Ponce Bank High-Yield Money Market Deposit account review
- APY
- 5.26%
- Fee
- $0
- Minimum deposit to open
- $1
Our verdict
This online high-yield money market account earns 5.26% APY on your total balance through Raisin.
The Ponce Bank High-Yield Money Market Deposit account through Raisin is a solid place to grow your money without worrying about strict APY or balance requirements. It has no monthly fee, a low opening deposit and a competitive 5.26% APY — a rate that's much higher than the 0.20% APY offered directly through Ponce Bank. 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 a straightforward competitive interest rate but don't mind waiting one to three business days to access funds.
Pros
-
Competitive 5.26% 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 is Raisin?
Raisin is a fintech that provides a digital storefront with select deposit products from various FDIC-insured banks. Raisin lets consumers manage savings products from different financial institutions under one platform. When applying through Raisin, you’ll generally find higher interest rates, lower opening deposits and fewer fees.Who is Ponce Bank High-Yield Money Market Deposit account best for?
Ponce Bank High-Yield Money Market Deposit account is best for individuals who want to grow their savings but don’t need immediate access to their funds.While you’ll enjoy a fantastic interest rate with no monthly fees, you won’t find any extra perks like automatic savings tools. Plus, there’s no ATM card or checkwriting privileges — two features that are common for money market savings accounts.
And the only way to deposit or withdraw money is by initiating a free ACH transfer to and from a linked bank account, which can take one to three business days.
How to apply through Raisin
Sign up for this exclusive account through Raisin:
- Select Apply now.
- Scroll through the Money Market savings accounts and select Ponce Bank High-Yield Money Market Deposit account.
- Choose Start Saving.
Ponce Bank High-Yield Money Market Deposit‘s fees and access
| Type of fee | Through Ponce Bank directly | Through Raisin |
|---|---|---|
| Monthly service | $0 | $0 |
| Opening deposit | $1,500 | $1 |
| APY | Up to 0.20% APY | 5.26% 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
APY
5.26%
Minimum deposit to open
$1
Minimum balance to earn interest
$0
Quontic Bank Money Market
★★★★★
Finder rating 4.6 / 5
Fee
$0
APY
5.00%
Minimum deposit to open
$100
Minimum balance to earn interest
$0
Discover® Money Market
★★★★★
Finder rating 3.9 / 5
Fee
$0
APY
4.05% 4.00%
Minimum deposit to open
$2,500
Minimum balance to earn interest
$1
Customer support
Customers enjoy the products and exclusive rates offered by Raisin, but account servicing is a bit more challenging. Since Raisin is the intermediary between your account and the bank, Raisin‘s team manages your account instead of Ponce Bank.
Contact Raisin customer service in three ways:
- Send a direct message through their website
- Call 844-994-3276
- Email support.us@raisin.com
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.
Your reviews
Kimberly Finder
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