| 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 |
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
APY SAVINGS
Min 0.01%
APY CHECKINGS
Min 0.05%
OTHER FEES
Yes
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
APY
Min 0.05%
Ponce Bank Savings Highlights
DEPOSIT AMOUNT
min $50
APY
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
APYs
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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.
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
Friday
9:00 AM - 6:00 PM
Saturday
9:00 AM - 1:00 PM
Sunday
Closed
Holidays
Closed
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.
FAQ
Yes, Ponce has checking and savings accounts for businesses and individuals. The bank also offers online financial solutions for both.
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.
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.
Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
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.
8.2
LS SCORE
8.5
CREDIBILITY
8.1
SUPPORT
8.3
ACCESSIBILITY
Opening Hours
Mon - Thu
9:00 AM - 5:00 PM
Friday
9:00 AM - 6:00 PM
Saturday
9:00 AM - 1:00 PM
Sunday
Closed
Holidays
Closed
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