Review
Updated
Fact Checked
Nathan Alderman
Presidential Bank has been a leading financial institution in Maryland, Virginia, and Washington D.C. since 1985. With a focus on personal and business banking, the bank offers a wide range of products and services, including checking and savings accounts, loans, mortgages, and credit cards. In this Presidential Bank Review, we will take a closer look at what the bank has to offer, learn what sets it apart from its competitors, and see whether it is the right choice for your banking needs.
Presidential Bank
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Presidential Bank was the first bank in the U.S. to offer its bank accounts over the internet. Although its branches are in the Washington D.C. metropolitan area, it offers competitive interest rates, specializes in smaller (under $2 million) commercial real estate loans, and offers convenient online access. It is part of the MoneyPass and Allpoint ATM networks, giving account holders access to 88,000 surcharge-free ATMs, including those at convenient retailers such as Target, CVS, Walgreens, and more.
Pros
- Competitive rates on banking products
- Wide variety of products
- Access to 88,000 surcharge-free ATMs
Cons
- Branch locations in Washington D.C.-area only
- Higher APY at available at other financial institutions
- High minimum deposit to open Premier Savings and Money Market Advantage Checking
- High early withdrawal penalty for CDs
Presidential Bank savings accounts review
Presidential Bank offers two savings accounts: the Statement Savings account and the Premier Savings account. Here's a closer look at what they offer.
Statement Savings account
The Statement Savings account's APY is in line with the typical rates for a brick-and-mortar bank, which are not especially high. The account can be linked to a debit card for ATM access (checking account required). The $2 monthly fee is waived if you maintain the $100 minimum balance. Presidential Bank offers free personal online banking access as well as email deposit notifications.
Premier Savings account
The Premier Savings account offers a higher APY than the Statement Savings account, but it requires a $5,000 minimum deposit to open. There is no monthly fee or a monthly minimum requirement. This account also can be linked to a debit card, but a checking account is required.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Presidential Bank CD accounts
Presidential Bank offers a variety of CD terms ranging from 30 days to five years. Rates are very competitive and some of the highest in the industry. There is a $1,000 minimum to open one. The bank offers 1, 2, 3, and 5-year CDs for IRAs.
The early withdrawal penalty is calculated based on the number of penalty months indicated below. Presidential Bank has some of the highest penalty rates that we've seen:
| CD maturity | Penalty |
|---|---|
| 30 to 60 days | 30 days interest |
| 90 to 182 days | 3 months interest |
| 9 month | 4 months interest |
| 1 year | 6 months interest |
| 2 years | 12 months interest |
| 3 years | 18 months interest |
| 5 years | 24 months interest |
Data source: Presidential Bank
Compare CD rates
Presidential Bank's CD rates are some of the highest in the industry. However, the penalties for early withdrawal are also some of the highest. Check out some other CD options to find the best fit for you.
Rates as of May 1, 2024
APY = Annual Percentage Yield
| Offer |
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|---|---|---|---|
| Account | Discover® Bank CD | Marcus by Goldman Sachs High Yield CD | LendingClub CD |
| 3 Mo. | 2.00% | -- | -- |
| 6 Mo. | 4.25% | 4.80% | 5.00% |
| 9 Mo. | 4.25% | 4.90% | -- |
| 1 Yr. | 4.70% | 4.90% | 5.15% |
| 1.5 Yr. | 4.40% | 4.60% | 5.00% |
| 2 Yr. | 4.00% | 4.20% | 4.50% |
| 30 Mo. | 3.75% | -- | -- |
| 3 Yr. | 3.75% | 4.15% | 4.30% |
| 4 Yr. | 3.75% | 4.05% | -- |
| 5 Yr. | 3.75% | 4.00% | 4.00% |
| 6 Yr. | -- | 3.90% | -- |
| 7 Yr. | 3.75% | -- | -- |
| 10 Yr. | 3.75% | -- | -- |
| Min. Deposit | $2,500 | $500 | $2,500 |
| Early Withdrawal Penalty | Yes | Yes | -- |
| Next Steps |
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Presidential Bank checking accounts review
Presidential Bank offers eight checking accounts -- Advantage Checking, Regular Checking, Super Checking, Special Checking, Checking PLUS, Money Market Advantage Checking, Money Market Checking, and Internet Checking.
All checking and money market accounts have a $5 monthly fee if the minimum balance falls below each account type's requirement. Overdraft protection is available on all personal checking accounts, as well as automatic overdraft transfer service that enables fund transfers between your checking and/or savings accounts when one is overdrawn.
Advantage Checking
The Advantage Checking account is a checking account that includes online and mobile banking and a debit card. The account offers one of the highest APYs in the industry. However, to qualify you need an electronic monthly deposit of $500 or more and at least seven electronic withdrawals per month. If not, then you will earn a lower interest rate.
There is also a transaction limit of three paper checks per month at no charge. There is a $3 charge per check after that. The first order of checks is free and the bank offers ATM surcharge rebates of up to $8 per month. There is no monthly service charge if you maintain a $500 minimum balance. Free online banking services offered include BillPayer, Standard External Funds Transfer, Mobile Banking, and Mobile Remote Deposit Capture.
Regular Checking
The Regular Checking account has a lower minimum balance and minimum to open of $100. It also has a debit card and unlimited check-writing privileges, but lower APY than the Advantage Checking Account and in-line with other brick-and-mortar banks. This account is good for those with less money to deposit and who need to write more than three checks per month.
Super Checking
The Super Checking account is available to open at a branch location only. There is a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and unlimited check-writing privileges. The account's APY is lower than the Advantage Checking Account and in-line with other brick-and-mortar banks. The Super Checking account also requires an electronic monthly deposit of $200 or more from payroll, annuity, or pension.
Special Checking
The Special Checking account is available to open at a branch location only. There is a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and unlimited check-writing privileges. The account's APY is lower than the Advantage Checking Account and in-line with other brick-and-mortar banks.
Checking PLUS
The Checking PLUS account has a $1,000 minimum balance and $1,500 minimum deposit required to open. It offers a debit card and unlimited check-writing privileges. The account requires direct deposit and the account's APY is in-line with other brick-and-mortar banks.
Money Market Advantage Checking
The Money Market Advantage Checking account has one of the highest APYs in the industry, but has a $25,000 minimum balance and minimum deposit requirement to open the account. Account balances below the minimum will earn a lower interest rate. It comes with a debit card and limited check-writing abilities.
Money Market Checking
The Money Market Checking account has a $500 minimum balance and $1,000 minimum deposit required to open. It offers a debit card and limited check-writing privileges. The account's APY is in-line with other brick-and-mortar banks. The APY increases as your balance increases.
Internet Checking
The Internet Checking account has a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and limited check-writing privileges. The account's APY is in-line with other brick-and-mortar banks.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Presidential Bank customer service and experience
Presidential Bank has an A- rating with the Better Business Bureau. It is a regional bank that hasn't been featured in many other large customer satisfaction surveys. This makes it difficult to assess how its customer experience stacks up to some of its competitors.
According to the bank, Washington Consumers' Checkbook magazine rated Presidential Bank more highly than any other bank or savings and loan in the Washington, D.C., area for "Reasonableness of Fee Policies."
Presidential Bank relationship benefits
Presidential Bank enables you to waive certain fees by meeting the minimum balance requirements. The bank offers a wide range of services, including business banking services. It also offers CardValet®, which can help you establish or stick to a budget.
With CardValet you can set spending limits for general use or specify thresholds by merchant types, such as gas, groceries, or retail stores. You can also establish these controls by location. The flexible app lets you change these parameters anytime with ease via your mobile device. You can easily update your transaction controls to fit your spending needs and stay informed of potential fraud by receiving alerts on attempted and declined transactions.
The bank keeps costs down by limiting the number and size of its branches and by locating them in areas with high concentrations of potential customers. Like other brick-and-mortar banks, Presidential Bank is expanding its presence online, which offers the potential to further reduce the cost of distributing banking products to the consumer. The bank states that it is small enough to give customers the personal attention they expect.
Alternatives to Presidential Bank
If Presidential Bank doesn't have what you're looking for, one of these other banks might.
Quontic Bank
Quontic Bank boasts high customer satisfaction and has over 90,000 no-fee ATMs. This bank offers similar banking products to Presidential Bank. However, Quontic's savings accounts offer higher APYs, it has an A+ rating with the Better Business Bureau, and a 4 out of 5 on Trustpilot with more than 500 reviews. It has no branch locations, however.
Discover® Bank
Discover® Bank offers competitive rates and no monthly maintenance fees, plus its accounts have no minimum balance requirements. Discover® Bank doesn't have any brick-and-mortar branches, so you have to be comfortable managing your money online.
Is Presidential Bank right for you?
Presidential Bank is a smart choice for you if:
- You live in the Washington D.C. area.
- You're comfortable with online banking.
- You have several thousand dollars to deposit.
- You don't plan on taking any early withdrawals from a CD.
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Presidential Bank has 10 branches located throughout the Washington D.C. metropolitan area. This includes Northern Virginia and Maryland.
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Presidential Bank is FDIC insured, and on Oct. 6, 1995, it became the first bank in the United States to offer its bank accounts over the internet. Presidential Bank was founded by the founder of GIT Investment Funds (now called Madison Funds) of Arlington, Virginia, a group of stock, bond, international, and money market mutual funds, which had its origins in 1975.
Our Banking Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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