Dedicated to Deposits: Deals, Data, and Discussion

Presidential Bank's Savings Account Now 5.12%

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Presidential Bank increased the rate on its Premeir Savings Account from 4.87% to 5.12% APY. The Internet Checking Plus remains the same at 4.50% APY. The last rate change at Presidential was on May 15th

The 5.12% APY only applies to balances up to $35K. Balances over $35K earn 3% APY. There's a $5K minimum to open. However, there's no longer a monthly fee if your balance falls below $5K. One downside of this account is that Presidential doesn't provide an ACH transfer system so you can't link it to other banks and initiate transfers between them. However, you can initiate ACH transfers at other banks like at GMAC Bank or HSBC.

For more info on this account and the bank's high yield checking account, refer to this account comparison table.

It has been an active day of rate increases with hikes at ING, HSBC and Presidential. I had thought the banks which didn't raise rates before yesterday's fed meeting, might wait to after the Fourth of July before bumping up their savings account rates. Perhaps that's what GMAC and EmigrantDirect planned. HSBC does have a history of raising rates a day after the Fed meeting. However, Presidential usually waits to after the following weekend. Perhaps Presidential didn't want to be outdone by HSBC's new 5.05% yield.


Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
With interest rates seemingly going up everywhere, do you think big brick-and-mortar banks could raise interest rates on savings accounts to at least 1.00% APY?

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Comment #2 by Anonymous posted on
Anonymous
my 6/30 statement shows they no longer have a monthly service fee for not maintaining a minimum balance on their Premier Savings Account

1