New Rates at Presidential Bank: Savings 4.62%, Checking 4.37%

Presidential Bank increased the APY on their Premier Savings Account from 4.37% to 4.62%. The Internet Checking PLUS APY increased from 4.25% to 4.37%. Presidential has been pretty reliable in raising rates around each new hike in the Fed funds rate. Their last rate increase was January 31st.

It should be noted that the Premier Savings earns 4.62% on balances up to $35K. Balances over $35K only earn 3.00% APY. Two other major issues with this savings account is a $5K minimum to avoid monthly fees and no ACH transfer system.

Their Internet Checking PLUS account is what stands out from other banks. It has long had the highest interest rate of any nationally available checking account (nBank's nPower XL checking was higher for little awhile, but this account is no longer available.) As is typical with high-yield checking accounts, Presidential's Internet Checking PLUS account has several requirements:

• $1500 minimum opening balance
• $1000 minimum balance to avoid monthly fees
• Lower rates earned on balances above $25K (currently 2.75%)
• Requires monthly direct deposit of $200 or more