Ponce Bank review: Hispanic American bank with several free checking accounts

Ponce Bank has several free checking accounts to choose from, and it pays competitive interest rates on CDs.

Overall bank rating

Pros and cons

Savings

You only need to keep $100 in your Ponce Bank Savings Account to waive the $5 monthly service fee. However, you would earn a much better interest rate with an online high-yield savings account.

Checking

The Ponce Bank Simply Free Checking Account is a good free checking account with no monthly fees or minimum balance. Ponce offers a few other types of checking accounts, too, most of which have no monthly fee.

CD

Ponce Bank pays competitive interest rates on CDs. You can open a term of six months or less with only $500, and you'll need $1,000 to open a CD with a term over six months.

Money market account

The Ponce Bank Money Market Account comes with a debit card and paper checks. It could be a good place to keep your emergency fund, because you can use the card or checks to access your savings quickly if necessary.

How Ponce Bank works

Ponce Bank Simply Free Checking Account is a minority depository institution; most of its board members are Hispanic American, and Ponce serves a minority community.

There are 12 branches in New York (Bronx, Brooklyn, Manhattan, Queens) and one in New Jersey (Union City). You can use an ATM for free at each branch location and at Citibank branches.

Branch hours vary slightly by location, but all are open Monday through Friday and closed on weekends. You can call customer service Monday through Thursday from 9:00 a.m. to 5:00 p.m. ET, Friday from 9:00 a.m. to 6:00 p.m. ET, and Saturday from 9:00 a.m. to 1:00 p.m. ET.

The Ponce Bank mobile app has 4.8 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is Ponce Bank trustworthy?

Ponce Bank Simply Free Checking Account doesn't have any public controversies.

The Better Business Bureau gives Ponce Bank a B- in trustworthiness. The BBB evaluates trustworthiness by looking at responses to customer complaints, honesty in advertising, and openness about business practices.

The BBB states that it gives Ponce a B- because the bank has failed to respond to half of the customer complaints on the BBB website. But considering Ponce only has two customer complaints in total, you may want to take this B- grade with a grain of salt.

How Ponce Bank compares to similar institutions

We've compared Ponce Bank to two other Hispanic American banks in New York: Popular Bank and International Finance Bank.

New York branches 12 (and 1 in Union City, NJ)	New York branches 23 (and some NJ branches)	New York branches 1
Standout feature Free checking accounts	Standout feature Rewards program	Standout feature ATM refunds
Ponce Bank Simply Free Checking Account	Popular Bank Everyday Checking Account	Open an account

Ponce Bank vs. Popular Bank

Popular Bank has more branches than Ponce Bank, so it may be the more convenient option for you.

Ponce has several free checking accounts to choose from. But you might prefer Popular if you have enough money in your accounts to qualify for its rewards program. Rewards members can waive a variety of fees and receive ATM fee refunds.

Ponce Bank vs. International Finance Bank

International Finance Bank is primarily in Florida, and it only has one New York branch. You might prefer Ponce Bank if there's a branch closer to your home or office.

But you may like International Finance Bank if you travel regularly. The bank refunds up to five out-of-network ATM fees each month, including fees from international ATMs.