Overall bank rating
Feature | Insider rating (out of 5) |
Savings | 3.75 |
Checking | 4 |
CD | 3.75 |
Money market account | 3.75 |
Trustworthiness | 4 |
Total | 3.85 |
Pros and cons
Pros | Cons |
|
|
Savings
You only need to keep $100 in your
Checking
The
CD
Ponce Bank pays competitive interest rates on CDs. You can open a term of six months or less with only $500, and you’ll need $1,000 to open a CD with a term over six months.
Money market account
The
How Ponce Bank works
There are 12 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and one in New Jersey (Union City). You can use an ATM for free at each branch location and at Citibank branches.
Branch hours vary slightly by location, but all are open Monday through Friday and closed on weekends. You can call customer service Monday through Thursday from 9:00 a.m. to 5:00 p.m. ET, Friday from 9:00 a.m. to 6:00 p.m. ET, and Saturday from 9:00 a.m. to 1:00 p.m. ET.
The Ponce Bank mobile app has 4.8 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.
Is Ponce Bank trustworthy?
The Better Business Bureau gives Ponce Bank a B- in trustworthiness. The BBB evaluates trustworthiness by looking at responses to customer complaints, honesty in advertising, and openness about business practices.
The BBB states that it gives Ponce a B- because the bank has failed to respond to half of the customer complaints on the BBB website. But considering Ponce only has two customer complaints in total, you may want to take this B- grade with a grain of salt.
How Ponce Bank compares to similar institutions
We’ve compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.
New York branches 12 (and 1 in Union City, NJ) |
New York branches 23 (and some NJ branches) |
New York branches 1 |
Standout feature Free checking accounts |
Standout feature Rewards program |
Standout feature ATM refunds |
Open an account |
Ponce Bank vs. Popular Bank
Popular Bank has more branches than Ponce Bank, so it may be the more convenient option for you.
Ponce has several free checking accounts to choose from. But you might prefer Popular if you have enough money in your accounts to qualify for its rewards program. Rewards members can waive a variety of fees and receive ATM fee refunds.
Ponce Bank vs. International Finance Bank
International Finance Bank is primarily in Florida, and it only has one New York branch. You might prefer Ponce Bank if there’s a branch closer to your home or office.
But you may like International Finance Bank if you travel regularly. The bank refunds up to five out-of-network ATM fees each month, including fees from international ATMs.
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