Certificates of deposit.

A certificate of deposit (CD) is best suited to customers who are comfortable setting money aside for a predefined period of time. As compared to savings accounts, CDs generally have higher interest rates but cannot be transacted against. Breaking a CD usually incurs a penalty. Following a grace period after a CD matures, many financial institutions will automatically renew it for the same term length at the interest rate set at the time of renewal, so it is useful to leave instructions in advance of the renewal date if you would like something different to happen with that money.

After a 10-day grace period following the date of maturity, Popular Direct CDs automatically renew for the same term length at the interest rate set at the time of maturity. If you have a CD with us, you will receive maturity and renewal notices through the mail. The maturity notice is intended as a reminder to set an action if you would prefer not to renew your CD, but you can set that action even before you receive the maturity notice.

If you would like to renew your CD for the same term at the interest rate set at the time of maturity, this will occur automatically ten days after your CD matures. Whether you renew your CD or move its funds into a new term, the interest rate will be set when your old CD matures, not when the change is processed.

If you would like to move the funds in your CD to a new term, disburse the funds into another account, and/or transact against the account during the ten-day grace period after maturity, please contact the Customer Care Center via phone call or secure message. You may leave advance notice of what you would like done with your CD any time after your account is opened. However, once the grace period has elapsed, any changes to your renewed CD will be treated as transactions against your account and incur the relevant penalties.

When you first start CD laddering, you split the money that you intend to invest into multiple CDs with staggered terms. As they mature, you move the money into longer-term CDs. This is generally favorable because it allows you to take advantage of the higher interest rates that longer-term CDs usually have while allowing you to access portions of your invested money more regularly than if you had all of that money in a single long-term CD.

If you’re new to investing, you may want to limit the number of CDs that you include in your ladder and gradually purchase longer-term CDs as you better understand how much money you feel comfortable setting aside.

You can view our current CD rates and apply for an account on our website. If you would like more details about applying, please view our application walkthrough.

You can view our CD product guide for more information. You can also view our CDs Calculator to see how we can help you meet your saving goals.

CDs hold a fixed interest rate for their entire term. Once you open and fund a Popular Direct CD, that interest rate will be valid until your CD matures. Changes to our CD interest rates will not affect your account.

The CD interest rates that are offered on our website are subject to change at any time. This is driven by several factors, including when and how the Federal Reserve Bank changes its interest rates.

You may view current CD rates on our website.

The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. 

Please visit FDIC.gov for more information about the types of deposit products that are covered by FDIC insurance and the amount of deposit insurance coverage that may be available under FDIC’s different ownership categories.

Depending on the term length of your CD, you will be assessed certain penalties as outlined within the CD product guide.

• For terms less than 91 days, the fee is 89 days simple interest.
• For terms equal to or greater than 91 days but less than 12 months, the fee is 120 days simple interest.
• For terms equal to or greater than 12 months but less than 36 months, the fee is 270 days simple interest.
• For terms equal to or greater than 36 months but less than 60 months, the fee is 365 days simple interest.
• For terms equal to or greater than 60 months, the fee is 730 days simple interest.

For CDs, Popular Direct requires a minimum deposit of at least $10,000.