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Poppy Bank Review: Small California Bank With a Few Interesting Products

Published June 7, 2024
Brittney Myers
By: Brittney Myers
Brittney Myers
Brittney Myers
Writer

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Our Banking Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
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Member FDIC.

Poppy Bank

Bottom Line

Poppy Bank, a small bank located in California, has potential, especially if you live near a branch. Some of the products could use better rates and lower fees. You also need to watch out for account minimums.

Pros
  • Competitive CD rates
  • Variety of personal and business products
  • Online and mobile banking options
Cons
  • Locations only in California
  • Checking and savings rates are poor
  • Mobile app isn't well-rated

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

Poppy Bank has a few different savings account options, most of them nothing special. The online account is the most interesting, but watch out for the fine print!

Poppy Premier Online Savings

Poppy Bank's online savings account is certainly flashy, garnering at least a second (and perhaps third) glance with its very competitive introductory rate and no monthly fee.

But note that intro qualifier I tacked on: Your high rate is only guaranteed for the first 90 days. After that, your rate "is subject to change without notice." This means Poppy Bank won't tell you the new rate ahead of time, so you'll just have to wait and see.

In more rate hijinks, you should also note that you need to meet the minimum balance requirement to be eligible for the advertised rate. And for locals, this account can only be opened online.

Poppy Personal Savings

This is a basic checking account that can only be opened in person at a Poppy Bank branch. There's no monthly service charge, which is nice, but you aren't getting much for your money anyway. The interest rate is exceptionally low, to the point you're actively losing value to inflation the longer it sits in this account. And it's even worse when you compare the rate to that from a high-yield savings account.

Poppy Premier Personal Savings

This account is a step up from the basic Personal Savings account -- but it's a small step. You still don't have monthly service charges, plus you get a slightly higher APY (annual percentage yield). That said, the interest rate is still well below anything competitive, and you're still losing money to inflation. There are much better savings accounts out there.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

The Poppy Bank Personal CD account offers a lot of variety in terms, starting at 3-month CDs at the short-term end, and going all the way up to 5-year CDs. Poppy Bank's best CD rates are reserved for 6-month, 9-month, and 12-month CDs, and they're fairly competitive with the top CDs right now. The minimum balance requirement is modest, but it could be high for some folks, and the early withdrawal penalty can get steep.

Compare CD rates

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Checking accounts

Poppy Bank has two checking options, both with the same monthly service charge and minimum deposit requirement. One account offers interest, though the rate is quite low even for a checking account.

Poppy Personal Checking

This is Poppy Bank's most basic checking account, and it has little of interest to recommend it. The monthly service charge is pretty high for such a lackluster account. While you can get the charge waived if you're 55 and up or you maintain the minimum balance, that balance is quite high for a basic checking account that doesn't even earn interest.

Poppy Personal Interest Checking (etc)

This checking account isn't much more interesting than the other one -- pun intended. While you do earn interest on your balance, the rate is very low, especially compared to the top checking accounts. Plus, you must maintain the minimum daily balance to get the advertised APY, which you'll also need to do to waive the pricey monthly service charge (unless you're over age 55).

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Money market accounts

The Poppy Personal Money Market account is a simple account with basic features. You get a lackluster APY that is definitely not competitive with the top money markets. On top of that, there is a service charge that can only be waived if you maintain the minimum balance requirement (or are over age 55). You'll also be hit with a per-transaction fee if you make more than six withdrawals in a month.

Is Poppy Bank FDIC insured?

Yes, Poppy Bank is a member of the FDIC, so your deposits are insured up to the standard FDIC insurance limit.

Customer experience

There isn't a lot out there about the Poppy Bank customer experience, though what reviews exist are a bit of a mixed bag.

Customer reviews

Most of the usual sources of information about a bank's service aren't too helpful in this case. The BBB doesn't have a rating for Poppy Bank overall, and Trustpilot comes up empty here, too. Even Reddit users don't have a lot to say on the topic.

A deeper dive shows some mixed opinions on other review sites, and in the reviews of the mobile apps, but there isn't an overwhelming amount of complaints about the bank's service. This may be a case of "no news is good news."

  • Better Business Bureau rating: N/A
  • Trustpilot rating: N/A

Customer service

As with general customer reviews, opinions on the customer service are a mixed bag. Some folks rave, others say tellers and/or service reps were rude or unhelpful. The average Yelp rating is just 3.2 stars, though that's based on only five locations, so your mileage may vary.

You can get customer service in person by stopping into a local bank branch, though keep in mind Poppy Bank only operates in the state of California. You can also call for assistance Monday through Friday from 8 a.m. to 8 p.m. at: (888) 636-9994.

Mobile app

The Poppy Bank mobile banking app has some mixed opinions, but the overall ratings are decidedly negative. A few users say the app is easy to use and has good features. However, many users of both the Android and iOS app express frustration with errors and bugs, with one user calling the app "comically terrible."

  • App Store rating: 3.6 / 5 stars
  • Google Play rating: 3.4 / 5 stars

Relationship benefits

From what we can tell, there doesn't seem to be any particular relationship benefits or perks offered by Poppy Bank.

Alternatives to Poppy Bank

Other than a few CDs, most of Poppy Bank's rates aren't competitive, so I definitely suggest looking elsewhere for better rates. Try these two picks to start your search.`

Capital One Bank

You can check a lot of boxes with Capital One Bank. You get a huge variety of account types, competitive APYs on savings and CDs, and a well-rated mobile app. Plus, you don't need to jump through any hoops to avoid fees since Capital One doesn't charge monthly account fees anyway.

Chase Bank

If you want a brick-and-mortar bank with tons of locations for in-person service, Chase Bank is a good pick. Chase has extensive product offerings, tons of features, and a great mobile app. Like Poppy Bank, Chase doesn't have the greatest interest rates on most of its savings and CDs, but the service, features, and convenience make it a good pick for other types of accounts.

Is Poppy Bank right for you?

This bank may be a good option for you if:

  • You live close to a Poppy Bank branch and value in-person service.
  • You are over the age of 55 and qualify for the monthly charge waiver.
  • You want to earn a high APY on your savings for 90 days, and you're willing to just see what happens after that.

FAQs

  • Poppy Bank is a member of the FDIC, so your deposits are insured up to the standard maximum. The bank doesn't provide much other information on its security practices.

  • Yes, Poppy Bank is a state chartered bank and a member of the FDIC. It operates primarily in the state of California.

  • Poppy Bank currently has 28 branches throughout the state of California.