Better, click here.

To learn more about Ponce Bank checking accounts, branches, etc., visit their website.

Related reading:

Ponce Bank Review

$0
9

Banking options

9.0/10

Customer Service

9.0/10

Safety

9.0/10

Pros

  • High yield savings products
  • Free checking accounts
  • Low minimum balance requirement

Cons

  • Fees may apply when your balance is below a minimum threshold on some accounts
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Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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