Presidential Bank (MD)

Overview / Commentary
4520 East-West Highway
Bethesda, MD 20814

Presidential Bank (MD) is headquartered in Bethesda and is the 12th largest bank in the state of Maryland. It is also the 1,112th largest bank in the nation. It was established in 1985 and as of June of 2022, it had grown to 253 employees at 10 locations. Presidential Bank (MD)'s money market rates are 6X the national average, and it has an A health rating.

Presidential Bank -- Go-To Bank For The Long Haul

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I wanted to draw attention to a bank that has treated me well for nearly twenty years -- Presidential Bank. They have long offered a Checking PLUS account with a consistently decent interest rate (currently 1%) for the first $25K on deposit (requires direct deposit and $1000 minimum balance to avoid fees).  Don't be dissuaded by their website design, which has changed little since the advent of the internet; behind the unpromising facade is a bank with solid online features and impeccable customer service.  One downside is that they only have ATMs in the MD/DC area; though they charge no fees for outside ATM usage, neither do they refund the fees that other banks charge.  If you can work around that, the account offers just about everything you might need in a basic checking account, from the ability to write paper checks to online ACH transfers.   Overall, a steady, reliable account that has served me well over the years. 

Presidential Bank - RCA Rates Increase

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New rates for the rewards checking account at Presidential Bank (Advantage Checking). It’s now 3% APY up to $25k and 2.5%APY for daily balance above $25k. I was just about to move my $25k out but will now add more money instead!

The account application process was old school (at least when I applied last year) but monthly requirements are easy to meet.

Rough Opening Process, Been Happy Since.

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Update: Once the thing got opened, it's been smooth sailing. I am especially appreciative of two things: 1. their low requirement (7 withdrawals) to meet the interest hoop. 2. They just made an awesome update. Their rate is now 3% for the first $25K, which is already comparatively good, but now they're also paying 2.5% on any balance over $25K. That's good enough that I'm not bothering with a separate MMA at some other bank, which is much simpler. This is coming close to my "dream account" - a withdrawal minimum I can easily meet, no maximum number of withdrawals, no real balance cap, and close-to-MMA interest rate.

Original review: Awful opening process.

Bask Bank: 5 minutes to open and get acct. #.
Truist: 5 minutes to apply, 1 day to open and get acct. #.
Regions: 5 minutes to apply, 1 day to open and get acct. #

PRESIDENTIAL: 1992 called, they're very proud of their cutting edge bank process. I recommend opening this one with a mailed check and not entrusting them with link info, they don't seem able to handle 21st century processes at all and they want a mailed signature card anyway. Two dodos with one stone.

I was so excited to find a bank with a reasonable rate of return - even the balance over $25K earns .75%, finally something good enough for me to park all our operating funds in One account, halleluiah. Apparently they can offer this rate because they employ 4 people and have system software from the last century.

1 hour to assemble info and fill out application form. Husband's work address. Will you be making transfers over $3000. Primary source of income. Driver's license info. Had to unfreeze six credit bureau accounts so they could - maybe - do a hard pull. For heaven's sake, I'm applying for a checking account, not a mortgage.

4 emails totaling 44 pages followed my initial application. Received call this afternoon asking me to send Them an email requesting they send ME an encrypted email so I can send Them a copy of driver's license and utility bill. Rep accidentally hung up on me in the middle of this nonsense instead of putting me on hold. They will supposedly process the application and issue an account number when they get the requested documents emailed back - they say - but I won't know what the account number is until my opening packet arrives in two weeks, which translates to a month before the account is even marginally operational.

It's been an hour and while I've been diligently logging into four utility accounts trying to find one that generates a full printable bill, getting this and pix of license into the system so I can forward it to them, I still haven't received that encrypted email I requested.

... to [email protected] Seriously? There are apparently three customer service reps at this bank, I'm told to address my encrypted request to a particular person, but they don't have their own work email address?

The whole thing is upsetting and I pray this gets better, because this was supposed to become our primary billing account, and I authorized a much larger opening deposit than I ordinarily would. I will update this review if it gets better.

Cancelled My ACH Transfer Last Minute But Can’T Explain Why

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I scheduled 2 ACH transfers online. I scheduled the first transfer for the 12th and the 2nd transfer for the 15th, the earliest date allowed.

On the 15th close of business, I received an email from Presidential Bank cancelling my 2nd transfer because ‘You have exceeded the acceptable number of payments or amount of money that could be sent within a certain time period.’ Neither was true.

I’ve secure messaged them half a dozen times over 5 days so far.
Their first reply said ‘The system will only allow daily amount of $15,000.00 with the rolling 30 days of $25,000.00. You went over the threshold for the 12th.’ which was not true.
They still haven’t explained why my 2nd transfer got cancelled at the last minute or responded to my feedback, etc. by their 4th reply.
They didn’t even try to reply with their 5th reply - I was asked to call.
They also closed my ticket after every reply.
I still have no idea why my 2nd transfer got cancelled at the last minute.



Health Grade Components

FDIC Certificate #32363
Year Established1985
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.27%
Return on Equity - YTD2.61%
Annual Interest Income$15.8MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$867.9MM$885.0MM
LoansQ2 2022vs Q2 2021$561.9MM$536.3MM
DepositsQ2 2022vs Q2 2021$761.2MM$778.1MM
Equity CapitalQ2 2022vs Q2 2021$89.4MM$92.1MM
Loan Loss AllowanceQ2 2022vs Q2 2021$8.0MM$8.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$2.3MM$2.5MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Always verify rates and promotions with the bank or credit union. We are not Presidential Bank (MD); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Presidential Bank (MD) Savings Account Rates

0.50%*-$35kPremier Savings
OTHER TIERS: 0.35% $35k+
0.50%*-$35kCommercial Premier Savings
OTHER TIERS: 0.35% $35k+
0.30%*$25k*-Statement Savings
OTHER TIERS: 0.15% Up to $1k | 0.25% $1k - $25k
0.30%*$25k*-Commercial Statement Savings
OTHER TIERS: 0.15% Up to $1k | 0.25% $1k - $25k

Presidential Bank (MD) Money Market Rates

2.75%*$100k*$250kMoney Market Advantage Checking
OTHER TIERS: 0.10% Up to $100k | 1.50% $250k+
2.75%*$100k*$250kCommercial Money Market Advantage Checking
OTHER TIERS: 0.10% Up to $100k | 1.50% $250k+
0.30%*$10k*-Money Market Checking
OTHER TIERS: 0.15% Up to $1k | 0.25% $1k - $10k
0.30%*$5k*-Commercial Money Market
OTHER TIERS: 0.15% Up to $5k

Presidential Bank (MD) Checking Account Rates

3.75%*$500*$25kAdvantage Checking
OTHER TIERS: 3.00% $25k+
0.12%*-$25kChecking PLUS
OTHER TIERS: 0.10% $25k+
0.12%*-$1kSpecial Checking
OTHER TIERS: 0.10% $1k+
0.12%*-$25kSuper Checking
OTHER TIERS: 0.10% $25k+
0.12%*-$25kInternet Checking
OTHER TIERS: 0.10% $25k+

Presidential Bank (MD) CD Rates

3.50%$1k-1 Year CD
3.50%$1k-Commercial 1 Year CD
2.85%$1k-5 Year CD
2.85%$1k-Commercial 5 Year CD
2.85%$1k-3 Year CD
2.85%$1k-Commercial 3 Year CD
2.80%$1k-2 Year CD
2.80%$1k-Commercial 2 Year CD
2.50%$1k-182 Day CD
2.50%$1k-Commercial 182 Day CD
0.10%$1k-30 Day CD
0.10%$1k-60 Day CD
0.10%$1k-90 Day CD
0.10%$1k-Commercial 30 Day CD
0.10%$1k-Commercial 60 Day CD
0.10%$1k-Commercial 90 Day CD

Presidential Bank (MD) IRA Rates

3.50%$1k-1 Year IRA
2.85%$1k-5 Year IRA
2.85%$1k-3 Year IRA
2.80%$1k-2 Year IRA

Cities: Arlington, Bethesda, Frederick, Leesburg, Mclean, Reston, Rockville, Vienna, Washington

Arlington Branches
Arlington Branch1515 Wilson BoulevardArlington, VA 22209
Arlington Branch901 N. Stuart StreetArlington, VA 22203

Bethesda Branches
Presidential Bank, FSB4520 East West HwyBethesda, MD 20814

Frederick Branches
Frederick Branch14 W. Patrick StreetFrederick, MD 23224

Leesburg Branches
Leesburg Branch21 Catoctin Cir SeLeesburg, VA 20175

Mclean Branches
Mclean Branch6707 Old Dominion DriveMclean, VA 22101

Reston Branches
Reston Town Center11211 Reston Station Blvd.Reston, VA 20190

Rockville Branches
Rockville Branch11640 Rockville PikeRockville, MD 20852

Vienna Branches
Tysons Branch8150 Leesburg Pike, Suite 150Vienna, VA 22182

Washington Branches
1660 K Street Branch1660 K St NwWashington, DC 20006

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