Presidential Bank Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
A second savings account option, Statement Savings, has tiered APYs that are lower than those of the Premier Savings, but it only requires $100 to open. A minimum $100 balance must be maintained to avoid a monthly service fee.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Presidential Bank offers a bump-up rate option on terms of one, two, three and five years, which allows you to adjust the interest rate once during the CD term should the bank’s rates change. The bank also offers IRA CDs with maturities of one, two, three and five years. The bank doesn’t offer a no-penalty CD.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The account charges a $5 monthly fee, but it’s waived when customers maintain at least a $500 balance. It also comes with check-writing privileges and a free supply of checks.
Regular Checking is Presidential Bank’s basic checking account and the product scored for this review. It requires a minimum $100 to open, and account holders must maintain the balance to avoid the monthly fee.
The account earns no interest. A Visa debit card or ATM card is available, which can be used surcharge-free at over 88,000 ATMs within the network. Peer-to-peer payments are possible, through Popmoney, but a $3.50 fee applies for each transfer.
Presidential Bank offers a few other checking accounts that do pay interest, but they require higher minimum balances and some can only be opened at a Presidential Bank branch. Conversely, the Internet Checking account is only available online. It requires a $500 minimum deposit, earns interest and comes with free first order of checks.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Presidential BankPresidential Bank Review 2022
René Bennett is a writer for Bankrate, reporting on banking products and personal finance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.1 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Presidential Bank is best for Washington-area residents who are looking for a full-service financial institution.Highlights
High APY Highly Rated App Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
Presidential Bank is Bethesda, Maryland-based bank with 10 branches in the Washington metropolitan area. It offers a wide selection of deposit products.Pros
Presidential Bank offers competitive yields on deposit products. Multiple checking account options are offered. Customers have free access to more than 88,000 ATMs through the Allpoint and MoneyPass networks. The bank’s mobile app earns high marks from users.Cons
The money market account requires $10,000 to earn the best annual percentage yield (APY). The Premier Savings account requires a $5,000 deposit to open. Checking and money market accounts charge a monthly fee if the minimum balance isn’t maintained.Presidential Bank bank products
Savings CD Money Market Checking 4.2 Bankrate ScorePresidential Bank savings overview
Presidential Bank’s Premier Savings account, the product scored for this review, offers a competitive rate on balances up to $35,000. For deposits above that mark, the APY is cut by a third. It requires a $5,000 minimum to open and charges no monthly fee. Account holders can connect the Premier Savings account to a debit or ATM card for ATM use.A second savings account option, Statement Savings, has tiered APYs that are lower than those of the Premier Savings, but it only requires $100 to open. A minimum $100 balance must be maintained to avoid a monthly service fee.
Pros
The Premier Savings account pays above average yields. The Statement Savings account requires only $100 to open and waive the monthly fee. Both accounts can be linked to an ATM or debit card for ATM access. There’s no monthly fee for a Premier Savings account.Cons
The Premier Savings account requires a $5,000 deposit. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 3.1 Bankrate ScorePresidential Bank CD overview
Presidential Bank offers eight traditional CDs with terms ranging from 30 days to five years. All CDs are available nationwide if opened online and require a minimum $1,000 deposit, which is lower than what some other institutions require. The highest APYs are offered on longer terms, though midterm CDs also have very competitive rates.Presidential Bank offers a bump-up rate option on terms of one, two, three and five years, which allows you to adjust the interest rate once during the CD term should the bank’s rates change. The bank also offers IRA CDs with maturities of one, two, three and five years. The bank doesn’t offer a no-penalty CD.
Pros
Presidential Bank offers some competitive CD yields. All CDs require a manageable $1,000 deposit. CDs are available to customers nationwide through online banking.Cons
Presidential Bank doesn’t offer no-penalty CDs. Much higher yields on shorter term CDs can be found elsewhere. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 3.8 Bankrate ScorePresidential Bank money market overview
Presidential Bank’s Money Market Checking account offers tiered rates, so savers who make a bigger deposit get a better yield. Customers have to deposit at least $10,000 to get the top APY.The account charges a $5 monthly fee, but it’s waived when customers maintain at least a $500 balance. It also comes with check-writing privileges and a free supply of checks.
Pros
The Money Market Checking account’s top APY is competitive. It comes with check-writing privileges and a free supply of checks.Cons
Customers have to deposit at least $10,000 to get the top APY. A balance of at least $500 is required to waive the monthly fee. 4.6 Bankrate ScorePresidential Bank checking overview
Presidential Bank offers multiple checking accounts, all of which charge a $5 monthly service fee if the minimum balance requirement isn’t maintained.Regular Checking is Presidential Bank’s basic checking account and the product scored for this review. It requires a minimum $100 to open, and account holders must maintain the balance to avoid the monthly fee.
The account earns no interest. A Visa debit card or ATM card is available, which can be used surcharge-free at over 88,000 ATMs within the network. Peer-to-peer payments are possible, through Popmoney, but a $3.50 fee applies for each transfer.
Presidential Bank offers a few other checking accounts that do pay interest, but they require higher minimum balances and some can only be opened at a Presidential Bank branch. Conversely, the Internet Checking account is only available online. It requires a $500 minimum deposit, earns interest and comes with free first order of checks.
Pros
The Regular Checking account requires only $100 to open and to waive the monthly fee. The account can be opened online or at a branch. There are several interest-bearing account options available. Customers have free access to more than 88,000 ATMs nationwide.Cons
The interest-bearing accounts require a more sizable minimum balance. Some checking accounts can only be opened in a branch. There’s a fee for person-to-person transfers. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
Presidential Bank has 10 branches in the Washington metropolitan area. Bank representatives can be reached 8 a.m. to 10 p.m. Eastern time, Monday through Friday. No weekend hours are available, but the bank has an email address for customer inquiries. A unique feature of Presidential Bank’s site is its archive of statements. Customers can view historical account statements going back to 1997 for free. The bank’s mobile app receives high ratings from users of iOS and Android devices. It lets customers transfer funds between Presidential accounts, pay bills, locate branches and ATMs, and more. Customers can also use Popmoney within the app (it’s labeled “Pay People”) to send money to someone else.About Presidential Bank
Presidential Bank is a regional bank headquartered in Bethesda, Maryland. The FDIC-insured bank has 10 branches serving the Washington metropolitan area and began offering accounts nationwide online in 1995. Presidential Bank is a full-service institution offering a range of deposit and lending products. The bank has more than $800 million in assets.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .