-
Financial Rates:
5.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low opening required amounts
- Variety of accounts offered
- Online Savings Plus account
- Competitive interest rates
Cons:
- Tiered interest rates on accounts
- CD early withdrawal penalty high
- Checking account has monthly fees
- Cannot open all accounts online
-
Financial Rates:
4.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
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
Third Federal accounts have low opening required amounts. The high yield checking account requires $10 to open. CDs only require $500 to open. Third Federal money market account requires a high amount. That account requires $5,000 to open.
Third Federal offers a variety of accounts. Those accounts include personal deposit and business accounts. Those accounts include checking, savings, and money market accounts. The CDs range in terms from 30-days to 10-years. Lending and credit cards are also offered through Third Federal.
The Third Federal Online Savings Plus account is an entirely online account. This account requires $5,000 to open and to earn interest. There are no monthly fees and no limit on monthly transactions.
Interest rates for Third Federal accounts are competitive. They are higher than other brick and mortar bank accounts. The interest rates are competitive with other online accounts.
Third Federal accounts have tiered interest rates. The money market and savings account require a balance of $100,000 to earn the best interest rates. The checking account requires a $25,000 balance to earn the best rate. Balances under these amounts earn interest, just not the most competitive rate.
Third Federal CDs have high penalties for withdrawing money before the maturity date. CDs from one to three years require six months’ worth of interest. CD terms over four years require 18 months’ worth of earned interest.
The Third Federal checking account has a monthly fee. The fee is $7 a month. Waive that fee by keeping an average daily balance of $1,500 in the account. That average balance can come from all Third Federal accounts or just your checking account.
Not all Third Federal account can be opened online. To open a money market or checking account must be in a branch location. You can open a savings account and CDs longer than 6-month terms online.
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.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.