Presidential Bank Advantage Checking Has Highest Annual Earnings


Deal Summary: Advantage Checking, 3.75% APY on qualifying balances between $500 and $25k 3.00% APY on qualifying balances greater than $25k.

Availability: Nationwide

Many reward checking accounts (RCAs) haven't been keeping up with the rising rates. Consequently, their rate advantage over online savings accounts have waned. The RCA from Maryland-based Presidential Bank, called Advantage Checking, is one that has been keeping up with the rising rates.

In mid-2020, Presidential Bank replaced its RCA, Checkless Checking, with the Advantage Checking account. While keeping much of the Checkless Checking structure, the new Advantage Checking offered higher APYs. The Advantage Checking initial 2.25% APY on qualifying balances between $500 and $25k remained in effect until two months ago when it was raised to 3.00% APY. An additional 75 bps were added last week, giving the Advantage Checking the second-highest APY available on all nationally available RCAs.

4.63*%-$25kPresidential Bank (MD)Advantage Checking
OTHER TIERS: 3.63% $25k+
Rates as of March 24, 2023.

What makes the Advantage Checking truly unique is its newly improved and very competitive second tier APY: 3.00% on all qualifying balances above $25k. When compared to online savings account rates, the 3.00% APY compares well. Non-qualifying balances earn 0.10% APY.

Monthly Qualifying Requirements

There are only two monthly 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 STARsf® 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 "ACH," when completing the new account application, Presidential will electronically debit funds from another bank account in your name at any other bank, anywhere in the United States, to make your initial deposit. The debit account must allow electronic debits and must be a checking or savings account

New Account funding via ACH is FREE. Begin earning interest the same day your account is opened. ACH deposits received by 12:00 noon ET on a business day are credited on the same day. Use ACH to start earning interest FASTER!

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.

Thanks to DA reader, vlad, for the Forum post about the Advantage Checking account.


Headquartered in Bethesda, Maryland, Presidential Bank was the first U.S. bank to offer its bank accounts via the internet (1995). Two years later, Presidential was one of the first banks to offer online account statements, followed by real-time PC banking services. Presidential offers its Advantage Checking accounts to 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. Even though this hard-copy form is titled “Internet Account Application” (who ever said irony is dead?), it cannot be submitted online.

Accounts may also be opened by mail. Simply click "Apply via mail" below, print out and complete the new account application, and mail it in with your initial deposit.

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

You can enter the information online before printing the form for convenience (there is no security risk in doing this, and you cannot submit this form online).

If you prefer a brick-and-mortar experience, Presidential Bank also has ten full-service branches located in the District of Columbia, northern Virginia (6), and Maryland (30).

Bank Overview

Presidential Bank has an overall health grade of "A" at, with a Texas Ratio of 2.33% (excellent) based on June 30, 2022 data. Presidential Bank has an excellent capitalization level (11.22%), the result of holding $867.94 million in assets with $97.39 in equity. 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 17 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 deposits in excess of $761 million and more than 14,500 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 highest potential annual earnings.

The above rates are accurate as of 11/1/2022.

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
Interesting no debit card hoops to earn a top rate plus a large balance cap and a decent ongoing rate. Still there are transaction hoops to meet but it's definitely doable. I still prefer DERI as I get basically the same rate(with the next FED hike) with 0 hoops although no FDIC insurance. This looks like a decent option for a bill pay account if FDIC insurance is a must.
  |     |   Comment #2
'Minimum $500 direct deposit' - do ACH transfers count as such?
  |     |   Comment #5
I do an automatic monthly ACH of $500 from Chase and it counts as direct deposit. From what I read on another blog, ACH from almost any bank counts. Please be patient when you open an account, as they are old school and the process may take several weeks. At least that’s my experience last year.
  |     |   Comment #6
I asked rep about ACH and was informed it didn’t qualify.

If you know the exception, please share
  |     |   Comment #7
This is a case of either the CSR not knowing what's so, or not saying what's so. An ACH from a FI has worked for Hooked, and worked for me. In my case, a monthly ACH of $500 from Ally.
  |     |   Comment #8
@gateway22 - Just saw your email and can confirm that an ACH from Chase qualifies. I have been doing the same for over a year now.
  |     |   Comment #4
Have not had a good experience with this bank in the past. Fast to drop rates and customer service was not very good. Also encountered some tricky non-standard account terms. Use caution.
#9 - This comment has been removed for violating our comment policy.
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...

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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%...

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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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