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Presidential Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.15%APY
Savings/MMA

Pros:

  • Variety of personal deposit accounts
  • Some accounts offer competitive rates
  • Business accounts and services offered
  • Low opening required amounts

Cons:

  • Must meet requirements to earn interest
  • High required amounts for MMA
  • Cannot open all accounts online
  • Accounts have monthly fees

What You Need to Know

Presidential Bank offers a wide variety of personal deposit accounts. They offer seven checking accounts, two savings accounts, and a variety of CDs. Each account has requirements to open the account and to earn interest. Find the one that works best for you.

The Presidential Bank Checkless Checking account and the Money Market Plus Checking account offer competitive interest rates. Most of the CDs also offer competitive interest rates. The rates are competitive with other online accounts. They are much higher than other brick and mortar bank rates.

Presidential Bank offers a variety of business accounts. Those accounts include checking, savings, and money market accounts, and CDs. They also offer a variety of lending options for businesses. Those include real estate lending, equipment lending, and working capital lines of credit.

Most Presidential Bank accounts have low opening required amounts. Most checking accounts require either $100 or $500 to open. One savings account only requires $100 to open. All the CD terms require $1,000 to open. Some accounts do have higher required amounts.

The Checkless Checking account has the most competitive rates. You must meet account requirements to earn the most competitive interest rates. Those requirements include having a direct deposit into the account each month. You must also make a set amount of electronic withdrawals per month. Other requirements may apply.

The Presidential Bank Money Market Plus Checking account offers competitive interest rates. To earn the most competitive rate requires a high balance. That account must have $100,000 to open and earn interest. The interest rates are considerably lower if your account balance falls below $100,000.

Not all Presidential Bank accounts can open online. Some accounts require opening in a branch location. Those accounts include checking accounts. Most other Presidential Bank accounts can be opened online.

Checking, savings, and money market accounts with Presidential Bank all have monthly fees. Those fees range from $2 to $5 a month, depending on the account. Waive those fees each month by keeping your account balance above a certain amount. The amount changes based on the accounts.

Cool Things

Debit Card Rewards Program

Presidential Bank offers rewards for using their debit card. You earn offers specific to where you shop. There is no limit to the rewards you can earn, and this program is free. The rewards automatically load to your debit card. Then, when you use your debit card, the rewards are used first. Your personal information is not shared with retailers through this program. The more you use your debit card for purchases, the more rewards you earn.

History

Presidential Bank started in 1985. In 1995, Presidential was the first bank in the United States to offer accounts over the internet. They were also one of the first banks to offer account statements online. In 2014, Presidential Bank launched their mobile app.

Presidential Online Bank offers checking, savings, and money market accounts. Most all Presidential Bank accounts can be opened online.

Today, they have nine branch locations around the Washington D.C. area. Their office headquarters are in Maryland. Presidential Bank has over $550 million in assets.

Giving Back

Presidential Bank offers loans to organizations in their communities. Some loans are for small apartment buildings. These loans help offer affordable housing in the Washington D.C. area. Presidential Bank participates in the Virginia Housing Development. Through this organization, they offer housing for the Commonwealth of Virginia.

Presidential Bank helps many community organizations as well. Those include Chambers of Commerce and youth organizations.

Frequently Asked Questions

Is Presidential Bank FDIC insured?

Yes. Presidential Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By checks, cashier checks, or ATM and debit cards. You can access money through electronic transfers or bill pay. You can also visit a local branch location.

Does Presidential Bank offer mobile banking?

Yes. With the mobile app, you can see account balances. You can transfer money between Presidential accounts. You can pay bills, deposit checks, or pay others. You can also locate a branch location or ATM.

Is Presidential Bank free?

No. Each of the accounts has a monthly maintenance fee. Those fees range from $2 to $5 a month. Waive those fees by keeping a set balance in the accounts. The balance required varies depending on the account.

Is Presidential Bank a good bank?

Some accounts offer competitive interest rates if you meet the requirements. There are a variety of accounts offered, including business accounts. Most opening required amounts are low and most accounts can be opened online. There are monthly maintenance fees if your balance falls below a set amount.

Is Presidential Bank secure online?

Presidential Bank offers security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure. They limit the information employees can see.

Does Presidential Bank offer competitive interest rates?

Some accounts offer competitive interest rates if you meet the qualifications. Those accounts offer rates competitive with other online accounts.

Can I use Presidential Bank for my business accounts?

Yes. Checking, savings, and money market accounts are available for businesses. They also offer lending options and CDs for businesses.

How is Presidential online banking different from the online banking my bank offers?

Some of the interest rates are more competitive than other bank rates. You can open most Presidential Bank accounts online.

Do Presidential Bank checking accounts pay interest?

Yes. Each of the Presidential Bank checking accounts earn interest. The interest rates vary depending on the account and if you meet the requirements.

How do I reach customer service?

By phone, email, fax, or by visiting a branch location. Customer service hours are from 8 a.m. to 10 p.m. Eastern Time, Monday through Friday.

Does Presidential Bank offer bill pay?

Yes. Free bill pay is available with each Presidential Bank checking account. Business checking accounts do not offer bill pay options at this time.

Can I deposit cash?

Yes, at a branch location or at an ATM that accepts cash. Make deposits easily through electronic transfers, direct deposits, or by mailing a check.

How long do transfers take?

The first $200 of the check deposit is available the same day. The remaining amount will fund the second business day. Check deposits over $5,000 may take longer to fund fully.

Can I sign up for direct deposit to Presidential Bank accounts?

Yes. Some accounts require a direct deposit into the account each month. Having a direct deposit is one way to meet the account requirements. Meeting the requirements means you earn the most competitive interest rates.

Bank Contact Information

4520 East-West Highway
Bethesda, MD 20814
800-383-6266

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