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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 first started operating in 2005 and is headquartered in Santa Rosa, California. Poppy Bank has assets of $2 billion along with $1 billion in deposits, making it a large bank. Poppy Bank lacks premium access to customer service, 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 apps. SmartAsset has rated the bank 3.8 out of 5 stars, indicating that Poppy Bank is a decent bank that leaves room for improvement. Poppy Bank has a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Poppy Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $8.00, which ranks on the higher end of monthly fees. Finding a bank with free checking as well as a high interest rate savings account is the best option for getting the highest income on your deposits while maintaining easy 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

With a savings rate of 0.05%, Poppy Bank ranks poorly as compared against the national average. Its one-year CD has a rate of 2.50% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should think about looking at the competition to open 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

On average, Poppy Bank charges its customers high fees in comparison to the average U.S. bank. Poppy Bank's checking account has a monthly fee of $8.00, which makes it fair for anyone looking for a simple account. Poppy Bank unfortunately doesn't refund out-of-network ATM charges, which means you will need to search for a Poppy Bank ATM or eat 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 11 total bank locations in California. With mobile and web apps, Poppy Bank makes mobile banking convenient, even on the go. Poppy Bank receives high praise from users for its mobile banking services. With 2 ratings on 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). Poppy Bank's mobile app allows you to manage your finances by monitoring monthly statements, sending and receiving money and accessing customer service. Poppy Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 and has $2 billion in assets and $1 billion in deposits. Poppy Bank's Texas Ratio is 4.84%, suggesting that Poppy Bank is in outstanding financial health and improbable to fail. 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 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 the national average.

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Find a Poppy Bank Near Me

Poppy Bank has 11 physical locations across the U.S.

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