
We all know it’s important to save money—but where you stash that money also counts. With the national average interest rate for savings accounts at a measily 0.37%, go for a bank that offers a lot more. Ponce Bank is one such bank that delivers higher savings interest rates, lower fees, and aims to make banking more accessible to underserved communities.
So if you’re ready to put your savings to work let’s explore what Ponce Bank has to offer.
Ponce Bank Details | |
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Product Name | Ponce Bank Money Market |
Minimum Deposit | $1 |
APY | 5.05% |
Monthly Fee | $0 |
Promotions | None |
What Is Ponce Bank?
Ponce Bank first opened its doors in New York. Since 1960, the bank has expanded to include 14 branches. These locations serve underserved communities throughout New York City and New Jersey. Ponce is a part of the Emergency Capital Investment Program which supports the efforts of banks that work with low-income communities.
What Does It Offer?
You’ll find both personal and business banking solutions through Ponce Bank. But for the purposes of this review, we are focusing on the personal deposit account options available through the bank.
Also, it’s important to note that the deposit accounts offered by Ponce Bank are specifically available through a partnership with Save Better.

Money Market Deposit Account
Ponce Bank offers a money market deposit account through SaveBetter. The eye-popping APY of5.05% is high enough to make anyone take a second look at the offer.
You’ll only need $1 to get started with this account. As of this writing, you can make as many transactions as you like so you can tuck away funds and be able to pull them out whenever you like.
Open a Ponce Bank Money Market Account here >>
High Yield CDs
Although a Certificate of Deposit (CD) comes with less flexibility, you can earn reasonable high rates. Plus, the lack of access could actually work out in your favor if you are easily tempted to overspend.
Ponce Bank offers several high-yield CD options, including an amazing no-penalty CD. Right now, you can earn:
- 4-Month No Penalty CD: 5.06% APY
The longer you are willing to lock up your funds, the more you can earn from a CD. Before you commit to a CD, make sure that you are comfortable with the term. If you need to withdraw your funds early, you’ll pay an early withdrawal penalty.
The relatively high rates could make Ponce Bank the perfect place to build your very own CD ladder. But if you aren’t sure about your timeline for these funds, consider opting for a money market account for greater flexibility.
A money market account can be a smart place to park your savings, emergency fund, down payment for a house, or any other large sum of cash.
Here are the best money market accounts to check out.
Community Development Financial Institution
Ponce Bank is a Certified Community Development Financial Institution. This special designation means the bank invests more than 80% of its assets in low- or moderate-income communities.
According to the bank, it works hard to help underserved communities access the financial resources they need. If you are looking for a bank that wants to make financial tools more accessible to the underserved, Ponce Bank may resonate with you.
Are There Any Fees?
You’ll only need $1 to open a money market deposit account with Ponce Bank. SaveBetter doesn’t charge a monthly fee for this account. Instead, it earns its profit by charging Ponce Bank for the convenience they provide.
If you are opening a CD, you’ll face an early withdrawal penalty if you take the funds out before the term. However, you’ll have a seven-day grace period from when you open the CD to pull out your funds without a penalty.
How Do I Contact Ponce Bank?
You can get in touch with Ponce Bank by calling 718-931-9000. Additionally, you can send a secure email through your online banking portal. If you prefer in-person assistance, you can visit one of the several branches located in New York and New Jersey.
Connecting on social media is also an option through Facebook, Twitter, and Instagram @PonceBank.
Ponce Bank doesn't have many reviews, but they do have a 4 star rating on Deposit Accounts.

How Does Ponce Bank Compare?
Ponce Bank stands apart from the crowd as a Certified Community Development Financial Institution. But how do the accounts stack up against other banks?
In terms of the money market account, the APY offered through Ponce Bank is one of the best. But you can still find comparable options. For example, UFB Direct is offering a money market account with a 4.81% APY.
But when looking at the CD options, you can find much higher APYs elsewhere. For example, Barclays is offering a 4.90% APY on 12-month CDs. It pays to shop around for the best CD rates, and you can easily find the top rates with us today.
Header | ![]() | ![]() | ![]() |
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Rating | |||
APY | 5.05% | 4.81% | 4.00% |
Monthly Fees | $0 | $0 | $0 |
Min Deposit | $1 | $0 | $0 |
FDIC Insured | |||
Cell |
How Do I Open An Account?
Want to open an account with Ponce Bank?
The process is completed through SaveBetter.com. After selecting the product you’d like, click on Save Now. Be prepared to provide an email address and password to move forward with your account.
SaveBetter will ask for more information, including your legal name and bank account details to find your initial deposit.
Is It Safe And Secure?
Yes, the accounts offered through Ponce Bank are FDIC-insured. FDIC insurance means that the funds in your account are protected for up to $250,000. With that, your savings are safe even if the bank closes its doors.
Is It Worth It?
As a saver, the right accounts can help you grow your nest egg. Instead of keeping your savings at a big-name bank where you are likely earning next to nothing, take advantage of a higher APY by switching to a savings account with a much higher interest rate.
The APY associated with Ponce Bank’s money market account is competitive. But if you’re interested in CDs, you might want to shop around for a better deal.
Ponce Bank Features
Account Types | Money Market and Certificate of Deposit |
Minimum Deposit | $1 |
APY | Up to 3.10% |
Maintenance Fees | $0 |
Branches | New York, New Jersey |
ATM Availability | New York, New Jersey |
Customer Service Number | 718-931-9000 |
Customer Service Hours | Mon-Thu 9 a.m. to 5 p.m. EST Fri 9 a.m. to 6 p.m. EST Sat 9 a.m. to 1 p.m. EST |
Mobile App Availability | |
Bill Pay | Yes |
FDIC Certificate | |
Promotions | None |
Ponce Bank Review
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Summary
Ponce Bank offers high-yield savings rates, CDs, and money market accounts. See how they stack up against other savings accounts.
Pros
- High APYs
- No monthly fees
- Community-focused bank
Cons
- Higher CD APYs elsewhere
- Must work with SaveBetter.com for the deal

Sarah Sharkey is a personal finance writer covering credit cards, mortgages and student loans. She has written for numerous finance publications, including MagnifyMoney, Business Insider and ChooseFI. Her blog, Adventurous Adulting, helps young adults get a handle on their finances.
Editor: Claire Tak Reviewed by: Richelle Hawley