Presidential Bank Review 2021

Published January 2021 by Lance Davis

AT A GLANCE
4.1

Bankrate Score

bank-logo

High APYs

Highly Rated App

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

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    4.2
  • Savings
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    4.2
  • Checking
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    4.1
  • MMAs
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    3.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    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

    • Presidential Bank offers competitive yields on deposit products.

    • There are multiple checking account options.

    • Customers have free access to more than 88,000 ATMS.

    • The bank’s mobile app receives high ratings from users.

    What we don't

    • The money market account requires $10,000 to get the top APY.

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

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

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    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

    • Presidential Bank offers competitive CD yields.

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

    • CDs are available to customers nationwide.

    What we don't

    • Presidential Bank doesn’t offer any specialty CDs.

    Savings accounts

    4.2

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    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

    • Both savings account options pay decent yields, and in some cases even better.

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

    • Two savings account options allow customers to find an account that fits their needs.

    What we don't

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

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    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.

    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

    • The Regular Checking account requires only $100 to open and to waive the monthly fee.

    • There are a few 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.

    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

    • 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.

    • 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 Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the senior editorial director for Bankrate, overseeing content for mortgages, deposits, investing and loans. Lance leads a team of more than a dozen editors and reporters who are passionate about creating content that helps readers make smarter financial decisions. Lance started at Bankrate as a copy editor in 2013, where he learned the finer points of personal finance while reading almost every article before it was published. In this role, Lance 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 and more. Lance also gets involved with fun projects like hosting Bankrate’s webinars with Greg McBride and publishing the annual Best Banks list, which has been cited by MSN, Fox Business, The Points Guy, among others. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. He dreams of being able to retire early and buy a home on a beach where the temperature rarely falls south of 60. Lance earned his bachelor’s degree in journalism from Auburn University in 2013. Have feedback or suggestions for the editorial team? Send Lance an email at lance.davis@bankrate.com.