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Poppy Bank Review

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Poppy Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Poppy Bank started in 2005 with headquarters in Santa Rosa, California. Poppy Bank manages $2 billion in assets along with $1 billion in deposits, making it a large bank. Poppy 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 offerings. We gave the bank a 3.8 stars out of 5, indicating that Poppy Bank is a decent choice, but with better options out there. Poppy Bank has a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a $8.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Institutions that offer no-fee checking, in addition to a high interest rate savings account are the best bet for getting the highest income on your deposits alongside easy access to your money.

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 has a savings rate of 0.05%, which is poor compared to the national average. Poppy Bank's CDs feature a rate of 2.50% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given Poppy Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Poppy Bank's Savings Rates Compare

Poppy Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Poppy Bank charges customers high fees compared to other U.S. banks. Its checking account has a monthly fee of $8.00, rating it fair for anyone looking for a simple account. Poppy Bank does not refund out-of-network ATM charges, meaning you will have to search for a Poppy Bank ATM or eat the withdrawal fee.

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 11 total branches in California. With mobile and web apps, Poppy Bank makes mobile banking convenient, even on the go. Poppy Bank receives high marks from customers for its mobile banking services. With 2 ratings across iOS 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). Poppy Bank's mobile app lets you control your accounts by reviewing monthly statements, transferring funds as well as accessing customer service. Poppy Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 ranks as a large bank with assets totaling $2 billion as well as $1 billion in deposits. It has an excellent Texas Ratio of 4.84%, signifying that Poppy Bank is in terrific financial health 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 0.05% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.75% APY
  • 36 Month: 3.00% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.00% APY
$10000 for all terms
Money Market Account 0.1% APY $10000

Poppy Bank has several deposit products like 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 consider looking 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 the national average.

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Find a Poppy Bank Near Me

Poppy Bank has 11 branches across the U.S.

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