Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Ponce Bank Simply Free Checking Account is a Hispanic American bank in New York. You might like it if you’re looking for free checking accounts or high interest rates on CDs. If you don’t live in New York, consider the best CD rates at online banks instead.
Ponce Bank: Overall Bank Rating
FeatureInsider rating (out of 5)Savings3.25Checking3.50CD3.50Money market account3.25Trustworthiness2Total3.1
Ponce Bank: Pros and Cons
ProsCons
Most board members are Hispanic American, and Ponce serves a minority community
Competitive CD interest rates
Free checking accounts
Only available in New York and New Jersey (Union City)Low savings interest rateCompounds interest monthly, not daily
Savings
You only need to keep $100 in your Ponce Bank Savings Account to waive the Ponce Bank Savings Account – Fees Display. However, you would earn a much better interest rate with an online high-yield savings account.
Checking
The Ponce Bank Simply Free Checking Account is a good free checking account with no monthly service fee or minimum balance. Ponce offers a few other types of checking accounts, too, most of which have no monthly fee.
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 Ponce Bank Money Market Account comes with a debit card and paper checks. It could be a good place to keep your emergency fund, because you can use the card or checks to access your savings quickly if necessary.
How Ponce Bank Works
Ponce Bank Simply Free Checking Account is a minority depository institution; most of its board members are Hispanic American, and Ponce serves a minority community.
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 4.2 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.
The Role of Hispanic American Financial Institutions
Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. These institutions also help address banking gaps among Hispanic American communities.
Ponce Bank has a financial education program called Ponce U. Customers can learn about financial topics like retirement, owning a house, or investing toward the future.
Is Ponce Bank Trustworthy?
Ponce Bank Simply Free Checking Account doesn’t have any public controversies.
The Better Business Bureau gives Ponce Bank an F rating. The BBB evaluates businesses by looking at responses to customer complaints, honesty in advertising, and openness about business practices.
The BBB states that it gives Ponce an F because the bank eight customer complaints on the BBB website, and it hasn’t responded to seven of them. But considering Ponce only has one customer complaint that hasn’t been addressed yet, you may want to take this F grade with a grain of salt.
How Ponce Bank Compares
We’ve compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.
Ponce
Popular Bank
IFB
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
Ponce Bank Simply Free Checking AccountPopular Bank Everyday Checking AccountInternational Finance Bank Personal Savings 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.