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The Palladian PrivateBank

Savings Account Promo Rate at Palladian PrivateBank Ends January 31, 2015

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.90%$10k-The Palladian PrivateBankSavings Account - standard rate
Accounts mentioned in this post. Rates as of May 6, 2016.

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.

Availability

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

Bank Overview

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.

Searching for Other Money Market and Savings Accounts

To find highest rates on accounts in your state and accounts available nationwide, please refer to our savings account rate table and our money market rate table.


Related Pages: The Palladian PrivateBank, Detroit, Atlanta, Chicago, St. Louis, Milwaukee, savings account

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Comments
Anonymous
Anonymous   |     |   Comment #1
I just spoke to the bank today-8/13 and they say it is still being offered
Ken Tumin
Ken Tumin   |     |   Comment #2
Sorry, I should have said the rate guarantee. The 1.25% rate is still available, but they are no longer listing that it's guaranteed to Jan 31st.
Anonymous
Anonymous   |     |   Comment #3
Some DA readers posted under "latest posts...forum" menu at the top that they are having trouble "getting" approved to open an account with Palladian....Perhaps related...opening a new US Treasury IBonds account last year, approval was delayed by (as I recall) for a couple of days.  Seems to be question as to whether or not "I existed" and they had to have some type of verification conducted!  Eventually approved.  Suggest the item be escalated to the Ombudsperson or equivalent on why the advertising is NOT right, i.e. everyone cannot get a new account in a timely manner and disclosures do not indicate the criteria for disapproval.
Viki
Viki (anonymous)   |     |   Comment #4
I find that rate absolutely laughable. 
Anonymous
Anonymous   |     |   Comment #5
And, your alternative is?  1.25 is not too bad for, in effect, a money market account with no EWP.  And, the delta with what you are seeing is?
Anonymous
Anonymous   |     |   Comment #6
It reads as if the rate is good to January 1 then subject to change. It sounds like another teaser rate and nothing more.