Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
Pros and cons
Popular Direct Select Savings Account
Popular Direct has a unique rule about transferring money. When you set up your
Popular Direct Certificate of Deposit
Popular Direct pays high interest rates on CDs. The bank requires a high minimum deposit of
How Popular Direct works
Popular Direct is an online bank with a high-yield savings account and CDs. There’s no checking account, which means you can’t access your savings quickly. You’ll have to transfer money to an external account, which could take a couple business days.
When you set up a
You can speak with a live customer service representative 24/7 over the phone. There is no live online chat feature.
Popular Direct has a mobile app in the Apple and Google Play stores, but there are hardly any reviews. If a strong mobile experience is important to you when choosing a bank, then you might want to look elsewhere.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Popular Direct review vs. Marcus review
Both Popular Direct and Marcus have savings accounts and CDs, but no checking account. Both banks require you to transfer money to an external account to access your savings.
Marcus is the better choice for low minimum deposits. Marcus has a
Popular Direct review vs. Ally review
Ally pays similar interest rates on savings accounts and CDs.
Unlike Popular Direct, Ally has a checking account. This makes it much easier to access your savings. All you have to do is transfer money from savings to checking, and you can spend the funds almost instantly.
Ally is the clear option if you don’t have thousands of dollars for an opening deposit with Popular Direct. Ally doesn’t require minimum deposits for any of its accounts.
You might like Ally’s CD options. There’s an