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Presidential Bank Review 2021
Member FDIC
Savings account
Member FDIC
Savings account
Member FDIC
Checking account
Member FDIC
Checking account
Overall
4.1
Bankrate Score
Presidential Bank is an FDIC-insured bank headquartered in Bethesda, Maryland. It has nine branches in the Washington, D.C. area.
What we like
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Presidential Bank offers competitive yields on deposit products.
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There are multiple checking account options.
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Customers have free access to more than 88,000 ATMS.
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The bank’s mobile app receives high ratings from users.
What we don't
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The money market account requires $10,000 to get the top APY.
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The Premier Savings requires a $5,000 deposit to open.
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Checking and money market accounts charge a monthly fee if a certain balance isn’t maintained.
CD rates
4.2
Bankrate Score
Presidential Bank offers eight traditional CDs with terms ranging from 30 days to five years. All CDs are available nationwide and require at least a $1,000 deposit to open, a manageable amount compared to other financial institutions. APYs on the mid-term CDs, such as the 182-day and one-year terms, are very competitive. Presidential Bank doesn’t offer any specialty CDs, such as a no-penalty or bump-up CD. It does offer IRA CDs with maturities of one, two, three and five years.
What we like
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Presidential Bank offers competitive CD yields.
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All CDs require a manageable $1,000 deposit.
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CDs are available to customers nationwide.
What we don't
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Presidential Bank doesn’t offer any specialty CDs.
Savings accounts
4.2
Bankrate Score
Member FDIC
Savings account
Presidential Bank offers two savings accounts: Premier Savings and Statement Savings. Both offer tiered rates for different balances, giving customers a couple of options to find the account that best fits their savings situation.
The Premier Savings account offers a very competitive rate on balances up to $35,000. For deposits above that mark, the APY is cut in half.
The Statement Savings account APY increases as the balance does, but the maximum APY is below what savers can earn on balances under $35,000 with the Premier Savings account.
The accounts do diverge more when it comes to the minimum required to open and monthly fees:
- The Premier Savings account requires a $5,000 deposit, but it doesn’t charge a monthly service fee.
- The Statement Savings account requires only $100 to open, and a minimum $100 balance is required to avoid a $2 monthly service fee.
What we like
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Both savings account options pay decent yields, and in some cases even better.
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The Statement Savings account requires only $100 to open and waive the monthly fee.
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Two savings account options allow customers to find an account that fits their needs.
What we don't
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The Premier Savings account requires a $5,000 deposit.
Checking accounts
4.1
Bankrate Score
Member FDIC
Checking account
Presidential Bank offers multiple checking accounts, all of which charge a $5 monthly service fee if the minimum balance requirement isn’t maintained.
The Regular Checking account is the bank’s basic checking account. It requires $100 to open, and account holders must maintain the balance to avoid the monthly fee. This account doesn’t pay interest, but it does come with unlimited check-writing privileges. A Visa debit card or ATM card is also available. Presidential Bank offers a few checking accounts that do pay interest, so be sure to compare options on the bank’s website. The interest-bearing accounts require a more sizable minimum balance.
Presidential Bank has a few owned-and-operated ATMs, but it’s also part of multiple ATM networks, giving customers surcharge- and fee-free access to more than 88,000 machines nationwide.
What we like
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The Regular Checking account requires only $100 to open and to waive the monthly fee.
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There are a few interest-bearing account options available.
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Customers have free access to more than 88,000 ATMs nationwide.
What we don't
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The interest-bearing accounts require a more sizable minimum balance.
Money market accounts
3.3
Bankrate Score
Presidential Bank’s Money Market Checking account is available to customers nationwide. It 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.
What we like
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The Money Market Checking account’s top APY is competitive.
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It comes with check-writing privileges and a free supply of checks.
What we don't
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Customers have to deposit at least $10,000 to get the top APY.
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Customers must maintain a balance of at least $500 to waive the monthly fee.
Bank experience
Presidential Bank has nine branches in the D.C. area. Customers can call a representative from 8 a.m. to 10 p.m. Eastern Monday through Friday. No weekend hours are available, but the bank has an email address for customer questions.
The bank offers a mobile app, which receives very high ratings from users on iOS and Android devices. The app 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 nine branches serving the Washington, D.C. area. Although it’s a regional bank, Presidential Bank accounts are available nationwide through online banking.
Presidential Bank is a full-service institution offering a range of deposit and lending products. The bank has more than $700 million in assets.
Lance Davis is the editorial director for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their financial journey. He has held multiple roles on the Bankrate team, starting out as a copy editor and then focusing on building audiences through social media and email newsletters before taking on an editor role. Lance learned the finer points of personal finance on the copy desk, where he was tasked with reading almost every article before it was published on the site, and saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement, build wealth and more. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.
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