Update 9/18/2014: The savings account is no longer available to new customers.
Update 8/10/2014: This Savings Account rate guarantee is no longer available, but the 1.25% rate is still available. The rate is now subject to change at anytime.
Palladian PrivateBank is offering a promotional rate (1.25% APY) for Savings Accounts opened between August 1, 2014 and January 31, 2015. This promotion requires an initial deposit of between $10K and $100K, with subsequent deposits allowed. Initial funding must be received within 10 calendar days following receipt of completed application. After January 31, 2015, the interest rate will be the non-promotional rate offered by Palladian PrivateBank at that time. More details on this can be viewed at the bank's home page.
|0.90%||$10k||-||The Palladian PrivateBank||Savings Account - standard rate|
An example of a possible scenario for this promotional comes from Palladian PrivateBank's website:
For an account opened on August 4, 2014, the APY is 1.08% for the first year, which combines the promotional interest rate of 1.25% with the current non-promotional variable rate of 0.90%. Your actual APY may be lower based on when the account is opened and changes to the non-promotional variable rate.
According to the bank's website, any U.S. Citizen with a current U.S. address qualifies for a Savings Account at Palladian PrivateBank. There is an on-line application that must be used to open any Palladian PrivateBank account.
One rather odd note about the on-line application: on the first screen of the application, the only accepted piece of ID is a Driver's License. There was no drop down, as one would expect, listing State Issued ID, US Passport, or Military ID, as an alternative option. After a rather lengthy phone conversation with a helpful CSR, I was told in no uncertain terms that "a valid Driver's License was required to open an account at Palladian PrivateBank."
Unlike the application process, no Driver's License is required to fund your account and there are three ways to accomplish that funding:
- Internal transfer
- ACH debit from another financial institution
- Cashier's check or personal check mailed to Palladian PrivateBank
Palladian PrivateBank has an overall health rating of A+ at DepositAccounts.com and a Texas Ratio of 6.71% (excellent) as of March 31, 2014. Palladian PrivateBank's total deposits have grown by $523.4 Million in the past year, an increase of 4.57%. Please refer to our financial overview of Palladian PrivateBank for more details.
Located in Chicago, The Palladian PrivateBank (FDIC Certificate #33306), a division of The PrivateBank and Trust Company, was established in 1991.
How the Rate Compares
No other bank is currently offering a higher Savings Account rate than Palladian PrivateBank's promotional Savings Account. The next highest rate is 1.06% APY at Citizens State Bank (FL).
While strictly not a Savings Account, EverBank's 1.40% APY Yield Pledge MMA (6 months promo rate for new customers) is comparable, offering a better rate but with a maximum balance of $50K.
The above rates are accurate as of 8/7/2014.