They have been running a 1.31% APY first 6 month deal for a year or more now. If you call at the end of it, in one step they'll renew the deal if you close and reopen. I've had no problems wiring into the account and EFT'ing out of the account. I'm not sure what the negative reviews are about!
I'm shocked at all the negative comments. I found the account opening process no more burdensome than other online institutions and the CSR are helpful and kind. We've had savings accounts with them since Sept 2014 and the rates are consistently high and funds can be added/withdrawn using other online websites.
I was able to apply for the savings account. The one quirk on the online application was that it asked for an issue date for the driver's license. My Michigan driver's license has a printed expiration date but not an issue date. The online application won't go through without the issue date. Customer support didn't know what to do, and I recalled that my license gets renewed every four years, so I believe that the issue date has to be four years from the expiration date. Customer support consulted with someone on their end and seemed to conform the four year issue date. Using the issue date as four years prior to expiration date worked and I'm able to apply for the savings account. I will provide a follow up review.
The only fee that's not reasonable is the $25 fee for accounts closed within 90 days of opening.
They currently have a very good promotional rate of 1.30% fixed for the first six months the savings account is open. HOWEVER, when I read the disclosure statement, three things kept me from opening the account:
1. No trusts, and no POD accounts--therefore, no beneficiaries!!!! A deal breaker for me, no matter how good the interest rate is.
2. There is a maximum initial deposit of $100,000.00.
3. You can ACH by "pulling" from another external account with no fees or maximums, but you have a 90 day waiting period after opening the account before you can do so. Not good if an emergency arises during that time and you would need the funds.
At least their disclosure statements are posted on their website. Many banks do not do this (but they all should).
|FDIC Certificate #||33306|
|Return on Assets - YTD||1.35%|
|Return on Equity - YTD||12.69%|
|Annual Interest Income||$389.1MM|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$22.28B$18.16B|
|Loans||Q2 2017vs Q2 2016||$15.80B$13.95B|
|Deposits||Q2 2017vs Q2 2016||$19.26B$14.61B|
|Equity Capital||Q2 2017vs Q2 2016||$2.31B$2.06B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$192.6MM$174.1MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$129.3MM$65.8MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$2.2MM$14.5MM|
Rates for The Palladian PrivateBank are currently being reviewed.
The Palladian PrivateBank is an Internet only bank and does not have branch locations. Its headquarters is located at 120 S Lasalle St , # 400 - Chicago, IL 60603