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Poppy Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Poppy Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Poppy Bank first started operating in 2005 with headquarters located in Santa Rosa, California. Poppy Bank handles assets of $2 billion as well as deposits totaling $1 billion, classifying it as a large bank. Poppy Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave the bank a 3.8 out of 5 stars, suggesting Poppy Bank is an average bank that leaves room for improvement. Poppy Bank has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Poppy Bank has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a monthly fee of $8.00, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer free checking, in addition to a high interest rate savings account are your best bet for returning the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.9
SmartAsset Average: 3.5

Poppy Bank features a savings rate of 0.05%, which is fair compared to the national average. Its CD rates are 2.50% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Poppy Bank's Savings Rates Compare

Poppy Bank Savings 0.10 National Average 0.09 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Poppy Bank charges customers high fees in comparison to the average U.S. bank. Poppy Bank's checking account has a monthly fee of $8.00, making it fair for anyone looking for a simple account. Poppy Bank doesn't reimburse out-of-network ATM fees, meaning you'll need to locate a Poppy Bank ATM or accept the ATM charge.

Monthly Fee $8.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Poppy Bank is a brick-and-mortar bank, with 19 total branches in , , , , and . It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday 9:00 a.m. to 5:00 p.m.. Poppy Bank's online and mobile banking services get great scores from users. With 18 customer reviews across both Apple and Android platforms, the Poppy Bank mobile app has an overall rating of 5.0 out of 5 (compared to the national average of 3.8). You can access Poppy Bank's mobile app to manage your finances by looking at account balances, transferring funds and reaching customer service. Poppy Bank receives an exceptional consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 5.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Poppy Bank is currently a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Poppy Bank's Texas Ratio is 4.84%, denoting that the bank is in excellent financial condition and far from failure. Additionally, Poppy Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.84%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Poppy Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $200
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 4.00% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.00% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Poppy Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Poppy Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Poppy Bank's CD rates are fair compared to other U.S. banks.

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Find a Poppy Bank Near Me

Poppy Bank has 19 physical locations across the U.S.

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