Overall bank rating

Feature Insider rating (out of 5)
Savings 4.25
Checking 4
CD 3.5
Trustworthiness 4
Total 3.94

Pros and cons

Pros Cons
  • Over 160 branches around Puerto Rico
  • Most of the board is Hispanic American, and the bank serves a minority community
  • Variety of checking accounts
  • Free savings account
  • Easy to save automatically and save for goals
  • Pays low savings rates
  • You must visit a branch to ask about CD rates
  • Only compounds interest monthly, not daily

Savings

Banco Popular de Puerto Rico U Save Account

Banco Popular de Puerto Rico Banco Popular de Puerto Rico U Save Account
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Annual Percentage Yield (APY)
0% to 0.13% APY
Min Deposit
None
Editor's Rating
Annual Percentage Yield (APY)
0% to 0.13% APY
Min Deposit
None
Editor's Rating
  • Pros & Cons
  • Details
Pros
  • No minimum opening deposit
  • No monthly service fee
  • Round purchases up to the next dollar and put money in savings
  • Set savings timeline and schedule transfers to meet your goal
Cons
  • Low APY
  • No interest earned for the month if average daily balance falls under $100
  • Interest is only compounded monthly
  • $5 fee for withdrawing money at a branch or by check
  • Over 160 branches in Puerto Rico
  • The majority of board members are Hispanic American, and Banco Popular serves a minority community
  • Tiered interest rates: 0% interest if your average daily balance falls under $100; 0.08% if your balance is equal to or greater than $100; 0.13% if you have $100 and link to Ahorro Directo, which rounds up debit card purchases to the nearest dollar and puts it in savings
  • Interest compounded monthly, paid monthly
  • Member FDIC

The Banco Popular de Puerto Rico U Save Account has no monthly service fee. It also makes it easy for you to save — round debit card purchases up to the nearest dollar and put the extra change in savings, and set savings timelines for your goals. The main downside is that Banco Popular pays a low interest rate. You'd earn much more with an online high-yield savings account.

Checking

Banco Popular de Puerto Rico e-account

Banco Popular de Puerto Rico Banco Popular de Puerto Rico e-account
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Annual Percentage Yield (APY)
None
Min Deposit
None
Editor's Rating
Annual Percentage Yield (APY)
None
Min Deposit
None
Editor's Rating
  • Pros & Cons
  • Details
Pros
  • No minimum opening deposit
  • Easy to waive $5.95 monthly service fee
  • Low $15 overdraft fee
  • Overdraft line of credit is available
Cons
  • $5.95 monthly service fee
  • $0.50 fee for using a non-Popular ATM in the ATH network
  • $2 fee for using a non-Popular ATMs that isn't in the ATH network
  • Over 160 branches in Puerto Rico
  • Over 600 free ATMs
  • The majority of board members are Hispanic American, and Banco Popular serves a minority community
  • Waive $5.95 monthly service fee by completing one of the following: receiving a direct deposit, connecting to internet banking, or making an electronic payment through the automatic answering system or internet banking
  • Member FDIC

You may like the Banco Popular de Puerto Rico e-account if you can receive a direct deposit, connect to internet banking, or make an electronic payment each month. This way, you'll qualify to waive the monthly service fee.

Banco Popular also has several other checking accounts to choose from. 

CD

Banco Popular de Puerto Rico CIMA Certificate of Deposit

Banco Popular de Puerto Rico Banco Popular de Puerto Rico CIMA Certificate of Deposit
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Annual Percentage Yield (APY)
Visit your local branch for details
Min Deposit
$1,000
Editor's Rating
Annual Percentage Yield (APY)
Visit your local branch for details
Min Deposit
$1,000
Editor's Rating
  • Pros & Cons
  • Details
Pros
  • Terms range from 7 days to 10 years
Cons
  • $1,000 minimum opening deposit
  • Interest is only compounded monthly
  • Must visit branch for interest rates and early withdrawal penalties
  • Over 160 branches in Puerto Rico
  • The majority of board members are Hispanic American, and Banco Popular serves a minority community
  • Terms range from 7 days to 10 years
  • Visit your local branch for interest rate and early withdrawal penalty information
  • Interest compounded monthly
  • Member FDIC

Banco Popular has more CD term options than many banks, ranging from seven days to 10 years. You'll need to visit your local branch to ask how much you'll earn on a CD.

The bank also has a CD5 account that increases your rate every six months, so it could be worth asking how CD5 rates compare to regular CD rates at your branch.

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Banco Popular de Puerto Rico has over 160 branches around Puerto Rico and more than 600 free ATMs. There is also a Popular Bank in the US Virgin Islands and the mainland US, but the bank accounts are a little different than the ones at the Puerto Rico branches.

Branch and customer service hours vary by location. Most branches are open from 8:00 a.m. to 4:00 p.m. Monday through Friday, and some branches are open for part of the day on Saturday.

The Banco Popular mobile app has 4.8 out of 5 stars in the Apple store, and 4.5 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.

Usually, we include Better Business Bureau grades when assessing a bank's trustworthiness. The BBB has not evaluated Banco Popular de Puerto Rico yet, though.

In early 2019, Banco Popular released a statement, saying that some customers' debit cards had been tampered with by an outside source. The bank then said it would refund all customers who had lost money as a result of the incident.

We've compared Banco Popular de Puerto Rico to two other Hispanic American banks in Puerto Rico: Oriental Bank and Firstbank Puerto Rico.

Banco Popular
Banco Popular
Oriental Bank
Oriental Bank
First Bank
First Bank

Puerto Rico branches

160

Puerto Rico branches

53

Puerto Rico branches

71

Standout feature

Most branches in Puerto Rico

Standout feature

CD rates

Standout feature

Variety of accounts
Open an account Open an account Open an account

Banco Popular de Puerto Rico vs. Oriental Bank

Banco Popular de Puerto Rico has many more branches than Oriental Bank, so it may be the more convenient option.

Oriental Bank pays good rates on CDs, especially on longer terms. If you're interested in opening a CD, visit your local Banco Popular branch to ask about rates so you can compare what you'd earn with each bank.

Banco Popular de Puerto Rico vs. Firstbank Puerto Rico

Firstbank Puerto Rico has more branches than Oriental Bank, so it may be the better option if there's a location closer to your home. Firstbank Puerto Rico also has multiple checking and savings accounts to choose from, so it's possible you'll find a better fit there than with Oriental Bank. Compare the banks' accounts to make your decision.

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Laura Grace Tarpley, CEPF
Editor, Banking & Mortgages

Laura Grace Tarpley is an editor at Insider, responsible for banking and mortgage coverage on Personal Finance Insider. She covers mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips. She is also a Certified Educator in Personal...

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