Popular Direct CD

Popular Direct is the online deposit brand of Popular Bank, the US arm of Puerto Rico based Popular Inc. As of October 14, 2026 its CD page headlines three CDs, at 6, 12 and 18 months, and the rate list on the same page shows eight terms from 3 months to 60 months. The rates are the reason to look. With rates effective October 5, 2026, the 18 month CD pays 4.65% APY, the 12 month pays 4.50%, and the 6 month pays 4.35%. The rest of the list: 3 months 4.30%, 24 months 4.70%, 36 months 4.85%, 48 months 4.95% and 60 months 5.00%. The curve runs the right way, rewarding longer commitments. The cost of entry is the catch. Every Popular Direct CD requires a $10,000 minimum opening deposit and balance, which rules the product out for anyone building savings rather than parking a lump sum. The early withdrawal penalty is also steep and tiered by term: 89 days of simple interest under 91 days, 120 days for terms from 91 days to under 12 months, 270 days for 12 to under 36 months, 365 days for 36 to under 60 months, and 730 days at 60 months or more. An 18 month CD therefore costs 270 days of simple interest to break, roughly half the term. CDs renew automatically after a 10 day grace period at whatever rate is set on the maturity date. Interest is compounded daily and credited to the account monthly on the last day of the month, per the CD product guide revised 6/9/2025. This suits you if you have $10,000 or more that is idle for a year and a half and you want a fixed rate. Deposits are FDIC insured to $250,000 per depositor, per FDIC-insured bank, per ownership category. Skip it if $10,000 is most of your liquid savings, because the 270 day penalty makes an early exit expensive. If you want a five year lock, the 60 month CD pays 5.00% APY, but breaking it early costs 730 days of simple interest. And mark the maturity date on your calendar: with only a 10 day grace window, a 4.65% CD can auto renew at whatever rate is set on the maturity date before you notice.