Author Topic: Popular Direct Savings Account with 1.26% APY  (Read 581 times)

Offline jeremiahsvow

Popular Direct Savings Account with 1.26% APY
« on: November 02, 2016, 09:55:57 AM »
I am on this kick of trying to find the best savings account. I found this one last night. I remember from my time living in Puerto Rico that Banco Popular (the parent company) was a reputable bank.

I am still new at this whole evaluation thing. So, is there something that I am missing here? It looks good to me, but.... could use some help assessing this one. Here's the link.

Thanks in advance.


Online Billy_McSkintos

Re: Popular Direct Savings Account with 1.26% APY
« Reply #1 on: November 02, 2016, 11:12:50 AM »
If you are looking for returns why not invest it? Its pretty easy to move money around these days: Betterment.com, Acorns.com
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Offline jeremiahsvow

Re: Popular Direct Savings Account with 1.26% APY
« Reply #2 on: November 02, 2016, 11:24:54 AM »
If you are looking for returns why not invest it? Its pretty easy to move money around these days: Betterment.com, Acorns.com

I am investing as well. This is more for my parked emergency fund. I want it to sit, but if I can get it to work a little bit the better. While I could put this money something like Betterment, I am not sure if I want to do that.

If you can walk me through how that would work, I would consider it. I guess when I think about investing I think "more volatile." Even if it is with Betterment or other services. Right now, I want my emergency fund money is a safe space.

I may be wrong in my thinking. That's why I put it out there.

Offline Joel

Re: Popular Direct Savings Account with 1.26% APY
« Reply #3 on: November 02, 2016, 11:45:44 AM »
I've never heard of Popular Direct. How long have they been offering 1.26% APY? I would be nervous that the rate would go down or that it is a hassle to move money between accounts. In my opinion, I'm not sure 0.26% is worth it compared to Ally Bank. If you try the account, please report back with your observations!
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Offline jeremiahsvow

Re: Popular Direct Savings Account with 1.26% APY
« Reply #4 on: November 02, 2016, 12:00:44 PM »
After some more digging, it looks like this is a promotion. I checked three sites (related to the same company but with slightly different info by the way) to find this out. So, probably not a good choice.  :-\ :-\

Offline Joel

Re: Popular Direct Savings Account with 1.26% APY
« Reply #5 on: November 02, 2016, 12:23:28 PM »
After some more digging, it looks like this is a promotion. I checked three sites (related to the same company but with slightly different info by the way) to find this out. So, probably not a good choice.  :-\ :-\

Yea I'm always cautious of those type of promotions. They have to be at least $100 to make it worth my while (a la the savings account bonuses at Chase, Discover, Citi, and HSBC, and previously the 5% interest at NetSpend and Brinks). I used to have accounts that required 12 POS transactions, online statements, and direct deposit (Sacramento Credit Union, Tri Counties Bank, and Umpqua Bank) that offered 2-4% interest. I would make 12 ~$1 transactions on my phone, tv, or internet bill. These accounts worked out great for awhile. However, the interest rates and balance limits kept getting lowered. Eventually, the accounts were no longer offered or not worth the effort. That's why I switched over to Chase for my normal checking and Ally Bank for savings. I keep around $5k in my checking account (after all bills are paid using future-dated transactions to monitor the working balance) and push all excess into my savings account. As my savings account has been growing due to house down payment savings, I've began chasing checking and savings account bonuses.
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