Presidential Bank Advantage Checking Remains Competitive


Deal Summary: Advantage Checking, 2.25% APY, on qualifying balances between $500 and $25k. 0.65%, on qualifying balances above $25k.

Availability: Nationwide

In July, Presidential Bank replaced its rewards checking account, the Checkless Checking, with the Advantage Checking account. While keeping much of the Checkless Checking structure, the new Advantage Checking offered higher APYs, but limited its free check writing. The Advantage Checking’s 2.25% APY on qualifying balances between $500 and $25k is still in effect, but the APY for qualifying balances greater than $25k recently dropped from 1.00% APY to 0.65% APY (It had been 1.25% before November). I’m not surprised that Presidential Bank cut the second tier APY; I am surprised it wasn’t lowered more. When compared to online savings account rates, the new 0.65% APY compares well. Non-qualifying balances continue to earn 0.30% APY (much higher than the average non-qualifying rate).

Note, Presidential Bank doesn’t make it clear about balances over $25k. I’ve confirmed with a CSR that balances above $25k earn a blended APY. The first $25k of the balance earns the first tier APY (2.25%) and the portion of the balance above $25k earns the second tier APY (0.65%).

There are only two month qualifying requirements and both are waived for the first month the account is open.

  • Minimum $500 direct deposit
  • At least seven electronic withdrawals per month, including ATM, POS, ACH, and bill payments

The Advantage Checking account can be opened with a minimum $500 deposit and the $5 monthly service charge can be avoided by maintaining a $500 minimum balance. There is no charge for the first three checks written per month, but there is a $3 charge for each check thereafter. The first check order is provided at no cost. A free Visa® Debit Card with the CardValet app with be issued after a completed signature card is received by snail-mail. Nationwide ATM fees will be reimbursed up to $8 per month, if qualifying requirements are met. Presidential participates in the Allpoint® and MoneyPass® Surcharge Free ATM Networks.

Opening a New Account

Accounts can be opened as individual, joint, custodial, or trust accounts (with or without EIN). As stated on the online application,

By choosing "eCheck", when completing the new account application, Presidential will draft a physical check to transfer funds from another bank account in your name at any other bank, anywhere in the United States, to make your initial deposit. eChecks can only be used to draft funds from a checking account.

Online applicants may also elect to mail in their initial deposit with the signature card printed out after the online application is submitted. However, no interest is earned until the initial deposit is received.

New accounts can also be funded from a current Presidential account.


Headquartered in Bethesda, Maryland, Presidential Bank was the first U.S. bank to offer its bank accounts via the internet (1995). Accounts can be opened U.S. citizens and resident aliens who have a valid Social Security number.

An Advantage Checking account can be opened online or by snail mail. The application is available as a fillable PDF, which can be printed after completion and returned with the initial deposit by snail-mail. This form cannot be submitted online.

If you prefer a brick-and-mortar experience, Presidential Bank also has nine full-service branches located in the District of Columbia, northern Virginia (6), and Maryland (2).

Our branches continue to remain open for business as usual, but we encourage customers to use our convenient online and digital banking services, avoiding person-to-person contact, if they prefer. Additionally, our Customer Service Center is available from 8 AM – 10 PM Monday thru Friday at 800-383-6266 or 240-333-9059. We encourage digital or telephone banking use at this time.

Bank Overview

Presidential Bank has an overall health grade of "A+" at, with a Texas Ratio of 2.63% (excellent) based on September 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $175.64 million, an excellent annual growth rate of 37.01%. Please refer to our financial overview of Presidential Bank (FDIC Certificate # 32363) for more details.

Presidential Bank is one of the first banks I ever wrote about, some 15 years ago. Established in 1985 by the founder of GIT Investment Funds of Arlington Virginia, the Bank was originally known as the Presidential Savings Association. Presidential’s growth was jump-started from 1992 to 1997 by “purchasing performing loans acquired from failed commercial banks and thrifts.” The 2008 mortgage crisis provided Presidential the “opportunity to more than double the size of its mortgage lending group.” Presidential Bank is currently the twelfth largest bank headquartered in Maryland, with assets in excess of $744 million and more than 14,000 customer accounts.

How the Advantage Checking Compares

Rather than comparing APYs, I’ve chosen to compare potential annual earnings on a $50k deposit. When compared to the nationally available High Yield Rewards Checking Accounts tracked by, Presidential Bank’s Advantage Checking currently offers the second-highest annual earnings.

The above rates are accurate as of 12/9/2020.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Washington checking accounts, reward checking accounts, nationwide deals

  |     |   Comment #1
What constitutes a direct deposit? Specifically looking for feedback from current customers.
  |     |   Comment #3
Just found this on DA:

Direct Deposit required
Yes; at least $500 deposited from payroll, pension, social security or annuity.
  |     |   Comment #5
does the $500 have to be per direct deposit or can it be $500/month (example: 2x$250/DD)
and can the account be opened in-branch in person?
  |     |   Comment #10
@pinkterror - It says ‘An electronic monthly deposit of $500 or more…’ qualifies so I don’t think 2x$250 would work. However, looks like ACHs from many/most FIs satisfy the ‘direct deposit’ requirement.
  |     |   Comment #9
@ Mikey1 - I have been doing ACHs from Chase and Ally to meet the ‘direct deposit’ requirement.
  |     |   Comment #13

Hooked, if you have a minute, I've got a question about your post on Presidential Bank and the direct deposit requirement.

So, to reiterate, you're saying personally that an ACH of the $500 has gotten you the full interest? Have you been doing it this way from the very start? And it's never been an issue?

I'm asking for reassurance as I can't afford to burn my score in getting approval from a bank that won't come through in the end. I can't do direct deposit in any of the ways they say they require.

Thanks for the info, and in advance for getting back to me.

  |     |   Comment #14
@andybuji - just came across your post. Correct, ACHs from both Chase and Ally qualify to get me the full interest, and right from the start (early this year). For the seven transactions, I do bill pays or ACH debits which are easy. Readers at DoC mentioned that the application process was somewhat manual so I was prepared. The bank sends signature ‘card’ by mail for completion. Some people may not think it’s worth all the trouble to get only 2.25% APY on $25k but I treat this as one of my emergency savings so 2.25% is pretty good.
  |     |   Comment #11
Anyone know whether they do a hard pull to open an account, or whether they're Chex-sensitive?

BTW, it's hard to see how they make much money on these accounts. With the usual RCA account the FI has at least some $ coming in for transfer fees on debitcard purchases (10-12 or more per month). But this one requires only 7, and they can instead be ACH or billpays, which do not to my knowledge provide any $ back to the bank. Perhaps as a loss-leader for other marketed products? Which is fine by me, BTW.
  |     |   Comment #12
@111 - No hard credit pull but they do pull Chex. Don’t think they are very Chex-sensitive because some DoC readers with high Chex numbers reported they were able to open the account.
Presidential Bank Adds Nationally Available Advantage Checking
Deal Summary: Advantage Checking, 2.25% APY, on qualifying balances between $500 and $25k, 1.25% APY on qualifying balances above $25k.

Availability: Nationwide

Remember Presidential Bank’s rewards checking account (RCA), the Checkless Checking account? It’s been replaced by the Advantage Checking account, which has many of the attributes of the now-defunct Checkless Checking account with two important exceptions: higher APYs and very limited checking writing. The Advantage Checking account earns 2.25% APY on qualifying balances between $500 and $25k. Qualifying balances greater than $25k earn 1.25%...

Continue Reading
Presidential Bank Features Nationally Available Online Products
Deal Summary: Money Market Plus Checking, 2.00% APY ($100k-$250k); Checkless Checking, 1.75% APY (up to $25k); 5-year CD, 3.25% APY, $1k minimum deposit

Availability: Nationwide

Maryland-based Presidential Bank was one of the first banks I ever wrote about. Not to date myself, but that was more than 13 years ago. Following the financial crisis, Presidential Bank hasn’t offered much in the way of outstanding rates, but seems to be making a comeback as an internet bank. That being said, none of products mentioned in this...

Continue Reading
Presidential Bank's Savings Account Rate Increase - 5.25%
Update 8/29/09: Current rates: Premier Savings Account: 1.25% APY up to $35K, 0.75% APY over; Checking 1.00% APY up to $25K, 0.50% APY over.

Update 5/30/09: Current rates: Premier Savings Account: 1.75% APY up to $35K, 1.25% APY over; Checking PLUS Account: 1.50% APY up to $25K, 1% APY over.

Update 3/07/09: The current rates for the savings account are 2.60% APY up to $35K, 2.40% for over $35K.

Effective on October 23, Presidential Bank's Premier Savings Account rate will increase from 5.12% to 5.25% APY. The Internet Checking Plus remains the same...

Continue Reading
Presidential Bank's Savings Account Now 5.12%
Presidential Bank increased the rate on its Premeir Savings Account from 4.87% to 5.12% APY. The Internet Checking Plus remains the same at 4.50% APY. The last rate change at Presidential was on May 15th

The 5.12% APY only applies to balances up to $35K. Balances over $35K earn 3% APY. There's a $5K minimum to open. However, there's no longer a monthly fee if your balance falls below $5K. One downside of this account is that Presidential doesn't provide an ACH transfer system so you can't link it to other...

Continue Reading
Presidential Bank's Savings Account Now 4.87%, Checking 4.50%
Presidential Bank increased the rate on both their Premeir Savings Account and Internet Checking Plus account today. The savings account APY increased from 4.75% to 4.87%. The Checking account APY increased from 4.37% to 4.50%.

The last rate change at Presidential was on April 28th.

Refer to this post for info on these accounts. The 4.87% APY only applies to balances up to $35K. Balances over $35K earn 3% APY. There's a $5K minimum to open and to avoid a monthly fee. For the Internet Checking Plus account, the 4.50% APY applies...

Continue Reading

More Past Offers

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.