The Palladian PrivateBank (Palladian) has a new savings account promotion that earns a rate of 1.30% for the first six months. At the end of the six months, the promotional interest rate will be replaced with the non-promotional variable rate offered on the Palladian Savings Account at that time (currently 0.90% APY).
- Minimum opening balance is $10K
- Initial deposit may not exceed $100K
- Maximum deposit is $500K
- Minimum balance to obtain stated APY is $0.01.
- $10 monthly service fee can be waived by maintaining a $10K daily minimum balance.
More details on this can be viewed on Palladian's Savings Account page.
If you think this sounds familiar, you’re correct: The Palladian PrivateBank had a similar promotion at the beginning of August 2014. That promotional rate was originally advertised as valid on Savings Accounts opened between August 1, 2014 and January 31, 2015. Unfortunately, the promotional rate guarantee was withdrawn on August 10, 2014. In addition, in mid-September 2014, Palladian Savings Accounts were no longer available to new customer. That being said, if you're interested in taking advantage of the promotional rate, acting sooner would probably be better than later.
According to the bank's website, any U.S. Citizen with a current U.S. address may qualify for a Savings Account at The Palladian PrivateBank. There is an online application that must be used to open any Palladian account.
When I last wrote about Palladian’s online application, the only accepted piece of ID was a Driver's License. I’m happy to report that State Issued ID has been added to the drop down menu as an alternative option.
There are three ways to fund a new account:
- Internal transfer
- ACH debit from another financial institution
- Cashier's check or personal check mailed to Palladian
While headquartered in Chicago, The Palladian PrivateBank is an internet only bank and has no brick-and-mortar branches.
The Palladian PrivateBank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 4.52% (excellent) based on March 31, 2015 data. In the past year, Palladian’s total deposits have increased by $2.17 Billion, an excellent annual growth rate of 18.14%. Please refer to our financial overview of The Palladian PrivateBank for more details.
Located in Chicago, The Palladian PrivateBank (FDIC Certificate #33306), a division of The PrivateBank and Trust Company, was established in 1991.
How the Rate Compares
For an account opened on today, the APY is estimated to be 1.10% for the first year, which combines the promotional interest rate of 1.30% (first six months) with the current non-promotional variable rate of 0.90% (second six months). The actual APY could be lower if the non-promotional variable rate should happen to fall during the initial six months.
When compared to other savings accounts tracked by DepositAccounts.com that are available nationally,The Palladian PrivateBank Savings Account’s promotional rate is competitive.
The above rates are accurate as of 6/5/2015.
To find the best rates on savings accounts in your state or that are nationally available, please refer to our savings account rate table.