Ponce Bank Savings Account Review

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  • National Savings Rate Average*: 0.47%
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  • National Savings Rate Avg.*: 0.47%
  • See 10x & higher rates from our partners

Read our review & open a new​ savings account with confidence.

Ponce Bank is FDIC insured up to $250,000 per depositor.

Fund your new account & take advantage of the power of compound interest today!

 High APY 

Ponce Bank Logo Powered By Raisin




  • High Yield Money Market Account
  • Min. initial deposit: $1
  • 5.24% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Access to Funds
  • 7.9x National Avg. APY
  • Interest Compounded Daily
  • See Site for Details

On Raisin's Secure Site for Ponce Bank, FDIC Insured


Main Benefits You Get with Ponce Bank

Competitive APY:

Ponce Bank offers 5.24% APY through the SaveBetter Platform.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is almost 10x higher than the national average.

Low minimum balance requirement:

You can open a savings account with Ponce Bank for as little as $1. This makes it easy to open an account quickly and when you’re ready, to fully fund the account to start taking advantage of compound interest.

No monthly maintenance fee:

Everyone hates fees. They destroy your returns and are just a pain in the neck. Thankfully, Ponce Bank doesn’t charge any monthy maintence fees.

Customer service: 

Ponce Bank has partnered with Savebetter to bring it’s first-class savings account to more Americans. Savebetter has a supportive, accessible, responsive customer service team based in New York, NY.

FDIC insured:

Ponce Bank is federally insured by the FDIC. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.

Unlimited Withdrawals: 

Unlike the big banks, Ponce Bank allows you to withdrawal money from your account as often as you need to. With any savings account, ideally you’ll be able to leave as much money as possible in the account to take advantage of the powerful effect of compound interest.

Certified Community Development Financial Institution (CDFI):

Ponce Bank earned CDFI status by investing more than 80% of their assets in low and moderate income communities.

When you invest your savings with Ponce Bank you’re helping underserved communities in America.


Open Your New Account with Ponce Bank Now


Customers Also Viewed These High-Yield Savings Accounts

American Express High Yield Savings Account Logo




Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.30% APY
  • APY as of April 15, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details

 On American Express National Bank's Secure Site, Member FDIC

Discover Bank Logo




  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC


To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

American Express® High Yield Savings Account: 4.30% APY as of April 15, 2024

Ponce Bank, Powered by SaveBetter

Ponce Bank uses the secure SaveBetter platform to offer savings products to savers nationwide. Customers open accounts at SaveBetter.com, and the platform manages all aspects of the products offered by Ponce Bank, including a customer’s deposits and withdrawals, statements and any customer service needs. In simple terms, SaveBetter provides you exclusive access to a special selection of savings products. Best of all, SaveBetter is completely free!


Security: Funds deposited into any of the products accessible through SaveBetter are held by federally insured institutions. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice: Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

Service: A supportive, accessible, responsive customer service team based in New York, NY, sets SaveBetter apart.

Access: Enjoy 24/7 online access to your account and funds.

Brief History of Ponce Bank:

Ponce Bank has a rich history that dates back to its opening in March 1960. From the very beginning, the bank has been dedicated to serving the needs of its communities and promoting local economic development. This focus on community service has helped Ponce Bank establish a strong reputation as a trusted and reliable financial institution.

Throughout the years, Ponce Bank has maintained its commitment to providing personalized and convenient banking services. The bank’s focus on customer service has been key to its success and has earned it the trust of its customers. Today, Ponce Bank has branch locations in several communities, including the Bronx, Manhattan, Brooklyn, Queens, and Union City in New Jersey.

Ponce Bank offers a range of financial products and services, including loans, savings accounts, and other banking services, as well as technical assistance and financial education to help its clients understand and access the financial products and services that are best suited to their needs. The bank is committed to promoting economic development and stability in the communities it serves and to providing financial services that help its clients achieve their financial goals.

Since its founding, Ponce Bank has grown and expanded its operations, serving an increasing number of communities and clients in the New York City area. It has become one of the leading CDFIs in the city and is widely recognized for its commitment to serving low-income communities and promoting economic development and stability.

Overall, Ponce Bank’s long history of serving its communities and promoting local economic development has established it as a trusted and reliable financial institution. The bank’s commitment to customer service, combined with its wide range of products and services, make it an excellent choice for anyone looking for a financial institution that truly cares about its customers and communities.


Ponce Bank is a CDFI – What is a CDFI?:

A Certified Community Development Financial Institution (CDFI) is a financial institution that is dedicated to providing financial services and credit to underserved communities, particularly low-income individuals and communities that are typically marginalized by traditional financial institutions. CDFIs are certified by the U.S. Treasury Department’s CDFI Fund and are usually non-profit organizations that operate in a specific geographic area.

The certification process involves a thorough evaluation of the organization’s mission, governance structure, financial products, and services offered. The CDFI Fund assesses the organization’s ability to provide financing and other financial services to low-income individuals and communities, as well as its track record of promoting community development through affordable housing, small business development, and job creation. Organizations must demonstrate their commitment to serving low-income communities and their ability to leverage capital to support their communities’ economic growth and stability.

There are currently over 1,000 CDFIs operating in the United States, serving communities in all 50 states and the District of Columbia. CDFIs provide a wide range of financial products and services, including loans, grants, and equity investments to individuals, small businesses, and non-profit organizations. They also offer technical assistance and financial education to help their clients understand and access the financial products and services that are best suited to their needs.

CDFIs play a critical role in promoting economic development in low-income communities and addressing the financial needs of individuals and businesses that are often underserved by traditional financial institutions. By providing access to capital, financial education, and other support services, CDFIs help to promote economic stability and growth in their communities and create opportunities for individuals and businesses to achieve their financial goals.


Ponce Bank High Yield Savings Account Pros:


  1. High interest rate: Ponce Bank’s high yield savings account offers a competitive interest rate, which means that you can earn more money on your savings.
  2. FDIC insurance: Ponce Bank is FDIC-insured, so your deposits are insured up to $250,000 per depositor, per account ownership category.
  3. Convenient online access: The SaveBetter platform allows you to easily access and manage your account online.
  4. No minimum balance requirement: You can open an account with any amount of money, and there are no monthly maintenance fees.
  5. Easy to use: The SaveBetter platform is user-friendly and easy to navigate.

    Ponce Bank High Yield Savings Account Cons:


    1. Limited ATM access: With an online savings account, you may have limited access to ATMs for withdrawals and deposits.
    2. Limited check-writing capabilities: With an online savings account, you may not be able to write checks.
    3. Limited branch access: With an online savings account, you may not have access to in-person customer service at a physical branch.
    4. Limited account options: The SaveBetter platform offers a high yield savings account, so you may not have access to other types of accounts.
    5. Limited account features: High-yield savings account is a basic savings account, so it may not have some of the features of other account types like debit cards or mobile banking.

      Ponce Bank ESG Ambitions:

      Ponce Bank has created an ESG committee. The ESG Committee at the Company has established an ESG charter and policy to guide and oversee the Company’s Environmental, Social, and Governance initiatives. The first step in this initiative is to conduct a comprehensive evaluation of the Company’s energy infrastructure to determine ways to optimize cost savings while also promoting more sustainable practices. The Company plans to regularly perform full-facility energy audits to identify any areas of concern and take the necessary steps to address them.

      The Company is dedicated to incorporating ESG considerations into its operations and culture and is committed to providing transparent and accurate reporting to all stakeholders. The ESG charter and policy serve as the framework for the Company’s ongoing efforts to promote sustainability, social responsibility, and good governance practices. By prioritizing ESG initiatives, the Company aims to create a better future for both its stakeholders and the communities it serves.

      What Does ESG Mean?:

      ESG stands for Environmental, Social, and Governance. ESG refers to the non-financial aspects of a company’s performance, including its impact on the environment, its relationships with stakeholders, and its governance practices. The ESG Committee at the Company is responsible for overseeing and managing the Company’s initiatives related to these aspects of its operations. By focusing on ESG factors, the Company aims to promote sustainability, social responsibility, and good governance practices and to create long-term value for its stakeholders. 

      Ponce Bank Near You:

      Ponce Bank is a regional bank that primarily operates in the New York. Below is a list of their branch locations, phone numbers, and more.

      Ponce Bank Westchester Avenue

      2244 Westchester Avenue

      Suite 2

      Bronx, NY 10462

      Ponce Bank Southern Boulevard

      980 Southern Boulevard

      Bronx, NY 10459

      Ponce Bank 170th Street

      51 East 170th Street

      Bronx, NY 10452

      Ponce Bank Riverdale

      5560 Broadway

      Bronx, NY 10463

      Ponce Bank 106th Street

      207 East 106th Street

      New York, NY 10029

      Ponce Bank Jackson Heights

      37-60 82nd Street

      1st floor

      Jackson Heights, NY 11372

      Ponce Mortgage

      37-60 82nd Street

      3rd Floor

      Jackson Heights, NY 11372

      Ponce Bank Astoria

      34-05 Broadway

      Astoria, NY 11106

      Ponce Bank Forest Hills

      100-20 Queens Boulevard

      Forest Hills, NY 11375

      Ponce Bank Stuyvesant Town

      319 1st Avenue

      New York, NY 10003

      Ponce Bank Union City

      3821 Bergenline Avenue

      Union City, NJ 07087

      Ponce Bank Smith Street

      169 Smith Street

      Brooklyn, NY 11201

      Ponce Bank Flatlands

      1900 Ralph Avenue

      Brooklyn, NY 11234

      Ponce Bank Bensonhurst

      2047 86th Street

      Brooklyn, NY 11214

      The above may be outdated, for the most up to date information please visit https://branches.poncebank.com/

      SaveBetter Contact Information:

      Phone Number: 844-994-EARN (3276)
      (Monday to Friday from 9:00 a.m – 4:00 p.m)

      Email Address: service@savebetter.com

      85 Broad Street
      New York, NY 10004


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      *National Savings Rate Average as published by FDIC