Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Palladian Private Bank1.10%$10k-24 Month CD
Palladian Private Bank1.05%$10k-18 Month CD
Palladian Private Bank1.00%$10k-12 Month CD
Palladian Private Bank0.90%$10k-Savings Account
Accounts mentioned in this post. Rates as of April 16, 2014

Top Savings Account Rate at The Palladian PrivateBank

POSTED ON BY

Palladian Private Bank
The Palladian PrivateBank is again allowing new customers to apply for its savings account and CDs, and the savings account has a very competitive yield of 1.00%. Minimum initial deposit is $10,000, and the daily minimum balance to avoid a $10 monthly fee is $10,000. The bank also offers some competitive CD rates. These include a 1.00% APY 1-year CD, a 1.05% APY 18-month CD and a 1.10% APY 2-year CD. These also have a $10,000 minimum deposit. There’s an online application for the account, and I was told by a CSR that people from any state can apply. The rates are listed on the bank’s front page as of 7/22/2013.

I first reported on this bank in early 2010 when it was offering top rates on its savings account and CDs. This deal didn’t last long. Before the end of 2010, the bank stopped accepting new accounts via its online application. Hopefully, we won’t see a repeat of this.

It looks like the account features have remained the same since 2010. I called on Friday to get some additional details. Below are some of the account details that I was told and that are listed in the bank’s deposit account disclosure:

Some details applicable for both the savings account and CDs

  • Available nationwide
  • You can fund the account via an ACH transfer from an existing bank account
  • No POD beneficiaries can be included

Some details specific to the savings account:

  • No bank-to-bank ACH transfer service
  • Allows transfers initiated from another bank
  • Daily minimum balance to avoid a $10 monthly fee is $10,000

Some details specific to CD accounts:

  • Early withdrawal penalty is 90 days of interest for the 1-year CD
  • Early withdrawal penalty is 180 days of interest for the 18-month and 2-year CD
  • Grace period at maturity is 10 calendar days
  • At maturity, they don't provide ACH or wire transfer to receive the funds. They may be able to transfer the money to your Palladian savings account

The internet banking features of this bank are weak. Only the above-average interest rates make this a so-so deal.

The Palladian PrivateBank is a division of The PrivateBank and Trust Company and is a subsidiary of PrivateBancorp, Inc. The bank has offices in five states serving major metro areas including Atlanta, Chicago, Kansas City and Saint Louis. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 12.18% (above average) based on March 2013 data. Please refer to our financial overview of The PrivateBank and Trust Company for more details. The bank has been a FDIC member since 1991 (FDIC Certificate # 33306).

How the Savings Account Rate Compares

There’s only one bank that offers a nationally available savings or money market account with a higher rate that has no balance cap or checking requirement. That’s MyBankingDirect’s money market account which has a 1.05% APY. That rate has held since June 2012.

SmartyPig has a savings account that also has a 1.00% APY with no balance cap.

These rates are accurate as of 7/22/2013.

Searching for Other Money Market and Savings Accounts

To find highest rates on accounts in your state and accounts available nationwide, please refer to our savings account rate table and our money market rate table. To learn how to use the tables, please refer to our rate tables guide.

  Tags: Palladian Private Bank, CD rates, savings account

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Thanks for the informative article! I was reading their terms--which mentioned they only support withdrawals by calling/mailing (of snail kind) them and having them send a check--which I agree with the article is kind of weak. It's good to know that they allow ACH transfers initiated from another bank, thanks for the info.

2
Comment #2 by Anonymous posted on
Anonymous
Openend a savings account at Palladian funding it by the ACH option provided.  Went to Alliant Credit Union to set a link to my new Palladian Savings account.  Entered the new savings account number and routing number for Palladian that I found on the web.  After a few days, got three emails from Alliant.  First one indicated that the account number was invalid.  Second and third were identical indicating that the bank routing code was invalid.

Is there anyone who has successfully set up a link at Alliant CU for the Palladian Savings Account? Would appreciate if you could share the bank routing code used for successful link setup.

1
Comment #3 by cheapnewyorker posted on
cheapnewyorker
I opened an account at the beginning of this month.  It took about a week.  I have found that transfers to and from the account can take a few days.  Most annoyingly, the site has often been down.  And now it has been down for the last 3 days, every time I've checked.

2
Comment #4 by cheapnewyorker posted on
cheapnewyorker
Well finally instead of timing out, the http://www.palladianprivatebank.com/ URL displays a page saying "Welcome to NetworkSolutions Hosting!  This Site is Under Construction and Coming Soon." instead of just hanging and timing out.

However, http://www.theprivatebank.com/ is now fully functional and I am able to log into my account from that site.  Hmm..

1
Comment #5 by Roman (anonymous) posted on
Roman
Just checked both of the links to this Bank and they both time out. I think for a fraction of a % it's better to deal with a bank that has a solid WEB site and its URL is leading you to a valid site. Just my 2 cent worth comment.

 

Roman

1
Comment #6 by Anonymous posted on
Anonymous
Geez! To think that when I die, I can't list any beneficiaries? I wonder if the bank gets to keep it all. Now we know how they can give us the best rate!

1