Ponce Bank Review

Overview

Started in 1960, Ponce Bank has $3.03 billion in assets and $1.91 billion in deposits, which makes the institution a medium-size bank. Ponce Bank, whose headquarters are in Bronx, New York, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.3 stars out of 5, Ponce Bank proves it is a solid contender in your bank search. Ponce Bank offers a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Ponce Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $7.00 monthly fee, which is not high in comparison to other U.S. banks. Using a bank with free checking as well as a high savings APY is your best option for accruing the highest income on your deposits while having convenient access to your funds.

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

With a savings rate of 0.10%, Ponce Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 3.95% and 3.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Ponce Bank's Savings Rates Compare

Ponce Bank has generally extremely low fees in comparison to the average U.S. bank. Its checking account has a monthly fee of $7.00, ranking it excellent for anyone looking for a hassle-free account. Ponce Bank does not reimburse out-of-network ATM charges, which means you will have to search for a Ponce Bank ATM or pay the ATM charge.

Ponce Bank is a brick-and-mortar bank, with 14 total bank locations. With mobile and web apps, Ponce Bank makes mobile banking easy, even on the go. Ponce Bank's online and mobile banking services get positive scores from users. With 14 customer reviews on iOS and Android platforms, the Ponce Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). Ponce Bank's mobile app lets you manage your bank accounts by checking current statements, sending and receiving money as well as accessing support representatives. Ponce Bank receives a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Ponce Bank is a medium-size bank and manages $3.03 billion in assets as well as deposits totaling $1.91 billion. Ponce Bank's Texas Ratio is 5.59%, signifying that Ponce Bank is in good financial condition and improbable to fail. Additionally, Ponce Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

Ponce Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Ponce Bank does not have the best savings rate, which means you should think about other options 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. Ponce Bank's CD rates are fair in comparison to other U.S. banks.

Find a Ponce Bank Near Me

Ponce Bank has 14 branches in the U.S.