Poppy Bank Review: Small California Bank With a Few Interesting Products
Review
Updated
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Poppy Bank, a small bank located in California, has potential, especially if you live near a branch. Some of the products could use better rates and lower fees. You also need to watch out for account minimums.
Poppy Bank has a few different savings account options, most of them nothing special. The online account is the most interesting, but watch out for the fine print!
Poppy Bank's online savings account is certainly flashy, garnering at least a second (and perhaps third) glance with its very competitive introductory rate and no monthly fee.
But note that intro qualifier I tacked on: Your high rate is only guaranteed for the first 90 days. After that, your rate "is subject to change without notice." This means Poppy Bank won't tell you the new rate ahead of time, so you'll just have to wait and see.
In more rate hijinks, you should also note that you need to meet the minimum balance requirement to be eligible for the advertised rate. And for locals, this account can only be opened online.
This is a basic checking account that can only be opened in person at a Poppy Bank branch. There's no monthly service charge, which is nice, but you aren't getting much for your money anyway. The interest rate is exceptionally low, to the point you're actively losing value to inflation the longer it sits in this account. And it's even worse when you compare the rate to that from a high-yield savings account.
This account is a step up from the basic Personal Savings account -- but it's a small step. You still don't have monthly service charges, plus you get a slightly higher APY (annual percentage yield). That said, the interest rate is still well below anything competitive, and you're still losing money to inflation. There are much better savings accounts out there.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
The Poppy Bank Personal CD account offers a lot of variety in terms, starting at 3-month CDs at the short-term end, and going all the way up to 5-year CDs. Poppy Bank's best CD rates are reserved for 6-month, 9-month, and 12-month CDs, and they're fairly competitive with the top CDs right now. The minimum balance requirement is modest, but it could be high for some folks, and the early withdrawal penalty can get steep.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for
On Secure Website. |
|
|
APY:
3.75%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Poppy Bank has two checking options, both with the same monthly service charge and minimum deposit requirement. One account offers interest, though the rate is quite low even for a checking account.
This is Poppy Bank's most basic checking account, and it has little of interest to recommend it. The monthly service charge is pretty high for such a lackluster account. While you can get the charge waived if you're 55 and up or you maintain the minimum balance, that balance is quite high for a basic checking account that doesn't even earn interest.
This checking account isn't much more interesting than the other one -- pun intended. While you do earn interest on your balance, the rate is very low, especially compared to the top checking accounts. Plus, you must maintain the minimum daily balance to get the advertised APY, which you'll also need to do to waive the pricey monthly service charge (unless you're over age 55).
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The Poppy Personal Money Market account is a simple account with basic features. You get a lackluster APY that is definitely not competitive with the top money markets. On top of that, there is a service charge that can only be waived if you maintain the minimum balance requirement (or are over age 55). You'll also be hit with a per-transaction fee if you make more than six withdrawals in a month.
Yes, Poppy Bank is a member of the FDIC, so your deposits are insured up to the standard FDIC insurance limit.
There isn't a lot out there about the Poppy Bank customer experience, though what reviews exist are a bit of a mixed bag.
Most of the usual sources of information about a bank's service aren't too helpful in this case. The BBB doesn't have a rating for Poppy Bank overall, and Trustpilot comes up empty here, too. Even Reddit users don't have a lot to say on the topic.
A deeper dive shows some mixed opinions on other review sites, and in the reviews of the mobile apps, but there isn't an overwhelming amount of complaints about the bank's service. This may be a case of "no news is good news."
As with general customer reviews, opinions on the customer service are a mixed bag. Some folks rave, others say tellers and/or service reps were rude or unhelpful. The average Yelp rating is just 3.2 stars, though that's based on only five locations, so your mileage may vary.
You can get customer service in person by stopping into a local bank branch, though keep in mind Poppy Bank only operates in the state of California. You can also call for assistance Monday through Friday from 8 a.m. to 8 p.m. at: (888) 636-9994.
The Poppy Bank mobile banking app has some mixed opinions, but the overall ratings are decidedly negative. A few users say the app is easy to use and has good features. However, many users of both the Android and iOS app express frustration with errors and bugs, with one user calling the app "comically terrible."
From what we can tell, there doesn't seem to be any particular relationship benefits or perks offered by Poppy Bank.
Other than a few CDs, most of Poppy Bank's rates aren't competitive, so I definitely suggest looking elsewhere for better rates. Try these two picks to start your search.`
You can check a lot of boxes with Capital One Bank. You get a huge variety of account types, competitive APYs on savings and CDs, and a well-rated mobile app. Plus, you don't need to jump through any hoops to avoid fees since Capital One doesn't charge monthly account fees anyway.
If you want a brick-and-mortar bank with tons of locations for in-person service, Chase Bank is a good pick. Chase has extensive product offerings, tons of features, and a great mobile app. Like Poppy Bank, Chase doesn't have the greatest interest rates on most of its savings and CDs, but the service, features, and convenience make it a good pick for other types of accounts.
This bank may be a good option for you if:
Poppy Bank is a member of the FDIC, so your deposits are insured up to the standard maximum. The bank doesn't provide much other information on its security practices.
Yes, Poppy Bank is a state chartered bank and a member of the FDIC. It operates primarily in the state of California.
Poppy Bank currently has 28 branches throughout the state of California.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
