Skip to Main Content

Presidential Bank Review 2024

Updated February 2, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 2.9 stars out of 5

About Bankrate Score

Overview

Presidential Bank is best for Washington D.C.-area residents who are looking for a full-service financial institution. Although the bank is largely regional, Presidential is part of the MoneyPass and Allpoint ATM networks, so you’ll have easy, fee-free access to your money at tens of thousands of locations throughout the U.S.

Highlights

  • Highly Rated App
  • Digital Leader
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/20/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 2/20/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 2/20/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Presidential Bank is a Bethesda, Maryland-based bank with 10 branches in the Washington, D.C. metropolitan area. It offers a wide selection of deposit products that’s sure to meet many needs. Although yields could be higher for some of Presidential Bank’s deposit accounts, the bank’s certificates of deposit (CDs) and select checking and money market accounts offer robust APYs that can be opened online.

Pros

  • Checkmark

    Presidential Bank offers competitive yields on some 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.

  • Checking and money market accounts charge a monthly fee if the minimum balance isn’t maintained.

Presidential Bank banking products

3.4
/5
Rating: 3.4 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
0.50%
Rating: 2 stars out of 5
2/5
Info
Minimum balance to earn interest:
$100.00
Rating: 4 stars out of 5
4/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
0.50% APY
Info
Loan
$500 minimum deposit to open

Presidential Bank savings overview

Presidential Bank’s Premier Savings account, the product scored for this review, requires $500 to open and there’s no monthly fee. Though the APY offered is on par with the national average, higher yields can be found elsewhere. The APY is lower for balances above $35,000. Account holders can connect the Premier Savings account to a debit or ATM card for ATM usage.

A second savings account option, called Advantage Savings, offers a higher yield than the Premier Savings account, and you’ll get an APY boost if you also have an Advantage Checking account. You’ll need $5,000 to open the account, which comes with a $2 monthly maintenance fee.

Pros

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    The Advantage Savings account offers a competitive yield.

Cons

  • The Premier Savings account requires a $500 minimum deposit.

  • Higher yields can be found elsewhere.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Presidential Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/20/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $25
Non-sufficient funds fee $25
Monthly maintenance fees $2 - $5
Out-of-network ATM fee None
Excessive transaction fee None

About Presidential Bank

Presidential Bank is a regional bank headquartered in Bethesda, Maryland. The FDIC-insured bank has 11 branches serving the Washington, D.C. 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.

Customer experience

Customer service. 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.

Digital experience. 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. 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.

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.