Ponce Bank High-Yield MMDA
Earn 5 times the national average APY
Don't settle for average rates
Expedite your savings with APYs significantly higher than the national average. Receive a competitive rate with the ability to withdraw or add funds whenever you like. Flexibility to withdraw as much as you want, whenever you want; there are no restrictions.
This deposit product is offered through SaveBetter by Ponce Bank
About Ponce Bank
Ponce Bank was born in The Bronx in 1960, a time when most banks had abandoned what was then perceived to be a community in decline but in which our founders saw nothing but the potential of proud neighborhoods anchored by a strong immigrant work ethic and entrepreneurial spirit. They dreamed that all that was needed was a financial fuel. And in the 60 years since, we’ve provided that fuel for this engine of creativity and resilience and we’ve helped develop pockets of this spirit throughout The Bronx, Brooklyn, Queens, Manhattan and New Jersey. We never landed in comfortable places, choosing to help where help was needed most, and during this time we’ve become trusted partners throughout the communities we serve.
Our designation as a Community Development Financial Institution (CDFI) certifies this role as an investor in the future of underserved and underbanked communities.
Ponce Bank. Dreamers Welcome.
Ponce Bank is an FDIC insured financial institution
Federal Deposit Insurance Corporation
Ponce Bank is a member of the FDIC. Deposits in Ponce Bank are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.
Start saving in 4 simple steps:
- 1.Discover competitive savings products.
- 2.Select the right products for your savings goals.
- 3.Register for a SaveBetter account — one is all you need!
- 4.Fund and access your new savings products.
Now you can add more savings products any time you want. It’s that simple!
What is a money market deposit account?
Above-average interest without sacrificing accessibility.
MMDAs were created to be more competitive with money market mutual funds compared to a traditional savings account. MMDAs are insured by the Federal Deposit Insurance Corp. (FDIC) up to applicable limits if the financial institution is a member of the FDIC. (Ponce Bank is an FDIC member bank.)
All deposits and withdrawals are completed within one to three (1-3) business days. After the initial deposit a withdrawals limitation for the first few business days may exist.
Business days are Monday through Friday excluding U.S. bank holidays.
You are signing up for a Ponce Bank savings product through the SaveBetter platform. Customers sign up with a SaveBetter account to access featured Ponce Bank products. At all times, you remain a SaveBetter customer.
Your SaveBetter account gives you access to savings accounts and Certificates of Deposit (CDs) offered by a variety of banks with the security of FDIC insurance. These products include:
· High-yield Savings Account (HYSA). As its name indicates, this account type functions like a traditional savings account—with typically no restrictions on depositing and withdrawing funds—but earns interest at rates that are higher than the national average for standard savings accounts.
· Money Market Deposit Account (MMDA). Also known as a money market account or MMA, this type of savings account offers a varying rate that allows you to earn interest on your funds with maximum flexibility for withdrawals. Like a HYSA, an MMDA offers features of a traditional savings account with typically higher returns.
· No Penalty CD. Through the flexibility of a No Penalty CD, you can lock in a competitive rate for a fixed term with the option to make a full withdrawal at any time beginning seven (7) calendar days after funding without having to pay a penalty for the early termination.
Fixed Term CD. With this longstanding savings vehicle, funds are held for a fixed term, and a competitive interest rate provides safe, predictable earnings. In contrast to No Penalty CDs, typically you are charged a fee if you do not complete the full term of the Fixed Term CD.
The SaveBetter name and logo are trademarks of SaveBetter LLC. The Deposit Solutions name and logo are trademarks of Deposit Solutions GmbH, used with permission. Ponce Bank and the Ponce De Leon image are trademarks of Ponce De Leon Federal Bank, used with permission.
© 2021 SaveBetter LLC. All rights reserved.
APY means Annual Percentage Yield. APY is accurate as of November 30, 2021. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.
Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.