July 5, 2024

Ponce Bank Review

Read more about Ponce Bank
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Explore Ponce Bank's savings accounts with decent rates, along with high-yield options through Raisin. Keep reading to find out more.

5-point scale (the higher, the better)

Pros and Cons

  • Various savings options
  • Low monthly fees
  • Wide ATM network
  • Limited physical location

Bottom Line

Community bank that offers several high-yield savings options through Raisin

Ponce Bank is a community bank offering various financial solutions to suit your needs. From everyday banking to lending, they provide different savings and checking accounts with good rates and low fees.

Plus, they've partnered with Raisin to bring you exclusive high-yield savings options. With that, let's take a closer look at what Ponce Bank has to offer.

What is Ponce Bank?

Ponce Bank, founded in 1960 in The Bronx, is a community-oriented bank with a few branches in New York and New Jersey. They provide a range of banking products for individuals and businesses.

They are also a Community Development Financial Institution (CDFI). Meaning, Ponce Bank invests in the neighborhoods that they serve. For example, they can use customer deposits to fund loans that benefit and support their communities. [1]

Ponce Bank currently offers several personal checking and savings accounts for you to choose from. Plus, they have exclusive savings accounts with great rates, available only through Raisin.

Who owns Ponce Bank?
Ponce Bank is owned by Ponce Financial Group, Inc. [2]

Pros & Cons


  • Offers a variety of savings accounts
  • Money market account & CDs with high APY via Raisin
  • Good rates on CDs
  • Access to a network of 60,000+ fee-free ATMs[3]
  • Low monthly fees


  • Limited physical locations
  • Some products and services available only in-branch
  • High balance requirement for in-branch money market account

High-Yield Money Market Account

Ponce Bank offers a high-yield money market account through Raisin. It has a competitive APY, no monthly fees, and you can get started with just a $1 deposit.

Raisin is an online platform that partners with different banks to provide savings products with good rates, minimal fees, and low minimum requirements. It allows you to open and handle multiple savings accounts, money market accounts, and CDs all in one place.

Ponce Bank also has a money market account that lets you earn a higher APY based on your balance. However, you can only open this account at a physical branch. And, the rates are far lower than their Raisin offer and other banks.

A minimum opening deposit of $50 is required. You also need at least $1,500 in your account, or you'll face a $10 monthly fee if your balance drops below that amount during the statement period.

If these requirements are too demanding, consider opening a high-yield account through Raisin instead.

How to Open a Ponce Bank Account via Raisin:

To open a Ponce Bank money market account via Raisin, simply do the following:

  1. Go to Ponce Bank on Raisin and select Savings.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product.

Certificates of Deposit

Ponce Bank has exclusive offers for High-Yield CDs and a No-Penalty CD via Raisin. High-yield CDs include terms of 1, 3, 6, 9, 11, 13, and 48 months. Their No-Penalty CD has a 4-month term.

You can get started with just $1 to open a Ponce Bank CD with Raisin, and you have very competitive CD rates.

You can also open a CD in-person at a Ponce Bank branch. Branches offer CD terms ranging from 1 month up to 60 months. To open an account, a minimum balance of $500 is required for 1 to 6-month CDs and $1,000 for 12 to 60-month CDs.

Although the rates are not as high as their Raisin offers, they are still at par with some rates on the market. So if you don't mind having your money tied up for a while, it's worth considering Ponce Bank CDs.

How to Open a Ponce Bank CD via Raisin:

To open a Ponce Bank CD through Raisin, simply do the following:

  1. Go to Ponce Bank on Raisin and select High yield CDs.
  2. Open an account with your name, SSN, date of birth, and address.
  3. Link a bank account so you can fund your savings product.

Ponce Savings Account

Ponce Bank also has a straightforward savings account option for individuals who prefer simplicity. It requires a $50 opening deposit and a $100 minimum balance to waive the $5 monthly fee.

However, it comes with a low interest rate which might not be the best option for those aiming to grow their savings.

What factor is most important to you when choosing a savings account?

How Much Can You Earn?

Use this savings calculator to see how much your money can grow with Ponce Bank:

Savings Calculator

Fees to Look Out For

Both Ponce Savings and Money Market accounts have monthly maintenance fees of $5 and $10 respectively which can be avoided by meeting their corresponding balance requirements per month.

But, if you open a Ponce Bank account through Raisin, you can avoid the monthly fees.

For CDs, an early withdrawal penalty may be imposed for those who withdraw their money before maturity. [4]

How Ponce Bank Compares

Depositing and Withdrawing Funds

At Ponce Bank, you have several convenient ways to deposit or withdraw funds from your account. You can choose from the following options:

  • Do a telephone or online transfer
  • Set up direct deposit
  • Send money through Zelle
  • Do a mobile check deposit
  • Withdraw from an ATM
  • Visit a Ponce Bank branch

But if you have an account via Raisin, you need to link an external account first. From there, you can easily deposit and withdraw your money from Raisin. Note, it may take 1-3 business days to complete a transaction.[5]

Is Ponce Bank Safe?

Yes, Ponce Bank is safe. They are an FDIC member (Certificate #31189) which means deposits are protected up to $250,000 per depositor, per ownership category.

This means that even if the bank fails, account holders can rest assured knowing they're guaranteed to receive their money back, up to the maximum limit allowed by law.

Who is it Best For?

Ponce Bank is a great choice for those eager to boost their savings through competitive rates. They offer high-yield options like money market accounts and CDs through Raisin. With Ponce Bank, you can grow your money securely and easily.

What would be your main reason for using a community bank?

Bottom Line

Ponce Bank offers several savings options with fair rates and minimal fees. Plus, with a few branches and access to a network of 60,000+ fee-free ATMs nationwide, managing your money is convenient wherever you are.

Even if you don't live near a Ponce Bank branch, you can still open an account through Raisin and enjoy exclusive high rates on money market accounts and CDs.

Whether you're looking for a basic savings account or one with a competitive APY, Ponce Bank has good choices for you to consider!


  1. ^ Ponce Bank. Our Story, Retrieved 04/09/2024
  2. ^ Ponce Bank. Investor Relations, Retrieved 04/09/2024
  3. ^ Ponce Bank. What is Ponce Bank's ATM Network?, Retrieved 04/09/2024
  4. ^ Ponce Bank. Personal Savings, Retrieved 04/09/2024
  5. ^ Raisin. How long does it take to deposit my money? What about withdrawals?, Retrieved 04/30/24
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Discover® Online Savings - $200 Cash Bonus

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CIT Bank Platinum Savings - 5.00% APY

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Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


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