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.