At a glance

4.0

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

Digital Leader
Highly Rated App

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

Presidential Bank offers competitive yields on some 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.

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.

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Presidential Bank banking products

3.4

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.50%

2/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$100.00

4/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.50% APY

APY last updated between 12/14 and 12/20.

$500 minimum balance for APY

$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

There’s no monthly fee for a Premier Savings account.
Both accounts can be linked to an ATM or debit card for ATM access.
The Advantage Savings account offers a competitive yield.

Cons

The Premier Savings account requires a $500 minimum deposit.
Higher yields can be found elsewhere.

Rate history for Presidential Bank's Savings account

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

Presidential Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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

Presidential Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.0

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.00%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,000.00

4/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

1 mo – 5 yrs

5/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Subpar

2/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

Yes

5/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

0.10% – 4.00% APY

APY last updated between 12/14 and 12/20.

$1,000 minimum balance for APY

$1,000 minimum deposit to open

1 month – 5 years

Presidential Bank CD overview

Presidential Bank offers 10 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 their midrange CDs, though the longer terms also provide competitive rates.

The bank also offers IRA CDs with maturities of one, two, three and five years. The bank doesn’t offer a no-penalty CD.

If you’re going with the five year CD, mind the hefty early withdrawal fee, which is two years’ interest on the principal amount that is withdrawn before maturity.

Pros

Presidential Bank offers some competitive CD yields.
All CDs require a manageable $1,000 minimum deposit.
CDs are available to customers nationwide through online banking.

Cons

Presidential Bank doesn’t offer no-penalty or bump-up CDs.

Rate history for Presidential Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Presidential Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Presidential Bank

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Presidential Bank money market overview

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.

The account can only be opened at a branch.

Pros

The account comes with check-writing privileges and a free supply of checks.
Customers get access to a Visa debit card and ATM privileges.

Cons

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.
Higher yields can be found elsewhere.

4.3

Bankrate Score

Compare top checking rates

Presidential Bank checking overview

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 that balance to avoid the monthly fee. It’s also important to note that Presidential Bank still charges hefty overdraft fees. Even if you link your checking account to another deposit account, such as a savings or money market account, President Bank will charge you $5 per transfer.

You must visit a branch to open this account.

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.

Presidential Bank offers a few other checking accounts that do pay interest, but they require higher minimum balances.

Pros

The Regular Checking account requires only $100 to open and to waive the monthly fee.
There are several interest-bearing account options available.
Customers have free access to more than 88,000 ATMs nationwide.
The Advantage Checking account can be opened online.

Cons

The interest-bearing accounts require a more sizable minimum balance.
All checking accounts come with a monthly fee.

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Presidential Bank APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	0.50%	0.57%
09/10/2024	0.50%	0.61%
05/07/2024	0.50%	0.59%
04/02/2024	0.50%	0.58%
03/05/2024	0.50%	0.57%
01/02/2024	0.50%	0.58%
12/26/2023	0.50%	0.56%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Presidential Bank APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/03/2024	2.85%	1.41%
10/01/2024	2.85%	1.42%
09/10/2024	2.85%	1.43%
08/06/2024	2.85%	1.44%
07/02/2024	2.85%	1.42%
06/04/2024	2.85%	1.43%
04/02/2024	2.85%	1.42%
03/12/2024	2.85%	1.43%
02/06/2024	2.85%	1.42%
01/02/2024	2.85%	1.43%
12/26/2023	2.85%	1.41%

Presidential Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Presidential Bank

Presidential Bank banking products

Presidential Bank savings overview

Pros

Cons

Rate history for Presidential Bank's Savings account

Presidential Bank CD overview

Pros

Cons

Rate history for Presidential Bank's CD accounts

Presidential Bank money market overview

Pros

Cons

Presidential Bank checking overview

Pros

Cons

Bank fees

About Presidential Bank

Customer experience

Review methodology

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