The Deal at Presidential Online Bank

The latest deal at Presidential Online Bank is a savings account that yields 3.87% APY. There are a few strings. First it's only good on balances up to $35K (balances over that earn 2.62% APY). Second, there's a 5K minimum to open and to avoid a service charge. And finally, it doesn't seem to provide an easy way to link with an existing checking account similar to ING or ED (adding/withdrawing funds through ACH).

However, they also have checking accounts which can be linked with ING or ED. With this checking account, you can initiate a transfer from ING or ED into this checking account and then transfer it into the savings account. One of their checking account also has a high yield of 3.75%. However, it does require direct deposit and a $1K balance to avoid charges. The regular checking doesn't have this requirement but its yield is 1.25%.

This table from Presidential has the details about these accounts and this table has the rate details.

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