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Presidential Bank Review 2023

Updated January 1, 2023
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.1 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.2 stars out of 5

MMA

Rating: 3.8 stars out of 5

About Bankrate Score

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
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.40
%
APY
Rating: 0 stars out of 5
$500
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

    Presidential Bank offers competitive yields on deposit products.

  • Checkmark

    Multiple checking account options are offered.

  • Checkmark

    Customers have free access to more than 88,000 ATMs through the Allpoint and MoneyPass networks.

  • Checkmark

    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

4.2
Rating: 4.2 stars out of 5
Bankrate Score

Presidential 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

  • Checkmark

    The Premier Savings account pays above average yields.

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    The Statement Savings account requires only $100 to open and waive the monthly fee.

  • Checkmark

    Both accounts can be linked to an ATM or debit card for ATM access.

  • Checkmark

    There’s no monthly fee for a Premier Savings account.

Cons

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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.

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. Read our full review methodology.