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  Banco Popular de Puerto Rico Money Market Account

Banco Popular de Puerto Rico Money Market Account

in Money Market Accounts from Banco Popular de Puerto Rico · Member fdic

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Banco Popular de Puerto Rico Money Market Account

Unaffiliated

in Money Market Accounts from Banco Popular de Puerto Rico · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.01% - 0.30%
APY Minimum Balance $0.01
Minimum Opening Deposit Starting at $10,000

Banco Popular de Puerto Rico Money Market Account Review

Banco Popular de Puerto Rico Money Market Account is offered by Banco Popular de Puerto Rico, a bank founded in 1893 and based in New York, NY. Banco Popular de Puerto Rico Money Market Account is available in 3 states across the USA.

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.30%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $0.01.
  • Charges a monthly fee. This account charges a monthly service fee of up to $15, but the fee is waived if you keep a minimum balance of $10,000.
  • High minumum deposit. You must deposit a minimum of $10,000, which is high compared to most money market accounts.
Pros & Cons of Banco Popular de Puerto Rico Money Market Account
Pros Cons
  • High-interest yield.
  • Does not offer mobile check deposits.
  • Access to a nationwide network of ATMs.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide a debit card or ATM access to your money.
  • Only available in 3 states.
  • Monthly service charge.
Banco Popular de Puerto Rico Money Market Account FAQ

Are money market accounts from Banco Popular de Puerto Rico federally insured?

Yes, your Banco Popular de Puerto Rico money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for Banco Popular de Puerto Rico Money Market Account rates?

Banco Popular de Puerto Rico Money Market Account offers an APY starting at 0.01% and ranging up to 0.30% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.

Banco Popular de Puerto Rico Money Market Account Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.01% - 0.30%

What are the fees for Banco Popular de Puerto Rico Money Market Account?

This account charges a monthly maintenance fee of up to $15. You can avoid this fee by maintaining a balance of $10,000.

Banco Popular de Puerto Rico will charge you a $15 fee if you exceed your maximum number of monthly transactions.

Federal regulations limit the number of withdrawals or transfers you can make from your money market account to six per month.

Banco Popular de Puerto Rico Money Market Account Fees
Fees Amount
Monthly Fee up to $15
Paper Statement Fee N/A
Excess Transaction Fee $15

What is the minimum balance for Banco Popular de Puerto Rico Money Market Account?

Minimum deposit of $10,000. You must make an initial deposit of at least $10,000 to open this account.

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $10,000.

Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.

What features and perks does Banco Popular de Puerto Rico Money Market Account offer?

This account includes the following features:

  • Check Writing - Banco Popular de Puerto Rico Money Market Account includes check writing privileges. This is convenient method to pay bills and transfer money from your account.
  • Fraud monitoring - Banco Popular de Puerto Rico monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - Banco Popular de Puerto Rico Money Market Account allows you to manage your money through online banking and a dedicated mobile app.
  • Nationwide ATM network - Banco Popular de Puerto Rico Money Market Account allows you to access your money from an ATM, a convenient feature only a few offer.

How to open an account with Banco Popular de Puerto Rico

  • Visit the Banco Popular de Puerto Rico website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Availability

  Available in 3 states
  • Florida
  • New Jersey
  • New York

Feature Breakdown

APY Minimum Balance $0.01
Minimum Balance to Avoid Monthly Fee $10,000
Minimum Opening Deposit Starting at $10,000
Monthly Fee $0 - $15
NSF Fee 10
Bank Account Features
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • FDIC Member
  • Check Writing
APY (Annual Percentage Yield) 0.01% - 0.30%
Dividend Compounding Frequency Daily
Dividend Payout Frequency Monthly

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