In early April, 2018, Popular Direct raised the rate on its Exclusive Savings Account from 1.65% to 2.00%, thereby becoming the new rate leader across all liquid account types (i.e. checking accounts, savings accounts, money market accounts, and no-penalty CDs). To get the new 2% rate, one need only open a new savings account with a minimum deposit of $5,000. It is unclear if existing Exclusive Savings account holders will have their rate automatically raised to 2% without calling Popular Direct and requesting an account upgrade.
Here are some key rules and considerations for the Exclusive Savings account:
- While a minimum opening deposit of $5,000 is required, there is no minimum balance required to qualify for the 2% rate going forward.
- If the account balance falls below $500 in a month, there will be a $4 account fee charged for that month.
- If there has been no activity for 12 months, the account will incur a $5 monthly dormancy fee.
- If the account is closed within 180 days of opening, a $25 early closing fee is incurred.
- The first 6 debits per month are free; after that there is a $5 fee per debit.
You can compare the Exclusive Savings account to many other nationally-available, rate-leading deposit accounts using our bank accounts tool.