Ponce Bank High-Yield Money Market Deposit account review
Ponce Bank High-Yield Money Market Deposit isn't available on Finder right now.
- Annual Percentage Yield (APY)
-
4.95%
- Fee
- $0
- Minimum deposit to open
- $1
Our verdict
An online high-yield money market account with a poor APY, but no monthly fees if you keep a balance of $1,500.
The Ponce Bank High-Yield Money Market Deposit account has no monthly fee and a 0.15% or 0.20% APY based on your balance. You'll earn 0.15% for balances between $1,500 and $50,000, and the 0.20% APY on balances over $50,000. But you won't get an ATM card, and you can only access funds through a linked bank account, which may limit your options if you want to deposit cash or checks.
Best for: Those who want an MMA without monthly fees.
Pros
-
Competitive 4.95% APY
-
Low opening deposit of $1
-
No monthly fee
Cons
-
Can only access funds via a linked bank account
-
No ATM card or checkwriting privileges
-
Customer service limited to weekdays from 9 a.m. to 4 p.m. ET
What we like about the Ponce Bank Money Market account
This MMA is best for individuals who want to grow their savings and don’t want to pay monthly fees to keep the account open. But aside from the lack of the monthly fee, there isn’t much else worth praising.
And unfortunately, there are minimum balance requirements to keep this account fee-free. If you drop below a balance of $1,500, you’re charged $10 if the account’s minimum balance falls below $1,500 at any point in the statement cycle.
Where it falls short
Ponce Bank’s MMA doesn’t have a competitive interest rate. The national average interest rate on an MMA is 0.66%, according to the FDIC. So even if you were to keep a balance of at least $50,000 in Ponce Bank’s MMA, the 0.20% APY is much lower than average.
Plus, you won’t find any extra perks like automatic savings tools, and there’s no ATM card or checkwriting privileges — two features that are common for money market savings accounts.
If you want a higher APY, one of the best MMAs include the Vio Bank Cornerstone Money Market, offering up to 5.30% APY with a $5 monthly fee that can be wavied.
Ponce Bank High-Yield Money Market Deposit‘s fees and access
| Type of fee | Amount |
|---|---|
| Monthly service | $0 |
| Opening deposit | $1,500 |
| APY | Up to 0.20% APY |
Compare Ponce Bank High-Yield Money Market Deposit with other accounts
See how other money market accounts compare based on their interest rates, fees and minimum opening deposits.
Ponce Bank High-Yield Money Market Deposit
★★★★★
Finder rating 4.7 / 5
Fee
$0
Annual Percentage Yield (APY)
4.95%
Minimum deposit to open
$1
Minimum balance to earn interest
$0
Quontic Bank Money Market
★★★★★
Finder rating 4.6 / 5
Fee
$0
Annual Percentage Yield (APY)
5.00%
Minimum deposit to open
$100
Minimum balance to earn interest
$0
Discover® Money Market
★★★★★
Finder rating 3.9 / 5
Fee
$0
Annual Percentage Yield (APY)
Up to 3.75%
Minimum deposit to open
$0
Minimum balance to earn interest
$1
Customer support
In the past, the Ponce Bank MMA was avaiable through Raisin, which is a savings marketplace. The Ponce MMA previously had an APY above 5.00%, but now that the product isn’t with Raisin anymore, the highest APY on the MMA is just 0.20%.
Ponce has barely any customer complaints on its Better Buisness Bureau profile, but has a poor D- rating. It only has one review on Trustpilot, and it’s in reference to Ponce Bank’s relationship with “Save Better,” which is Raisin’s previous name. There isn’t much chatter on Reddit about Ponce Bank, either, as most threads talk about the exclusive rates that used to be offered through Raisin.
Customers enjoyed the exclusive rates offered by Raisin, but account servicing was a bit more challenging. Since Raisin is the intermediary between your account and the bank, Raisin‘s team managed your account instead of Ponce Bank.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Ponce Bank High-Yield Money Market Deposit is not currently available on Finder
Have you considered Uphold?
- $0 monthly fee
- Earn 4.65% APY on balances of $1,000+
- Earn 2% APY on balances lower than $1,000
- Available in 47 states
- Up to $2.5 million FDIC insurance
Your reviews
Kimberly Finder
Writer
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