Updated
Fact Checked
Nathan Alderman
For short-term savings, Ponce Bank CD rates are some of the highest we've found. The CD rates discussed on this page are offered only via the Raisin platform. Through this partnership, it offers spectacular rates on CDs, particularly those ranging from one to nine months, so it's ideal for those who want the security and stability of a CD, without locking up their money for a long period. Keep reading for the latest Ponce Bank CD rates via Raisin and see if one of its CDs is right for you.
Ponce Bank CDs from Raisin rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Ponce Bank High-Yield CD from Raisin
Bottom Line
Ponce Bank is an FDIC-insured bank with well over $2 billion in assets. And with the CDs that it offers via Raisin, savers can access some of the highest CD rates available on the market. Note that the bank offers both standard high-yield CDs (with early-withdrawal penalties) and no-penalty CDs via Raisin.
MINIMUM DEPOSIT
| 1 Mo. APY | 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 11 Mo. APY | 13 Mo. APY | 4 Yr. APY |
|---|---|---|---|---|---|---|
| 5.20% | 5.20% | 4.00% | 3.00% | 1.21% | 1.31% | 1.61% |
Rates as of May 14, 2024
APY = Annual Percentage Yield
Ponce Bank No-Penalty CD from Raisin
Bottom Line
Ponce Bank is an FDIC-insured bank with well over $2 billion in assets. And with the CDs that it offers via Raisin, savers can access some of the highest CD rates available on the market. Note that the bank offers both standard high-yield CDs (with early-withdrawal penalties) and no-penalty CDs via Raisin.
MINIMUM DEPOSIT
| 4 Mo. APY |
|---|
| 5.15% |
Compare Ponce Bank CDs from Raisin rates
Ponce Bank High-Yield CD from Raisin rates are excellent on its 1-month, 3-month, and 6-month CDs. Likewise, the Ponce Bank No-Penalty CD from Raisin rate on its 4-month CD is very competitive. However, its rates on longer CDs are lackluster compared to what the best CDs earn.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Overview of Ponce Bank CDs from Raisin
Here are more details on how Ponce Bank CDs from Raisin work.
| Minimum Deposit | $1 |
|---|---|
| Range of Term Lengths | 1 month to 4 years |
| Compounding Schedule | Daily (and paid monthly) |
| Early Withdrawal Penalty | 30 days of simple interest (1-month CDs);90 days of simple interest (3-month, 6-month, and 11-month CDs); 180 days of simple interest (9-month CDs); 270 days of simple interest (13-month and 4-year CDs) |
| Grace Period | 7 days |
Data source: Ponce Bank
Ponce Bank CDs from Raisin pros and cons
While Ponce Bank CDs offer some very competitive APYs on certain terms, they're not perfect. Below are the pros and cons for these CDs.
Pros
- No fees
- Low minimum deposit
- Multiple CD terms from 1 month to 48 months
- High rates on shorter CD options
Cons
- Hefty early withdrawal penalty
- Lackluster rates on some CDs
Ponce Bank High-Yield CD from Raisin offers a mixed bag. Several of its shorter CDs earn a high APY that stacks up favorably to what the best banks offer. Ponce Bank also charges no fees on its CDs, and there's just a $1 minimum deposit, so it's a good choice for a CD ladder. Rates on its longer High-Yield CDs aren't competitive, though. It also charges an early withdrawal penalty, with the penalty amount depending on the term of the CD. If you think there's a chance you'll need to withdraw your money, high-yield savings accounts are likely a better option.
The No-Penalty CD available with Ponce Bank and Raisin is hard to beat. Just like with Ponce Bank High-Yield CD from Raisin, there are no fees and the minimum deposit is $1. It also earns one of the highest rates we've seen from a no-penalty CD. The only drawback is that Ponce Bank doesn't offer more of these. It has a 4-month No-Penalty CD, so if you want something longer, you're out of luck.
How much can you earn with a Ponce Bank CD from Raisin?
A CD is a good way to get a stable return on your money. Interest rates may go up and down, but once you open a CD, you lock in the current rate. The table below shows how much money you could earn by putting $1,000 in a Ponce Bank CD.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
| Term | APY | Earnings |
|---|---|---|
| 1 month | 5.20% | $4.33 |
| 3 months | 5.20% | $13.00 |
| 6 months | 4.00% | $20.00 |
| 9 months | 3.00% | $22.50 |
| 11 months | 1.21% | $11.09 |
| 13 months | 1.31% | $14.19 |
| 48 months | 1.61% | $64.40 |
Data source: Author's calculations.
Is a Ponce Bank CD from Raisin safe?
Ponce Bank CDs are covered by FDIC insurance, which protects you against bank failure. FDIC-insured accounts, including these CDs, are covered for up to $250,000 per account holder. So even in a worst-case scenario, your money is safe.
LEARN MORE: What Is FDIC Insurance?
How to open a Ponce Bank CD from Raisin
When you're ready to get a CD with Ponce Bank, you can open one by following the steps below.
1. Go to Raisin's page for Ponce Bank
You can also select the "Open Account" link on this page.
2. Choose "Save Now" next to the CD you want
Make sure to choose a term that works for you, so you won't need to withdraw your money early.
3. Create an account
If you already have an account, choose the "Login here" option toward the top of the page.
4. Fund your CD
Add the details for the account you'll use to deposit money, and decide how much you want to deposit.
Who is a Ponce Bank CD from Raisin right for?
A Ponce Bank CD from Raisin is a good choice for anyone interested in a short CD term. If you're looking for a CD with a term of under one year, then Ponce Bank has some of the top options with high APYs offered through the Raisin platform.
Other Ponce Bank CD accounts
Ponce Bank and Raisin don't offer any other CDs together. But Ponce Bank has other CD options that it offers on its own, which are:
- CD terms ranging from 1 month to 60 months
- IRAs
Check Ponce Bank's website for the details on its direct-offer CDs.
Bottom line: Ponce Bank CD from Raisin rates
Ponce Bank High-Yield CD from Raisin
- 1 APY: 5.20%
- 3 APY: 5.20%
- 6 APY: 4.00%
- 9 APY: 3.00%
- 11 APY: 1.21%
- 13 APY: 1.31%
- 48 APY: 1.61%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Ponce Bank High-Yield CD from Raisin
1 Mo.
3 Mo.
6 Mo.
9 Mo.
11 Mo.
13 Mo.
4 Yr.
5.20%
5.20%
4.00%
3.00%
1.21%
1.31%
1.61%
Ponce Bank No-Penalty CD from Raisin
- 4 APY: 5.15%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Ponce Bank No-Penalty CD from Raisin
4 Mo.
5.15%
Keep reading about Ponce Bank
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Review sources
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
-
The minimum deposit for a Ponce Bank CD with Raisin is $1. That applies for all the CD terms that Ponce Bank offers.
-
The only fee that Ponce Bank CDs from Raisin have is an early withdrawal penalty. If you keep your money deposited until your CD's maturity date, you won't be charged any fees.
-
You can close a Ponce Bank CD from Raisin early, but you'll pay an early withdrawal penalty. The penalty amount ranges from 30 days of simple interest to 270 days of simple interest, depending on the length of the CD.
Our Banking Experts
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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