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Ponce Bank Review

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Ponce Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Ponce Bank first started operating in 1960 with headquarters located in Bronx, New York. Ponce Bank owns assets of $924 million as well as deposits totaling $753 million, which makes it a medium-size bank. Ponce Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 stars out of 5, Ponce Bank proves it is a solid pick to be your bank. Ponce Bank provides customers with the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Ponce Bank's standard checking account does not have a monthly charge. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Ponce Bank has a savings rate of 0.10%, which is poor in comparison to the national average. Ponce Bank's one-year CD earns at a rate of 1.01% and the five-year CD earns at a rate of 1.85%, while its highest-yielding money market account earns at a rate of 0.75%. Given Ponce Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Ponce Bank's Savings Rates Compare

Ponce Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Ponce Bank charges customers extremely low fees as compared against the national average. Ponce Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Ponce Bank doesn't refund out-of-network ATM fees, which means you will be required to search for a Ponce Bank ATM or eat the ATM charge.

Monthly Fee $0 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

4.3
SmartAsset Average: 3.7

Ponce Bank is a brick-and-mortar bank, with 14 total bank locations in New Jersey and New York. It also offers access to mobile and web apps for simple access and banking on the go. Ponce Bank's online and mobile banking services receive great feedback from users. The Ponce Bank mobile app is rated at 4.6 out of 5 (with 14 reviews on iOS and Android) compared to the national average of 3.8. Ponce Bank's mobile app lets you manage your accounts by checking monthly statements, sending and receiving funds and accessing support representatives. Ponce Bank gets an outstanding consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Ponce Bank is currently a medium-size bank owning assets totaling $924 million as well as $753 million in deposits. Ponce Bank's Texas Ratio is 8.42%, denoting that the bank is in fine financial shape and far from failure. 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

8.42%
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 Ponce Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $500
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.85% APY
$1000 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

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 the national average.

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Find a Ponce Bank Near Me

Ponce Bank has 14 physical locations in the U.S.

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