For a couple of weeks now, the highest 1 year CD rate offered by banks was at 1.15%. Before, it was only Doral Bank who offered this rate, but now Popular Community Bank is offering the same along with CIT Bank.
Is Popular Community Bank the same as Banco Popular?
For those who are familiar with Banco Popular, Popular Community Bank is actually one and the same since the company decided to rebrand itself last August. The rebranding was a strategy in order to demonstrate that the bank wants to serve the entire community and not just limit its services to Hispanics.
Since the rebranding was meant to capture a larger audience, it seems Popular Community Bank is living up to its promise as it offers one of the highest CD rates nationally available. Check out these other rates below:
Popular Community Bank CD Rates
3 month CD – 0.25% APY
6 month CD – 0.30% APY
12 month CD – 1.15% APY
18 month CD – 0.85% APY
60 month CD – 1.60% APY
How Does Popular Bank Compete with Other Banks?
Although Popular Community Bank is offering a juicy 1 year CD rate, the other rates in different terms are somewhat lower than those nationally available. The leading 3 month CD is from Onewest Bank at 0.60%, while the highest 5 year CD is being offered by First Indiana Bank and Intervest National Bank at 2.00% APY.
Popular Community Bank Background
The bank now has over 117 years in experience since it was built in 1893. It was first established in the United States in 1961 and has grown to have about 100 branches in these five states: California, Florida, Illinois, New Jersey, and New York. The bank also caters to online deposit accounts through E-Loan, a subsidiary of the bank. Popular Community Bank has steadily grown as it is now the 19th largest bank in Central Florida with over $264.1 million in deposits.