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High-yield money market deposit account (MMDA)
  • 0.41% high-yield MMDA, 5X higher than national average.

  • FDIC insured. No fees.

  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.

Start saving

Ponce Bank high-yield money market deposit account

5 times higher APY than the national average

Ponce Bank Money Market Deposit Account APY is 5 times higher than the national average

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.

Start saving

What is a Money Market Deposit Account

Money Market Deposit Account

A money market deposit account (MMDA) is a type of high-yield savings account that generally earns a higher interest rate than a standard savings account. Like a traditional savings account, MMDA’s are also insured by the Federal Deposit Insurance Corp. (FDIC) up to applicable limits if the financial institution is a member of the FDIC such as Ponce Bank. MMDA’s were created to be more competitive with money market mutual funds than a traditional savings account.

About Ponce Bank

An illustration of a local deli and grocery store

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.

Certified Community Development Financial Institution (CDFI)

Ponce Bank is CDFI certified

We earned our CDFI status by investing more than 80% of our assets in low and moderate income communities. Your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.

Community Development Financial Institutions (CDFIs) share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.

Ponce Bank is an FDIC insured financial institution

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.

Ponce Bank, powered by SaveBetter

What is save better

Ponce Bank uses the secure SaveBetter platform to feature and manage specially selected savings products. Customers open accounts at and the platform manages all aspects of the products offered by Ponce Bank including operations, customer service and marketing. In simple terms, SaveBetter is a consumer facing digital storefront that provides access to Ponce Bank products. Best of all, SaveBetter is completely free!

Start saving in 4 simple steps:

  1. discover savings products
    1.Discover competitive savings products.
  2. select a product for savings goals
    2.Select the right products for your savings goals.
  3. register for SaveBetter
    3.Register for a SaveBetter account — one is all you need!
  4. fund and access new savings products
    4.Fund and access your new savings products.

Now you can add more savings products any time you want. It’s that simple!

SaveBetter FAQs

Call us: 844-994-EARN (3276)(Monday to Friday from 9:00 a.m - 4:00 p.m)
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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 September 27, 2021. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.

Banking services provided by Central Bank of Kansas City. Each customer authorizes the Service Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from any product at Ponce Bank that the customer requests through The Service 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 at Ponce Bank. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank.