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Summary: Founded in 2005, Poppy Bank is based in California and operates over 30 branches across Northern and Southern California. It offers personal and business accounts, several of which pay interest rates rivaling the best available today — particularly its online savings account.
Poppy Select : This primary checking account requires a $500 minimum balance. It does not earn interest. There is a monthly service charge of $10.
Poppy Reserve: This account pays 0.25% APY on balances of at least $10,000. A $20 monthly maintenance fee applies.
Poppy Legacy: This is a premium checking account that boasts a 0.5% APY and requires a minimum balance of $25,000. There is a monthly service fee of $40 to maintain this account.
Poppy Elite: The Poppy Elite checking account offers the highest APY out of all of Poppy’s checking accounts. It comes with a 1% APY. However, this account charges a monthly service fee of $50 and has a minimum balance requirement of $50,000.
Poppy Student Checking: The minimum balance required for this account is just $50, and there is no monthly fee. However, this account does not earn interest.
Poppy Premier Online Savings: Poppy’s Premier Online Savings Account offers 4% APY — one of the most competitive rates on the market right now. There is a minimum balance requirement of $1,000 to obtain the advertised APY. This account can be opened from anywhere.
Poppy Personal Money Market: This account requires a $1,000 minimum balance and comes with a $10 monthly fee. There is also a $5 fee for making a withdrawal from this account after your first six withdrawals. Balances earn 0.1% APY.
Poppy Premier Personal Savings: This account earns 0.5% APY and requires a minimum balance of $1,000. There is no monthly service fee.
Poppy IRA Savings: There is a $1,000minimum balance required for this account, and there is no monthly service charge. It earns 0.2% APY.
Poppy Student Savings: Designed for students, this account requires a minimum balance of just $50 and does not come with a monthly fee. Account holders earn an impressive 3.5% APY.
Poppy Blooms Youth Savings: Unlike Poppy’s other accounts, this youth savings account has no minimum balance requirement. It also doesn’t charge any monthly service fees, paper statement fees, or transaction fees for withdrawals. It currently offers 3.75% APY.
Term lengths range from three to 60 months, and the highest rate offered is 4% APY. All CDs require a minimum deposit of $1,000.
Poppy Bank generally charges minimal fees, although it does not offer a fee-free checking account. Unfortunately, it doesn’t waive the fee with a minimum balance. Other fees are shown below.
|
FEE |
FEE AMOUNT |
|---|---|
|
Overdraft |
$1 |
|
Non-bank ATM fee |
No charge by Poppy Bank |
|
Paper statement |
$5 |
|
Excessive transfer (money market/savings) |
$5 |
|
Domestic wire transfer (incoming) |
$10 |
|
Domestic wire transfer (outgoing) |
$20 |
|
International wire transfer (incoming) |
$10, plus correspondent fee per wire |
|
International wire transfer (outgoing) |
$40 |
Consider these Poppy Bank pros and cons before signing up:
Pros
High yield on savings: Poppy Bank offers up to 4% APY on its Premier Online Savings account, which is one of the best rates available today.
No monthly fee for savings account: The online savings account doesn’t have a monthly fee, making it easier to grow your savings.
Large fee-free ATM network: Poppy Bank is part of the MoneyPass ATM network, which offers more than 61,000 fee-free ATMs across the country.
Cons
Most accounts require a $1,000 balance: You generally must maintain a $1,000 minimum, which may be a high bar for some customers.
Limited branch access: While it has multiple branches in California, there aren’t any in other states.
No online chat for support: Poppy Bank has a call center that is open during the week, but there is no live chat option.
Poppy Bank’s contact options include phone support, secure online messaging, and email. Its website doesn’t include a live chat, but you can reach someone by phone from 7:00 a.m. to 7:00 p.m. PST, Monday through Friday, at (888) 636-9994.
For correspondence, mail can be sent to:
POPPY BANK ADMINISTRATION
438 1st St., Suite 100
Santa Rosa, CA 95401
Poppy Bank’s mobile app has mixed reviews, with a 4.4 rating on the Apple App Store and a 3.8 rating on Google Play. Customers can check their balances, transfer funds, pay bills, and deposit checks with the app. While some users have no issues with the app, others have experienced various technical glitches.
Yes, Poppy Bank accounts are insured by the FDIC up to $250,000 per depositor, per ownership category.
Poppy Bank’s routing number is 121143891.
Having operated branch locations since 2005, Poppy Bank is generally considered reliable. It has a 4-star rating from BauerFinancial, an independent organization that rates banks and credit unions.
Poppy Bank is a community bank based in Santa Rosa, California. Its president and CEO is Khalid Acheckzai.
Poppy Bank doesn’t usually charge for withdrawals. However, it charges a $1 fee for overdrafts and a $5 fee for exceeding six monthly withdrawals from its savings and money market accounts.
Poppy Bank has 41 domestic locations, according to the FDIC.
Source: Yahoo Finance
