Ponce Bank Review
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Ponce Bank Reviews

Lauren Le-Hair


Lauren Le-Hair

Very Low Fee Structure and Generally Competitive Rates
Very Low Fee Structure and Generally Competitive Rates
About Ponce Bank

Founded in 1960, Ponce Bank is a well-established New York-based financial institution with a solid reputation in the industry. The bank has physical branches as well as a user-friendly digital platform for those who prefer online or mobile banking. Among other things, Ponce Bank offers checking and savings accounts, money market accounts (MMDAs), Certificates of Deposit (CDs), and IRAs. Many of these accounts come with minimal fees, making them accessible to the average person. Certain accounts, such as the MMDAs also come with decent interest rates.









Ponce Bank Online Banking Review

Ponce Bank offers multiple bank accounts for personal and business use. These accounts have a low-cost structure, making them accessible to most people. They also come with rates that are slightly above the industry average.

Ponce Bank Online Banking Highlights


Min 0.01%


Min 0.05%



Pros & Cons

  • Wide array of personal and banking solutions and accounts
  • Low fee structure on most accounts (some accounts are completely free)
  • Somewhat competitive APY on high-yield CDs and MMDAs
  • Reputable, FDIC-insured financial institution
  • Rates aren’t much better than the industry average
  • Few promotions available

Account Type

  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
  • Business

Ponce Bank Checking Highlights


Min 0.05%

Ponce Bank Savings Highlights


min $50


Min 0.01%

Pros & Cons

  • Convenient mobile app
  • Personalized customer service
  • High interest rates
  • Wide range of banking solutions
  • Limited branch availability
  • Low ATM network


Account  1 Year 3 Years 5 Years
Premium Interest Checking 0.05% to 0.10%
Direct Interest Checking 0.05% APY
50+ Interest Checking 0.05% APY
Ponce Savings 0.10% APY
Passbook Savings 0.10% to 0.20% APY
MMDA 0.41% APY
High-Yield CD 0.25% APY — 5 months

0.45% APY — 13 months

0.45% APY — 48 months

Features Benefits & Rewards

  • Low-cost accounts
  • Somewhat competitive rates
  • Highly-rated mobile app

Account Types

Simply Free Checking Account

This checking account doesn’t come with a lot of perks, but it’s free, doesn’t have a minimum balance, and is convenient for those who need something simple.

Account Type  Key Features Bonuses
Simply Free Checking
  • No minimum balance
  • No account fees

Premium Interest Checking Account

This checking account comes with free checks and a competitive interest rate on balances of at least $1,500. It comes with an $7 account maintenance fee (avoidable for balances $1,500 and up).

Account Type  Key Features Bonuses
Premium Interest Checking
  • Avoidable $7 monthly fee
  • 0.05% to 0.1% APY
  • Free checks

Direct Interest Checking Account

Ponce’s direct interest checking account accrues interest over time — 0.05% APY. there’s no monthly fee or minimum balance requirement.

Account Type  Key Features Bonuses
Direct Interest Checking
  • Direct deposit and automatic payment enabled
  • 0.05% APY
  • No monthly fees

50+ Interest Checking Account

Geared toward people who are 50+ years old, this account comes with fairly high APY of 0.05%. It’s free to get and comes with standard checks.

Account Type  Key Features Bonuses
50+ Interest Checking
  • 0.05% APY
  • No minimum balance or monthly fees

Ponce Savings Account

This no-frills savings account comes with 0.10% APY and only requires $50 to open. It’s fee-free for those who maintain an account balance of at least $100.

Account Type  Key Features Bonuses
Ponce Savings
  • 0.10% APY
  • Avoidable monthly fee

Passbook Savings Account

Ponce Bank’s second savings account has 0.05% APY (on higher balances) and requires a $100 opening balance.

Account Type  Key Features Bonuses
Passbook Savings
  • 0.05% APY
  • $3 monthly fee (on balances below $500)

Money Market

Ponce’s Money Market makes it easy to earn more competitive interest rates without losing access to the account’s funds. This account requires a $50 minimum opening deposit. It comes with a $10 monthly fee that’s automatically waived on balances at or above $500.

Account Type  Key Features Bonuses
Money Market
  • 0.05% to 0.20% APY
  • Easily accessible funds

Certificates of Deposit (CDs)

Ponce Bank’s high-yield CDs are available through its connection with SaveBetter. These CDs come with terms ranging from five to 48 months. The starting APY is 0.25% (for the shortest term), but it goes up to 0.45%. CD terms automatically renew unless you close them prior to maturity. There may be an early withdrawal penalty.

Account Type  Key Features Bonuses
Certificate of Deposit
  • 5-, 13-, and 48-month terms
  • 0.25% to 0.45% APY

Money Market Deposit Account

Available through SaveBetter, Ponce’s MMDA can earn up to 0.41% APY, which is fairly competitive in the industry. The interest rate compounds daily and is credited to the account once a month. The account is fee-free, has unlimited transactions, and only requires a $1 opening deposit.

Account Type  Key Features Bonuses
Money Market Deposit Account
  • 0.41% APY
  • No account fees

Opening an Account With Ponce Bank

For most accounts with Ponce Bank, you can apply at a physical branch or on their main website. But for a high-yield CD or MMDA, you’ll need to go to SaveBetter and complete the online application there.

Start by choosing either a personal or business account. Then, if you don’t already have an account, select “New User.” This will direct you to start creating your account, which involves choosing the type of account (checking or savings) you want to enroll in. You’ll also need to answer standard questions about yourself, such including personal and identifying information (ex. SSN, date of birth, and contact details). Once that’s done, Ponce may ask you to upload supporting documents to verify your identity.

The entire application only takes about 10 minutes to complete.

Ponce Step 1: Click on Create a new user
Step 1

Click on Create a new user

State Availability

Available in all states

Privacy & Security

Ponce Bank is transparent about its privacy policy and how it collects, uses, and shares personal data. The bank adheres to federal law on all accounts, which is standard in the industry. The type of information Ponce collects is also standard and includes: SSN, account balances and transactions, consumer credit history, and payment history.

Ponce only shares personal information for everyday business reasons or marketing purposes. It does not share data with third parties, affiliates, or non-affiliates.

In terms of security, Ponce uses certain digital and physical safeguards to protect consumer information and keep accounts secure against unauthorized use or theft.

Customer Support

Overall, Ponce Bank’s customer support is of a high caliber. Since it’s a mid-sized bank, the phone wait times are shorter than what you’d find at a larger financial institution. However, you may still need to wait a few minutes or so when contacting them via phone.

It’s also possible to contact Ponce via secure contact form. Ponce promises to respond as quickly as possible, but response times can still vary.

Phone Support
(718) 931-9000
Mon - Thu
9:00 AM - 5:00 PM
9:00 AM - 6:00 PM
9:00 AM - 1:00 PM

In Conclusion

Overall, Ponce Bank is a well-established bank with a range of financial services and products designed to meet its customers’ needs. They offer everything from checking and savings accounts to loans (consumer, mortgage, business, construction development, etc.)

Ponce also has a community-centered approach to banking and is committed to economic development and customer success.

The main drawback is that Ponce’s rates are fairly standard for the industry. So, if you’re looking for something more competitive, you may need to turn to a different institution.


Does Ponce Bank have personal and business banking accounts?
Yes, Ponce has checking and savings accounts for businesses and individuals. The bank also offers online financial solutions for both.
What types of loans or other financial products are available?
Ponce’s lending solutions include consumer loans, residential mortgage loans, business term loans, business equity installment loans, business lines of credit, and various commercial real estate loans.
What’s Ponce Bank’s connection to SaveBetter?
Ponce Bank works with SaveBetter to offer competitive, custom accounts to its customers. This includes its Money Market Deposit Account, which as an APY of 0.41%.

Ponce Bank Disclaimer

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us.

When you are no longer our customer, we continue to share your information as described in this notice.

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Ponce Bank chooses to share; and whether you can limit this sharing.


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Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.