Poppy Bank Premier Online Savings Account 2024 Review

Poppy Bank, formerly First Community Bank, is a community bank headquartered in Santa Rosa, California. The Premier Online Savings account offers an exceptional rate and you can open this account online in minutes. 

The Poppy Bank Premier Online Savings account is a high-yield savings account with an APY that's well above the national average. There are no monthly maintenance fees but you'll need to meet a minimum balance requirement to earn the advertised APY. 

This savings account could be right for people who:

• Want to earn a competitive rate on savings
• Typically keep $1,000 or more in savings
• Live in Poppy Bank's service area and prefer a smaller-scale banking experience
• Are comfortable with online and mobile banking (if you don't live near a branch)

Poppy Bank offers other products besides savings accounts. You can open a checking account here, build a CD ladder, or apply for a credit card. Business banking is also available.

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Compared to Other Online Savings Accounts

Fruitful High Yield Savings Account

Fruitful offers a high-yield savings account with a competitive rate that almost matches what you could get with Poppy Bank. There are no minimums and no monthly maintenance fees, and you can set up your account online in minutes. You'll enjoy unlimited fee-free transfers and your deposits are FDIC-insured. 

Read our full editorial review of the Fruitful High Yield Savings account

RBMAX Max Interest Savings Account

The RBMAX Max Interest Savings account has a low opening deposit of just $10 and it earns an exceptional APY. There are no minimum balance requirements and no monthly fees when you enroll in electronic statements. You can make unlimited withdrawals from your account without a penalty fee. 

Read our full editorial review of the RBMAX Max Interest Savings account

One Savings Account

One is a mobile banking app and debit card that features a built-in savings account. When you open an account with One, you can earn a competitive rate on savings balances with qualifying direct deposits. You won't pay a monthly fee and you can earn up to 5% back on select brands when you use your debit card to make a purchase. 

Read our full editorial review of the One Savings account

Cash App Savings Account

Cash App is a money transfer app but you can also open a savings account with as little as $1. There are no minimums and no fees and you'll earn an outstanding rate as long as you order a Cash App Card and schedule recurring direct deposits. Cash App lets you set savings goals and you can easily visualize your progress as your balance grows. 

Read our full editorial review of the Cash App Savings account

Interest Rates

Traditional banks typically aren't known for offering the best rates on deposit accounts. Poppy Bank stands out for being a community bank that pays one of the highest rates among online savings accounts. 

There are two things to know about your rate. 

• You'll need to maintain a minimum balance of $1,000 to earn the advertised APY.
• The advertised APY can change at any time. 

Which bank pays the highest savings account rates? There's no single answer, as there are plenty of banks offering competitive rates. 

Online savings accounts, in general, tend to pay more interest than traditional savings accounts at brick-and-mortar banks. Saving with an online bank can also help you save money if you're paying fewer fees. 

Fees

Poppy Bank charges fees like other banks. Before opening a savings account it's important to know what it might cost you. 

Here are some of the most significant fees to know.

Other Service Fees - Poppy Bank Premier Online Savings

You can avoid the paper statement fee by enrolling in electronic statements. The other fee to watch out for is the excess withdrawal fee. 

This fee kicks in when you exceed six withdrawal transactions per month. You'll pay $5 for each withdrawal over six. 

ATM Access

Poppy Bank uses the MoneyPass ATM network, which offers access to thousands of fee-free ATMs. However, the Premier Online Savings account doesn't come with an ATM card. 

You could still use ATMs to withdraw cash if you have a Poppy Bank checking account. You'd just need to transfer money over from savings to checking first to make a withdrawal.

Is ATM access a must-have feature for savings accounts? It depends. 

If you don't withdraw cash that often or don't plan to, then not having an ATM card probably isn't a big deal. 

Account Management

Poppy Bank offers online and mobile banking for people who don't live near any of the bank's 20+ branches. 

You can use online or mobile banking to view transaction history, pay bills, or transfer funds to another account. If you need to deposit money to your account, your options include:

• ACH transfer from a linked bank account
• Wire transfer from another bank
• Paper check or cash deposit at a Poppy Bank branch

When you open your account online Poppy Bank will walk you through making your initial deposit using Plaid. You can transfer up to $2 million to your new account through Plaid. 

You can also use ACH and wire transfers to move money out of your accounts. Standard external transfer limits are $100,000 daily and $250,000 monthly. 

Poppy Bank is a Zelle partner. If you want to send money to friends and family, you just need to log in to your Poppy Bank, navigate to the Zelle menu, and follow the prompts to schedule a transfer. Check your account agreement for Zelle transfer limits. 

FDIC Insurance

FDIC insurance protects your accounts if your bank fails. That doesn't happen often but FDIC coverage exists to make sure your deposits are protected. 

Poppy Bank is a member-FDIC financial institution so your accounts are safe. The current FDIC coverage limit is $250,000 per account owner. 

You don't need to sign up for FDIC insurance; it's automatic. 

What to Look for in a Savings Account

Savings accounts help you grow your money but they don't all work the same way. It helps to compare savings accounts to see which banks offer the best combination of helpful features and low fees.

As you shop around for a bank, ask yourself these questions: 

• Would you prefer an online bank or a traditional bank?
• What APY will you earn?
• Are rates tiered by balance or will you earn the same APY, regardless of how much or how little you save?
• What's the opening deposit requirement?
• Is there a minimum balance requirement to earn interest or avoid a fee?
• What's the minimum opening deposit requirement? 
• Is there a monthly fee?
• Does the bank charge excess withdrawal fees?
• What other fees will you pay?
• What do you need to open an account?
• Do you need to open an account with new money to get the advertised APY?
• Will you get online and mobile banking access?
• Does the account include an ATM card?
• If so, which ATMs can you use? Are foreign ATM fees reimbursed?
• Does the bank offer any built-in savings or money management tools?
• What are the deposit and withdrawal limits?
• Can you link your savings account to a checking account for overdraft protection?
• What options do you have for contacting customer service?
• What other types of accounts does the bank offer?
• What do other people like or dislike about the bank?  

You may start your search at your current bank to see what kind of savings options are available. From there, you can branch out to consider savings accounts from online banks. 

Frequently Asked Questions

Is Poppy Bank a good bank?

Poppy Bank is a smaller, community bank based in California but it's earned a solid reputation for being a great place to keep your money. You might consider a local bank or regional bank if you'd like branch banking access, with the option to bank online or via a mobile app. 

What is a high-yield savings account? 

A high-yield savings account is a savings account that earns an APY exceeding the national savings rate. For example, a traditional bank might pay you 0.25% on a savings account while an online bank may offer a high-yield account with a 5.25% APY. 

Is an online savings account the best way to save?

Online savings accounts can be appealing if they offer higher rates than traditional banks and/or charge fewer fees. You don't get the benefit of being able to pop into a branch but that might not be important to you if you're mainly concerned with earning the best rate for your money.