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Rates and Account Review
Last Update: May 5, 2008
Presidential Bank claims to be the first bank in the United States to open bank accounts over the Internet. They began opening accounts online back in 1995 when the Internet was still just a novelty to most people.
But while the Internet has advanced since then, Presidential Bank's web site still displays early web design aesthetics. Although the bank's web site is in desperate need of a design update, don't let the bank's outdated look dissuade you from using their banking services. Customers of Presidential Bank have reported being satisfied with the service and the rates.
| | Balance | APY | Interest Rate | Under $35,000 | 2.60% | 2.57% | $35,000 and over | 2.40% | 2.37% |
| www.presidential.com
(800) 383-6266
>> Reader Reviews |
Minimum Deposit
$5,000 | Monthly Fee
$0 | Minimum Balance
$1 | Compounding
Monthly |
The Premier Savings Account is Presidential Bank's high-yield savings account. It is a two tiered account with a peculiar feature where lower balances (those under $35,000) actually earn a higher yield than the higher tier. That works out great for people who don't intend on depositing high balances anyway.
The minimum initial balance to open the Premier Savings Account is one of the highest of all the online savings accounts at $5,000. But, once that hurdle is overcome, there is no minimum balance to maintain and no monthly account fee to worry about.
Presidential Bank does have ACH transfer service to move money electronically between Presidential Bank and accounts at other banks. Unfortunately, there is a charge of $3.50 for outgoing transfers. Customers have reported that the ACH transfers are slow
As an alternative to ACH transfer, ATM access is available, but service fees charged by non-Presidential bank ATMs are not refunded.
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