Best Savings Rate From Popular Direct at 1.26%
The new highest savings account rate on our rate list this month is fromÂ Popular Direct savings account rateÂ , currently at 1.25 percent with a yield of 1.26 percent. Popular Direct's savings rate is two and a half times the national average savings rateÂ as reported byÂ MonitorBankRates.com.Â Popular Direct is the online banking division of Banco Popular North America (BPNA).
The best savings ratesÂ are found with online banks because you will always get a better rate than a brick and mortar bank. Many brick and mortar banks have online banking divisionsÂ which offer higher deposit rates than the parent bank. BPNA's online savings rate is 1.26 percent but their top brick and mortar savings rate is only 0.35 percent.
Getting access to your money with an online account is also very easy these days. You canÂ link both internal and externalÂ accounts to transfer money in and out. Mobile banking also gives you the ability to deposit checks just by taking a photo of the front and back of a check to submit for payment.
The minimum account opening account balance for a Popular Direct savings account isÂ $5,000. There are a number of account fees you will be charged if certain criteria aren't met on a monthly basis.
If you don't maintain a minimum account balance of $500 you will be charged $4.00 a month. You will be charged an excessive withdrawal fee of $5 if you exceed the legal limit of 6 withdrawals or transfers during any statement cycle.
You have to keep the savings account open for a minimum of 180 days, failure to do so will cost you a fee of $25.00. There is a dormancy fee of $5 if there is no account activity in 12 months. Interest earned on the account is calculated using the daily balance method, which gives the account a higher overall annual percentage yield.
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