Popular Bank Review: Personal and Business Banking Specialists

Here's what to expect when you bank with Popular Bank.

Popular Bank, aka Banco Popular, is the U.S.-mainland subsidiary of Popular, Inc., which is based in Puerto Rico. Popular was founded more than a century ago and opened its first mainland branch in The Bronx in the 1960s. Today, Popular has a presence in the U.S., Caribbean and Latin America, with an ATM network of over 55,000 machines. It operates over 50 branches in New York, New Jersey and South Florida.

Keep reading to learn if Popular Bank is a good place to put your money.

Popular Bank Review

Popular Bank is a full-service bank that offers customers both banking services and investment products. Popular members can use the Popular Bank app to use its mobile banking feature. The bank supports online, mobile and text banking, though online banking provides many more features than either of the other two.

Customers can select from three different credit cards, each with 0.00% introductory APR. Besides personal and business banking, Popular offers its wealthier customers the option of becoming one of the bank’s private clients, which sets them up with a team of financial professionals whose focus is on the client’s personalized experience.

Popular Bank Products and Services

Checking Accounts

Popular lets you choose from three main checking accounts, all which come with the following features:

  • Online and mobile banking
  • Mobile cash, which lets you withdraw from ATMs using your smartphone instead of your card
  • Bill pay
  • Send or receive money
  • Touch ID
  • 24-hour account information and services
Popular Bank Checking Account Options
NameMinimum to openMonthly feeFeatures
Basic Checking$25$3Eight free transactions per month
Everyday Checking$25$10Monthly fee waived by maintaining a monthly average of $1,000 in your account OR a monthly deposit of $750; $2 paper statement fee waived if selecting eStatements
Prestige Checking$25$12Monthly fee waived by maintaining a monthly average of $2,000 in your account OR a monthly deposit of $5,000; competitive interest rates; eligible for Popular’s tiered Rewards program
Information accurate as of July 25, 2018.

Popular also has checking accounts geared toward high school and college students. These convert to Everyday Checking accounts when the student turns 19 and 25, respectively.

Related: 10 Best Student Credit Cards

Savings Account

Popular Savings, Popular Bank’s only savings account option, lets customers access their account either online or by phone, allows six withdrawals per month and can be used to transfer funds to a checking account. The APY is tiered based on account balance:

Popular Bank Savings Account Interest Rates
Account BalanceInterest RateAPY
$0.01 – $24,999.990.10%0.10%
$25,000 – $49,999.990.15%0.15%
$50,000+0.20%0.20%
Information accurate as of July 25, 2018.

The account requires a minimum deposit of $25 to open, the same amount you’re charged if you close the account early. Ask yourself these questions before opening a savings account.

Credit Cards

The three credit cards available to Popular customers all come with variable APR of 14.74 percent to 25.74 percent, along with no APR for the first year of opening an account. The cards have different cash back features and fees:

Popular Bank Credit Card Options
NameCash BackAnnual FeeLate PaymentReturned Payment
Popular Bank Preferred
World MasterCard
Yes$95Up to $37Up to $10
Popular Bank RewardsYes$25Up to $37Up to $10
Popular Bank PlatinumN/A$0Up to $37Up to $10
Information accurate as of July 25, 2018.

Other features the cards share include:

  • A penalty rate of 29.99% APR
  • No additional card fee
  • A minimum of $2, maximum of $10 for balance transfers and cash advances
  • Fraud protection
  • Emergency card replacement

Learn More: Best Low-Interest Credit Cards

Business Banking

Popular can assist you in meeting your business goals through its business services. Its checking accounts are suited for your business needs, whether that be small business or commercial. If you’re just getting your new business off the ground, consider one of its business loans. Opening a business line of credit through Popular is ideal for seasonal purchases. For those seeking more substantial assistance, the Popular Small Business Administration Loan Program lets customers take out loans from $150,000 all the way up to or beyond $5 million. Find out how and where to get startup business loans.

Popular Bank Overview

Popular Bank offers a variety of perks that make it worth considering, but there are some drawbacks, too.

Perks:

  • Low checking account fees
  • 0.00% introductory APR on credit cards
  • Flexible business loan options

Conditions:

  • Limited branch availability
  • Low APY for savings accounts
  • Monthly checking account fees

The Bottom Line

People who bank in New York, New Jersey, South Florida or Puerto Rico might want to consider banking with Popular Bank for the convenience it offers. The introductory rates for its credit cards are also nice. The Popular Small Business Administration Loan Program is impressive for the scope of its loan, which can exceed $5 million. Banking with Popular will make the most sense if you live in one of the regions it covers, but the ATM network will give you some flexibility in avoiding surcharges.

Click through to learn about 13 banking fees you should never pay.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Popular Bank.