Poppy Bank Review: Savings
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Overall institution rating
4.3
Poppy Bank offers an online savings account that earns an annual percentage yield of 5.00%, one of the highest APYs around. But you will need a balance of at least $1,000 to earn the high rate. The bank states that the rate is “guaranteed” for 90 days after the account is opened. After that period, the rate could change at any time.
Poppy Bank is a small California-based bank, but its online savings account is open to those who reside anywhere in the United States. You can fund the account via electronic funds transfer, or, if you happen to be near a bank branch, you can make a deposit there. Branches are located in the San Francisco, Sacramento and Southern California areas. While you can make unlimited deposits, there is a limit of six withdrawals per month. If you exceed that cap, there is a $5 excess withdrawal fee per transaction.
Best for: Customers who want an online savings account that earns a high rate.
» COMPARE: Check out NerdWallet's best high yield savings accounts
Pros
- No monthly fees on savings.
- Competitive rate on savings accounts.
- Large, free, nationwide ATM network.
Cons
- Excess withdrawal fee.
- Minimum deposit requirement must be met to earn the strong savings rate.
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
