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You have the option to opt out of overdraft fees, so your transaction would be declined instead
Doesn’t reimburse any fees charged by out-of-network ATM providers
$29 overdraft fee
Highlights
Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
Free ATMs at branch locations and at Citibank branches
Most board members are Hispanic American, and the bank serves a minority community
Member FDIC
Additional Reading
Read our review
The Ponce Bank Simply Free Checking Account is a good free checking account with no monthly service fee or minimum balance. Ponce offers a few other types of checking accounts, too, most of which have no monthly fee.
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Ponce Bank CD
3.5/5
Annual Percentage Yield (APY)
2.50% to 4.50%
Minimum Deposit Amount
$500 to $1,000
Ponce Bank CD
3.5/5
Annual Percentage Yield (APY)
2.50% to 4.50%
Minimum Deposit Amount
$500 to $1,000
On Ponce Bank’s site. Ponce Bank, FDIC Insured
Ponce Bank CD
On Ponce Bank’s site. Ponce Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
2.50% to 4.50%
Minimum Deposit Amount
$500 to $1,000
Pros & Cons
Terms as short as 1 month
$500 minimum deposit for terms of 1 to 6 months
Competitive APY
$1,000 minimum opening deposit for terms of 1 to 5 years
High early withdrawal penalties
Interest compounds monthly, not daily
Highlights
Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
Most board members are Hispanic American, and the bank serves a minority community
Terms range from 1 month to 5 years
$500 minimum deposit for terms of 1 to 6 months; $1,000 minimum deposit for terms of 12 months to 5 years
Early withdrawal penalties depend on term length and balance, but can be as high as 2.5 years interest on a 5-year term
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
Ponce Bank pays competitive interest rates on CDs. You can open a term of six months or less with only $500, and you’ll need $1,000 to open a CD with a term over six months.
Ponce Bank Money Market Account
3.25/5
Annual Percentage Yield (APY)
0.10% to 0.20%
Minimum Deposit Amount
$1,500
Fees
$10 monthly service fee
Ponce Bank Money Market Account
3.25/5
Annual Percentage Yield (APY)
0.10% to 0.20%
Minimum Deposit Amount
$1,500
Fees
$10 monthly service fee
On Ponce Bank’s site. Ponce Bank, FDIC Insured
Ponce Bank Money Market Account
On Ponce Bank’s site. Ponce Bank, FDIC Insured
Details
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
0.10% to 0.20%
Minimum Deposit Amount
$1,500
Pros & Cons
Includes a debit card and paper checks
No out-of-network ATM fee
$10 monthly service fee
$1,500 minimum opening deposit
Low APY
Interest compounds monthly, not daily
Doesn’t reimburse any fees charged by out-of-network ATM providers
Highlights
Bank with 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and 1 in New Jersey (Union City)
Free ATMs at branches and at Citibank branches
Most board members are Hispanic American, and the bank serves a minority community
Waive $10 monthly service fee by maintaining a minimum daily balance of $1,500
Tiered interest rates: Earn a higher rate when your balance reaches $1,500 and $50,000
Interest compounded monthly, paid monthly
Member FDIC
Additional Reading
Read our review
The Ponce Bank Money Market Account comes with a debit card and paper checks. It could be a good place to keep your emergency fund, because you can use the card or checks to access your savings quickly if necessary.
About Ponce Bank
Ponce Bank is a minority depository institution; most of its board members are Hispanic American, and Ponce serves a minority community.
Ponce Bank is also partnered with SaveBetter, an online platform that lets you find, fund, and manage multiple high-yield savings accounts and CDs from different banks and credit unions. SaveBetter offers special rates on interest-earning bank accounts, so you may see different rates on the platform than at a Ponce branch.
There are 13 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and one in New Jersey (Union City). You can use an ATM for free at each branch location and at Citibank branches.
Branch hours vary slightly by location, but all are open Monday through Friday and closed on weekends. You can call customer service Monday through Thursday from 9 a.m. to 5 p.m. ET, Friday from 9 a.m. to 6 p.m. ET, and Saturday from 9 a.m. to 1 p.m. ET.
The Ponce Bank mobile app has 4.8 out of 5 stars in the Apple store, and 4.2 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
The Role of Hispanic American Financial Institutions
Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.
Ponce Bank has a financial education program called Ponce U. Customers can learn about financial topics like retirement, owning a house, or investing in the future.
The bank is also certified as a community development financial institution (CDFI). CDFIs can provide necessary financial resources to low-income and disadvantaged communities. In 2020, 75% of all lending at CDFIs went to distressed or underserved communities, according to the CDFI Fund.
The Better Business Bureau gives Ponce Bank a D- rating. The BBB evaluates businesses by looking at responses to customer complaints, honesty in advertising, and openness about business practices.
The BBB states that it gives Ponce a D- because the bank has eight customer complaints on the BBB website, and it hasn’t responded to seven of them. But considering Ponce only has one customer complaint that hasn’t been addressed yet, you may want to take this D- grade with a grain of salt.
Ponce Bank FAQs
Ponce Bank has 13 branches in New York (Bronx, New York, Jackson Heights, Astoria, Forest Hills, and Brooklyn) and one branch in Union City, New Jersey.
Ponce Bank CDs currently pay 2.50% to 4.50% APY. Ponce Bank is also partnered with SaveBetter and has high-yield online CDs available through the platform. SaveBetter offers special rates on interest-earning bank accounts, so you may see different rates on the platform than at a branch.
Ponce Bank may be a good option if you live in New York and want to bank with a local financial institution. The bank is certified as a CDFI. It also has a free checking account and CDs that pay more than the average account.
Methodology: How We Reviewed Ponce Bank
For our Ponce Bank review, we rated bank products and services using our bank account methodology.
At Personal Finance Insider, we rate bank accounts on a scale from zero to five stars. We review different features for distinct types of bank accounts. For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options. We’ll also usually examine minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings for all types of bank accounts.
How Ponce Bank Compares
We’ve compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.
Ponce Bank vs. Popular Bank
Popular Bank has more branches than Ponce Bank, so it may be the more convenient option for you.
Ponce has several free checking accounts to choose from. But you might prefer Popular if you have enough money in your accounts to qualify for its rewards program. Rewards members can waive a variety of fees and receive ATM fee refunds.
Ponce Bank vs. International Finance Bank
International Finance Bank is primarily in Florida, and it only has one New York branch. You might prefer Ponce Bank if there’s a branch closer to your home or office.
But you may like International Finance Bank if you travel regularly. The bank refunds up to five out-of-network ATM fees each month, including fees from international ATMs.
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
