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5.50% APY Poppy Premier Savings - Open Account

*The promotional Annual Percentage Yield (APY) is accurate as of January 1, 2024, is only available when applying online, and is guaranteed for ninety (90) days from the date the account is opened, after which it is subject to change without notice. A minimum balance of $1,000 must be maintained to obtain the advertised Annual Percentage Yield. Electronic statements must be activated, and enrollment maintained, to avoid a monthly $5.00 paper statement fee. Refer to the Terms and Conditions of Your Account disclosure for additional terms and conditions that apply to your account. Fees and withdrawals of principal or interest could reduce earnings. For additional fees and charges that may apply to your account, refer to the Personal Schedule of Fees & Charges Disclosure. Only one Poppy Premier Online Savings account is permitted per applicant.

Frequently Asked Questions:

Can I open a Poppy Premier Personal Savings (Savings) account online in the name of my business, trust, or other organization?

Online applications may only be submitted for individual and joint account holders. Businesses, trusts, and other legal entities are not eligible for this product.

Can beneficiaries be added to my Savings account?

You will be permitted to add beneficiaries after your account is opened and you enroll in online banking. Once logged into our online banking system, you may send a secure message through the system to request that beneficiaries be added to your new account. You may also add beneficiaries in person by visiting one of our branch locations.

Can the interest rate change after the account is opened?

Your interest rate will remain unchanged for ninety (90) days following account opening, after which it may change at any time.

Will you collect private information during the online application process?
What are the options to fund my new Savings account?

Funding your Savings account using a check, wire, or other payment source cannot be done through our online account application process.

If your account is approved but for any reason you are unable to connect an account using Plaid, we will send you an email within one week of account opening with instructions to enroll in online banking where you can set up an external account from which to transfer funds to your new Savings account.  The following disclosures pertain to external transfers conducted through online banking:

The external transfer service allows you to transfer funds between your deposit accounts at Poppy Bank and certain deposit accounts at other financial institutions.  You will need to enroll each of your non-Poppy Bank accounts that you wish to use for this external transfer service.  You agree that you will only attempt to enroll accounts for which you have the authority to transfer funds.  All accounts requested to be used as part of this external transfer service will be verified in accordance with Poppy Bank’s procedures.  The verification process must be completed by you prior to using the electronic transfer service.  Verification instructions are displayed to you during the enrollment process.

Funds requested to be transferred from your Poppy Bank account will be debited from your Poppy Bank account the Business Day following the day you initiate the transfer, provided you have met the cutoff time for submitting external transfers.  Funds requested to be transferred to your Poppy Bank account will be credited to your Poppy Bank account three (3) Business Days following the day you initiate the transfer, provided you have met the cutoff time for submitting external transfers. In the case of a future-dated or recurring transfer, these time limits will be the Business Day following the scheduled date of the transfer.  The cutoff time for initiating transfers is 3:00 PM Pacific Time.  Funds requested to be transferred will be debited/credited to the non-Poppy Bank account according to the receiving bank’s availability and Transaction processing schedule.

External transfers are subject to number and dollar limits, at Poppy Bank’s discretion. Standard external transfer limits are up to $100,000 daily and $250,000 monthly, unless otherwise agreed upon by you and Poppy Bank.  Limits will apply to the total of all external transfers of a specific type for all accounts enrolled in the Electronic Transfer service.  Poppy Bank may change your dollar limits and transfer limits at any time.

A transfer may not be completed if we believe it is not genuine, conflicts with another instruction or relates to funds or an Account over which there is a dispute or restriction on withdrawal or if we suspect the transfer in question results from a breach in the confidentiality of a Security Procedure or relates to an account or service that we suspect is being used for, or is the target of, fraudulent or illegal activity.

Is there a balance limit on my Savings account?
How is interest on the Savings account accrued and paid?

Interest will be compounded daily and credited to your account monthly.  We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.  Interest begins to accrue on the business day you deposit non-cash items (for example, checks).  You must maintain the minimum balance requirement in the account each day to obtain the disclosed annual percentage yield.  If you close your account before interest is credited, you will receive your accrued interest. 

Am I limited on the deposits and withdrawals I make on my Savings account?

You are permitted to make unlimited deposits to your account.  You are limited to six (6) withdrawals per month at no cost.  Any withdrawals after the first six (6) will result in a per withdrawal fee of $5.00. 

How is interest income from my Savings account taxed?

Interest income earned from your Savings account will be reported as income on your form 1099-INT from Poppy Bank for the year in which it accrues.

When and how will I receive statements?

Account statements are prepared quarterly.  Additionally, a monthly statement will be prepared for any months in which you conduct an electronic transfer.  If you elect for electronic statements, they will be accessible through Poppy Bank’s online or mobile banking platform.  Otherwise, a paper statement will be mailed to the address associated with your Savings account.  A $5.00 per month paper statement fee will be assessed if you do not elect for electronic statements.

Can I open more than one Savings account?

Only one Online Savings account is permitted per applicant.

Thank You

Thank you for contacting us! A Poppy staff member will get back to you shortly.

POPPY BANK ADMINISTRATION
438 1st St., Suite 100
Santa Rosa, CA 95401

Monday through Friday
9:00 a.m. to 5:00 p.m.

Phone: (707) 636-9000

LOAN OPERATIONS / LOAN SERVICING

Phone: (888) 636-9994 Ext. 9060
LoanHelp@poppy.bank

NOTE:

Electronic email (e-mail) communication is NOT encrypted. Do NOT send Social Security Numbers, Account Numbers, or other sensitive information.

3-MONTH CD6-MONTH CD9-MONTH CD12-MONTH CD
Minimum Balance Requirement$1,000$1000$1,000$1,000
Interest Rate (a)2.96%4.88%4.88%4.88%
Annual Percentage Yield (a)3.00% 5.00% 5.00% 5.00%
Automatically Renews at Maturity (b)YesYesYesYes
Free Online/Mobile Banking AccessYesYesYesYes
Statement FrequencyQuarterlyQuarterlyQuarterlyQuarterly
Early Withdrawal Penalty (c)3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity
18-MONTH CD24-MONTH CD36-MONTH CD48-MONTH CD60-MONTH CD
Minimum Balance Requirement$1,000$1,000$1,000$1,000$1,000
Interest Rate (a)1.98%1.98%1.98%1.98%1.98%
Annual Percentage Yield (a)2.00% 2.00% 2.00% 2.00% 2.00%
Automatically Renews at Maturity (b)YesYesYesYesYes
Free Online/Mobile Banking AccessYesYesYesYesYes
Statement FrequencyQuarterlyQuarterlyQuarterlyQuarterlyQuarterly
Early Withdrawal Penalty (c)3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity3.00% of principal withdrawn prior to maturity

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