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 It’s been replaced by the Advantage Checking account, which has many of the attributes of the now-defunct Checkless Checking account with two important exceptions: higher APYs and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% APY, which is a higher rate currently offered by the vast majority of online savings account. Non-qualifying balances earn 0.30% APY.

The Qualifying Requirements have remained the same.

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

Update 7/13/20: Presidential Bank lists the following requirement for direct deposit: "An electronic monthly deposit of $500 or more from payroll, pension, social security, or annuity is required. Each account must have a unique direct deposit source."

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 will 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.

Thanks to DA reader, deplorable_1, for his comment about this new RCA in this week’s Liquid Summary. deplorable_1 referenced a Doctor of Credit May 15, 2020 “Offer at a glance,” which contains some old information: DoC referred to the RCA as the Checkless Checking account and stated there was a $50 opening bonus. Neither Checkless Checking or the $50 bonus are available.

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 by 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. Even if the application is done online, a signature card must still be signed and sent 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.

Bank Overview

Presidential Bank has an overall health grade of "A+" at, with a Texas Ratio of 3.34% (excellent) based on March 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $92.45 million, an excellent annual growth rate of 19.61%. 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 nearly 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 13th largest bank headquartered in Maryland, with assets in excess of $644 million.

How the Advantage Checking Compares

When compared to the nationally available High Yield Rewards Checking Accounts tracked by that have maximum qualifying balances of at least $25k, Presidential Bank’s Advantage Checking APY* currently ranks second.

The above rates are accurate as of 7/11/2020.

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.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at may not reflect the latest rates published by the banks and credit unions.

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

  |     |   Comment #1
A “True Direct Deposit” is required. It cannot be from an ACH from your other bank accounts. From their Account Portfolio page: “ An electronic monthly deposit of $500.00 or more from payroll, pension, social security, or annuity is required.”
  |     |   Comment #5
Why would anyone choose this over a 3% RCA?
  |     |   Comment #6
one reason someone _might_ choose this account over a 3% reward checking account is:

"1.25% APY on qualifying balances above $25k"

another reason is "2.25% APY, on qualifying balances between $500 and $25k"

(emphasis added)
  |     |   Comment #7
Fair enough. One could accept 2.25% on the first 25K (after meeting the requirements) for the sake of earning 1.25% on a potentially unlimited amount in addition. That's plausible motivation, I agree.
  |     |   Comment #10
I'm not that familiar with how the balance stuff works. For example, does this mean if a person has 50k, then the total will be [email protected] 2.25%APY and the the remaining [email protected] 1.25% for an overall APY of 1.75% on the total?

or does that mean it'll be 1.25% APY on total of 50k? (2.25 on first 25kand then 0.25 on the second 25k?) Please let me know. thank you
  |     |   Comment #8
#5 - In addition to what #6 said, there might be other reasons. This is an odd kind of RCA compared to the usual - the deposit rules are tougher, but the “spend” rules are much easier. As a matter of fact you don't have to spend at all - it seems 7 total ACH's out or ATM withdrawals per month would suffice. So, this would be a good account for those who prefer to do their spending with rewards-generating credit cards.

Also, regarding “An electronic monthly deposit of $500.00 or more from payroll, pension, social security, or annuity is required.” - perhaps I'm wrong, but I wonder how their system can distinguish between a scheduled recurring monthly ACH deposit made from an annuity at a company like Fidelity, Vanguard or TIAA (all of which handle annuities, deposit accounts and brokerage accounts), versus from one of those other types of accounts.
  |     |   Comment #9

The receiving bank, in this case Presidential Bank would receive information including the name of the originator of the ACH. So for example, in the case of a payroll check, the originator would (typically) be the name of the employer. In the case of a Social Security deposit it would be the SSA (or Treasury), etc. So in the case of an annuity, the name of the originator would also be available to the bank. So the originator of the annuity would be indicated on the record along with the ACH.

There are also codes associated with ACH transfers that may flag the deposit as a certain type.

Fidelity, at least, sells annuities from third party insurance companies. I think Vanguard and TIAA do the same thing. I'm not sure if the originator shown for ACH purposes is the insurance company or the FI, but either way, the bank knows who it is.

I don't think that the codes used distinguish specifically between these types of payments so they may or may not know if the deposit is a payroll check (maybe you work for that insurance company for example), a pension check or an annuity if it comes from one of those entities, but I think it would be pretty easy to establish if they wanted to know since they know who is paying it. And it would be coded as a "Direct Deposit."
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...

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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...

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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...

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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...

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Presidential Bank's Savings Account Now 4.75%
Presidential Bank increased the rate on their Premier Savings Account today. The new APY is 4.75%, up from 4.62%. There was no change in the rate of their Internet Checking Plus account. It remains at 4.37% APY.

Their last rate change was on April 3rd when the savings account APY went from 4.37% to 4.62% and the checking went from 4.25% to 4.37%.

It should be noted that the Premier Savings Account earns 4.75% on balances up to $35K. Balances over $35K only earn 3.00% APY. Two other major issues with this...

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