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 |
|
|
Savings
Annual Percentage Yield (APY)
Min Deposit
Editor's Rating
Annual Percentage Yield (APY)
Min Deposit
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
Annual Percentage Yield (APY)
Min Deposit
Editor's Rating
Annual Percentage Yield (APY)
Min Deposit
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
Annual Percentage Yield (APY)
Min Deposit
Editor's Rating
Annual Percentage Yield (APY)
Min Deposit
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.
Popular Articles
How Banco Popular de Puerto Rico works
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.
Is Banco Popular de Puerto Rico trustworthy?
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.
How Banco Popular de Puerto Rico compares to similar institutions
We've compared Banco Popular de Puerto Rico to two other Hispanic American banks in Puerto Rico: Oriental Bank and Firstbank Puerto Rico.
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|
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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.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
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Banco Popular De Puerto Rico Review: Over 160 Branches, Free Savings - Business Insider
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