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).
|2.25*%||-||$25k||Presidential Bank (MD)||Advantage Checking|
|OTHER TIERS: 0.40% → $25k+|
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.
Presidential Bank has an overall health grade of "A+" at DepositAccounts.com, 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 DepositAccounts.com, 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.