Presidential Bank Features Nationally Available Online Products

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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 blog post currently have great rates, but given the recent increases in their APYs, they bear watching.

Money Market Plus Checking

The Money Market Plus Checking (MMPC) is a tiered-APY account, which earns 2.00% APY on balances between $100k and $250k. Balances above $250k earn 1.00% APY, with balances below $100k earning 0.25% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%$100k$250kPresidential Bank (MD)Money Market Plus Checking
OTHER TIERS: 0.25% Up to $100k | 1.25% $250k+
Rates as of September 17, 2019.

The wording on the rates page is not easy to understand, unless you take into account that interest is credited at the end of the month. The “Checking” page explanation makes much more sense.

Money Market Plus Checking accounts have an average daily balance requirement of $100,000.00 to earn the highest rate. Accounts that do not meet this balance requirement will earn a lower rate as disclosed on the Rates Schedule.

The MMPC requires a minimum $100k opening deposit. To avoid the $5 monthly service charge, a minimum $25k balance must be maintained. There is a limit of one MMPC per Tax ID number. As the name indicates there is checking writing available (standard six per month) and checks are supplied free of charge.

Checkless Checking

Presidential Bank’s Checkless Checking is a rewards checking account (RCA) that has no checks: all transactions are electronic. Qualifying balances up to $25k earn 1.75% APY, with qualifying balances above $25k earning 0.75% APY. The 1.75% APY is low for an RCA, but the 0.75% APY rate is higher than most RCA second-tier APYs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00*%-$25kPresidential Bank (MD)Checkless Checking
OTHER TIERS: 1.00% $25k+
Rates as of September 17, 2019.

Qualifying Requirements

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

The Checkless Checking requires a minimum $500 opening deposit and a $500 minimum balances to avoid the $5 monthly service charge.

5-Year CD

The majority of Presidential Bank’s CD rates are not that impressive, but the 1-, 2-, 3-, and 5-year CDs have each gained 50 bps since May. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.40%$1k-Presidential Bank (MD)5 Year CD
Rates as of September 17, 2019.

As stated in the fine print on the CD page, the Early Withdrawal Penalty for the 5-year CD is 24-months interest on the amount withdrawn.

Opening a New Account

Accounts can be opened as individual, joint, custodial, or trust accounts. 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.

Availability

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.

In addition to applying online, accounts can also be opened by snail mail. The internet application is available as a fillable PDF, which can be printed after completion and returned with the initial deposit.

Presidential Bank also has nine brick-and-mortar branches located in the District of Columbia, northern Virginia (6), and Maryland (2).

Bank Overview

Presidential Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.82% (above average) based on June 30, 2018 data. The Bank has an excellent annual capitalization level (12.04%), the result of holding $528.08 million in assets with $63.58 million equity. Please refer to our financial overview of Presidential Bank (FDIC Certificate # 32363) for more details.

Presidential Bank was established in 1985 as the Presidential Savings Association by the founder of GIT Investment Funds of Arlington Virginia. 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 16th largest bank headquartered in Maryland, with assets in excess of $528 million.

How the Money Market Plus Checking Compares

When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide, Presidential Bank’s Money Market Plus Checking APY currently ranks eighth, regardless of minimum balance requirement.

Looking for the best MMA rates, either nationwide or in your state? Please refer to our Money Market Accounts rates table page.

How the CD Compares

When compared to 182 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Presidential Bank’s 5-years CD Special APY currently ranks tenth.

The above rates are accurate as of 11/19/2018.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Washington money market accounts, money market accounts, checking accounts, 5-year CD rates, nationwide deals

Comments
Att
Att   |     |   Comment #1
I like their product "Checkless Checking".That makes sense.
DCGuy
DCGuy   |     |   Comment #6
That would mean that it would be essentially a savings account that does not allow paper or electronic checks.
RJM
RJM   |     |   Comment #2
This name is a blast from the past.
Not a good bank
Not a good bank   |     |   Comment #3
I called it in the past "smoke and mirrors" bank. They never had top rate on any product, just watch out for this or that, the range is to high or to low, watch out to gotcha in between rates balances. They make money from the ignorant customers.
gregk
gregk   |     |   Comment #4
"...just watch out for this or that"

"...the range is to high or to low"

"...watch out to gotcha in between rates balances"

Pardon me, - but what are you talking about?
Many ranges of rates in a single product
Many ranges of rates in a single product   |     |   Comment #5
#4, read these:
Qualifying balances up to $25k earn 1.75% APY, with qualifying balances above $25k earning 0.75% APY.
As stated in the fine print on the CD page, the Early Withdrawal Penalty for the 5-year CD is 24-months interest on the amount withdrawn. They take out of your principle as penalty (unique to this bank).
The MMPC requires a minimum $100k opening deposit. To avoid the $5 monthly service charge, a minimum $25k balance must be maintained. (how much do you earn if $25K?)
Money Market Plus Checking accounts have an average daily balance requirement of $100,000.00 to earn the highest rate.
The Money Market Plus Checking (MMPC) is a tiered-APY account, which earns 2.00% APY on balances between $100k and $250k. Balances above $250k earn 1.00% APY, with balances below $100k earning 0.25% APY.
DCGuy
DCGuy   |     |   Comment #7
I had previously made a comment that the 2% MM checking account offer was incorrect as listed under the MM account category. It made the impression that with a $25K balance that it would pay 2% which was not correct. It would be 0.75% instead. The minimum to receive 2% was a $100K balance.
DCGuy
DCGuy   |     |   Comment #8
Need to correct my previous post. If the monthly balance is below $100K, then the rate is 0.25%, not 0.75% as noted on their website.
DCGuy
DCGuy   |     |   Comment #9
It appears that the Presidential Money Market Plus Checking account rate tiers are wrong again.
This is what is stated on the listing on this site:
RATE TIERS

Up to $100k 2.25% APY
$100k - $250k 1.25% APY
$250k+ 0.25% APY

When you go the Presidential.com site for information about this account, it shows the following interest rate tiers:




Average Daily Balance for the month at least $100,000 (if the day's balance is under $250,000) 2.23% rate 2.25% APY
Daily Balance of $250,000 or more and Monthly Average Balance at least $100,000 1.24% rate 1.25% APY
Average Daily Balance for the month under $100,000 0.25% rate 0.25% APY


The information on this site has the rate levels transposed to different balance tiers. The lowest rate applies to the lowest balance tier. The highest rate applies to the middle balance tier. The middle rate applies to the highest balance tier.

Your software must be copying the information from the bank site incorrectly. What appears to be the issue is that the bank site has the balance tiers NOT in ascending order while this site has the balance tiers in ascending order. Not every bank site displays the rate levels based SOLELY on ascending balance levels.
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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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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