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Presidential Bank Review 2022

Published May 2022 by René Bennett

AT A GLANCE
4.1

Bankrate Score

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High APYs

Highly Rated App

Presidential Bank is best for Washington-area residents who are looking for a full-service financial institution.

  • Checking
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    4.6
  • CDs
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    3.1
  • Savings
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    4.2
  • MMAs
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    Sallie Mae

    Member FDIC

    MMA

    0.75 % APY

    $ 0

    Min. balance for APY

    Barclays

    Member FDIC

    Savings account

    0.70 % APY

    $ 0

    Min. balance for APY

    Overall

    4.1

    Bankrate Score

    Presidential Bank is Bethesda, Maryland-based bank with 10 branches in the Washington metropolitan area. It offers a wide selection of deposit products.

    What we like

    • 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.

    What we don't

    • 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.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    What we like

    • 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.

    What we don't

    • 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.

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.10 % APY

    2yr

    Term

    $ 500

    Min. deposit

    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.

    What we like

    • Presidential Bank offers some competitive CD yields.

    • All CDs require a manageable $1,000 deposit.

    • CDs are available to customers nationwide through online banking.

    What we don't

    • Presidential Bank doesn’t offer no-penalty CDs.

    • Much higher yields on shorter term CDs can be found elsewhere.

    Savings accounts

    4.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • 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.

    What we don't

    • The Premier Savings account requires a $5,000 deposit.

    Money market accounts

    3.8

    Bankrate Score

    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.

    What we like

    • The Money Market Checking account’s top APY is competitive.

    • It comes with check-writing privileges and a free supply of checks.

    What we don't

    • 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.

    Bank 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.

    René Bennett Twitter Created with Sketch. @

    René Bennett Twitter Created with Sketch. @

    René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.