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Popular Direct CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 3.0 Star Icon


  • All CD terms offer competitive rates
  • Good variety of terms available
  • Customer service available 24/7
  • Opening CDs is completely online


  • High opening required amount
  • Early withdrawal penalties are high
  • Cannot withdraw interest without a fee
  • Only one way to fund CDs

What You Need to Know

Each Popular Direct CD offers competitive interest rates. The rates are competitive with other online accounts. The terms are shorter than 12-months offer competitive interest rates as well. Popular Direct interest rates are much higher than typical bank interest rates.

There are a good variety of CD terms offered through Popular Direct. The terms range in length from three-months to five-years. There are eight CD term lengths in all. You can open any of these CD terms online.

If you have a question and need to contact customer service, they are available anytime. Customers can reach a customer service representative every day, all day. Their customer service phone line is open 24 hours a day, seven days a week. You can also contact customer service through email or mail.

The process of opening Popular Direct CD terms is entirely online. It takes around ten minutes to complete the application for a new CD account. Once you successfully open an account, everything for your account is online. Access your accounts from anywhere, anytime.

Popular Direct CDs have a high set amount required to open their CDs. The requirement is $10,000 to open each CD term. If you do not have at least the $10,000 balance, you cannot open a Popular Direct CD.

The fee for withdrawing money from Popular Direct CDs before the maturity date is high. For terms less than 91 days, the fee is 89 days of interest. For terms greater than 91 days, but shorter than 12-months, the fee is 120 days of interest. The fee for terms longer than 12-months, but shorter than 36-months, is 270 days of interest. For terms from 36-months to 60-months, the fee is 365 days of interest. Terms 60-months or longer has a fee of 730 days of interest.

Some CDs allow you to withdraw interest earned on CDs without paying an early withdrawal fee. Popular Direct does not. They do not allow for withdrawals of the CD principal or the interest earned without paying a fee. You can only make withdrawals without a fee during the grace period.

There is only one way to fund your Popular Direct CDs. Customers must link each CD to an external bank account. When you open a CD, you must make the deposit from a linked external account. This is part of the account opening process. Once the accounts are linked, you can make electronic transfers into your CD. To avoid a fee, only transfer money when you first open the account and during the grace period.

Cool Things

Financial Calculators

The Popular Direct website offers two financial calculators. With these calculators, you can input the starting balance you want to deposit into the CD. You can instantly see how much interest your money will earn in the different CD terms. The other calculator helps customers visualize a savings plan. Input how much you can invest, how much you want to save, and how much you can save each month. You can then see how long it will take you to reach your savings goal with the Popular Direct savings account.


Popular Direct is a division of Popular Bank, which is a subsidiary of Popular, Inc. Popular, Inc. first started their business 120 years ago in Puerto Rico and the Virgin Islands. Their banking came to the United States over 50 years ago as Popular Community Bank. They offer banking products in Central America and the Caribbean.

Popular Bank started in the Bronx, New York, 50 years ago. They have branch locations in New Jersey, New York, and Florida. They have 50 branch locations in the states and more than 55,000 ATMs across the world. Their company headquarters are in New York, New York.

Popular Bank offers a variety of banking products. The accounts they offer include checking accounts, loans, business accounts, and credit cards. Popular Direct only offers online savings accounts and CDs.

Awards and Recognition

  • Save 10 Award by Financial Service Roundtable

Giving Back

The Popular Foundation has given more than $2.5 million since they started. The money goes to charities that serve education, youth, health, and community development. Employees of Popular Bank are active in volunteering with the foundation. This foundation serves charities in the communities where the bank serves.

Popular Direct partners with local charities. One of those charities includes Junior Achievement. This organization helps children learn financial skills and become work ready. Popular Direct also supports Operation Hope and ACCION.

Frequently Asked Questions

Is Popular Direct FDIC insured?

Yes. Popular Direct is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Popular Direct offer?

Popular Direct offers eight CD term lengths. The terms range from three-months to five-years.

What is the required amount to open a CD with Popular Direct?

Each CD term requires $10,000 to open.

How do I deposit money into Popular Direct CDs?

The only way to fund your CDs is through electronic transfers from an external account.

How do I access my money?

Make an electronic transfer into your linked external account. You can only access your money during the grace period after your CD reaches maturity. Contact customer service to discuss withdrawal options.

Do I have to open other Popular Direct accounts before I can open a CD?

No. You can open a CD with Popular Direct without opening any other account. They offer online CDs as well as a high yield savings account.

Do Popular Direct CDs offer competitive interest rates?

Yes. Each of the Popular Direct CD terms offers competitive interest rates. The rates are competitive with other online CDs. The rates with Popular Direct are much higher than typical bank rates.

Can I choose how to receive my interest payments from Popular Direct CDs?

To make changes to how you receive interest contact Popular Direct customer service.

What percentage am I charged if I withdraw money before the maturity date?

The penalty for withdrawing money before the maturity date is high. The fee for withdrawing money from CDs less than 90 days is 89 days of interest. For terms greater than 91 days and less than 12-months, the fee is 120 days of interest. The fee is 270 days of interest for terms greater than 12-months but less than 36-months. The fee is 365 days for terms longer than 36-months but less than 60 months. For terms 60-months or longer, the fee is 730 days of interest.

How do I make changes during the grace period?

To make changes to your CD, contact Popular Direct customer service. If you do not make any changes, the CD will automatically renew after it reaches maturity.

How will I know my Popular Direct CD is nearing maturity?

Contact customer service to set up a CD maturity plan.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are Popular Direct CD rates guaranteed for the entire term?

Yes. Popular Direct offers fixed interest rates. The rates will not change during the life of the CD term.

Does Popular Direct offer mobile banking?

Yes. With mobile banking, you can see account balances. You can also fund new CDs.

Is Popular Direct a good bank?

The interest rates for Popular Direct CDs are competitive. They offer a good variety of CD terms. The terms range from three months to five years. The CD terms can be opened online and are completely online. The opening amount required to open any Popular Direct CDs is $10,000. You must link an external bank account to the Popular Direct CDs.

Is Popular Direct secure online?

Popular Direct offers Secure Socket Laying. They require multi-factor authentication for user names and passwords. If you are the victim of an unauthorized transaction contact Popular Direct. If you contact them within two business days, you will not lose more than $50 of the withdrawn money. If you do not tell them in two business days, you could lose up to $500.

What is the shortest Popular Direct CD term offered?

The shortest term available through Popular Direct is a three-month term.

What is the longest Popular Direct CD term offered?

The longest term is a five-year term.

Does Popular Direct offer accounts other than CDs?

Yes. Popular Direct offers an online savings account as well as CDs.

Can I use Popular Direct CDs for my business accounts?

No. Popular Direct accounts are for personal deposit use only.

How do I reach customer service?

Reach customer service through email, mail, or phone.

Bank Contact Information

Popular Bank
Attn: Popular Direct Products
P.O. Box 4884
Miami Lakes, FL 33014

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