Presidential Bank's Savings Account Rate Increase - 5.25%

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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 at 4.50% APY. The last rate change at Presidential was on June 30th when the savings account rate was raised from 4.87% to 5.12% APY.

Presidential joins several other online banks with a competitive 5.25% APY. It's still far behind E-LOAN, but it keeps them in the game.

Note, the 5.25% 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.

A recent change at Presidential is the addition of an electronic funds transfer system where you can initiate ACH transfers to and from other banks. There's a good description of this service and ACH in general in their FAQ page. It's about time that Presidential added this service. However, it has too many limitations and fees (see update below). From the Presidential's description there's a $3.50 fee for a standard transfer out of your Presidential account to another bank. There's no fee for incoming transfers. In addition to fees, the standard transfers have a daily limit of $2K and a monthly limit of $5K. Standard transfers with a higher limit of $15K/day and $25K/month can be added (see above link for details). The speed of standard transfers also seems to be an issue. According to this FW thread standard transfers can take up to 6 days with 4 days in which the money isn't earning interest. The Premium transfers may be faster but these cost $7.50 per transfer for both ingoing and outgoing transfers.

Update 5/30/09: The fees and limitations have improved. According to Presidential's Funds Transfer Service Page: There is no charge for incoming or outgoing Standard transfers. Standard transfers have a daily limit of $15,000.00 and a monthly limit of $25,000.00.

For more info on the Premier Savings Account and the bank's high yield checking account, refer to the account comparison table on its site.

Presidential Bank has been FDIC insured since 1985. It's rated as 4 out of 5 stars (sound) at Bankrate.com.
Comments
Anonymous
Anonymous   |     |   Comment #1
Their ACH transfers are painfully slow... so you can discount that out as a 'feature'

but kudos to them from the rate hike..
Anonymous
Anonymous   |     |   Comment #2
The savings account now has no minimum once opened. So you still need 5K to open the account, but then you can go to $1 (as I understand it) still earning full interest and paying no fees.

If anyone has any contrary info, please post it.

Thanks for a great info source -- this website that is.
Anonymous
Anonymous   |     |   Comment #3
I didn't feel comfortable with this company...i opened my account with eloan. had too many warnings that internet transactions are unsecured...almost like setting up you up for identity theft...just my opinion.
Anonymous
Anonymous   |     |   Comment #4
Their checking and savings accounts are great. The interest doesnt change often like the other banks. I have quite a few accounts with them and i am very pleased with their service. i highly recommend this bank.
Alex
Alex (anonymous)   |     |   Comment #5
They've just lowered their Savings to 4.9% APY and checking to 4.00% APY.
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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New Rates at Presidential Bank: Savings 4.62%, Checking 4.37%
Presidential Bank increased the APY on their Premier Savings Account from 4.37% to 4.62%. The Internet Checking PLUS APY increased from 4.25% to 4.37%. Presidential has been pretty reliable in raising rates around each new hike in the Fed funds rate. Their last rate increase was January 31st.

It should be noted that the Premier Savings earns 4.62% on balances up to $35K. Balances over $35K only earn 3.00% APY. Two other major issues with this savings account is a $5K minimum to avoid monthly fees and no ACH transfer system.

Their...



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Presidential Bank Raises Its Savings Rates
Presidential Bank just raised its Premier savings account rate from 3.87% to 4.12% APY. EmigrantDirect's lead didn't last long. However, EmigrantDirect's 4.0% savings account has the advantage in that it has no minimum deposit or balance requirement. Presidential Bank requires a $5K minimum deposit and a $5K minimum balance to avoid monthly fees. Also, balances over $35K only earn 2.82% APY. Refer to my previous post on Presidential Bank for more info.

Presidential Bank doesn't have the best website (although EmigrantDirect isn't the best either.) It looks like Presidential's website hasn't...

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