Like their fine checking account, this account also has a limited amount on which you can earn the higher rate. In this case, it's $35000. Amounts over this earn 2.25% APY.
No monthly fees if you maintain the minimum balance.
You can read the details on their web page.
I'll also add this to the Daughter of the Mother of... thread.
Edit: The actual interest rates are 3.45% and 2.23%.
Update: As of July 5th, the Premier Savings Account now pays 3.75% APY on balances up to $35K and 2.50% APY thereafter. The actual interest rates are 3.69% and 2.47%, respectively.
Edit by Moderator: Clarified Title Edit by Moderator: Clarified Title
*Presidential. Premier Savings Account pays a 3.50% Annual Percentage Yield (APY) on balances up to $35,000, 2.25% APY on any portion of balance in excess of $35,000. Minimum to open $5000, minimum balance to avoid monthly fees, $5000. Presidential Bank reserves the right to close this account to additional customers at any time. Only one Premier Savings Account per primary taxpayer identification number.
slimcustomer
Senior Member - 1K
posted: May. 12, 2005 @ 11:19p
Cheezy website scares me. What have people's experiences been like with this bank and account?
fatsoccer
Member
posted: May. 12, 2005 @ 11:21p
Hey, they're very good. I've been with them for over 1 year and very happy. As long as a bank is an FDIC member, you got nothing to worry about.
slimcustomer said: Cheezy website scares me. What have people's experiences been like with this bank and account?
dvlprone
Cranky Member
posted: May. 12, 2005 @ 11:32p
I agree.
I have been with them for more than a year and do all my bill pay through them. I also have a branch near my place and go there once in a while to deposit money. They are awesome.
fatsoccer said: Hey, they're very good. I've been with them for over 1 year and very happy. As long as a bank is an FDIC member, you got nothing to worry about.
slimcustomer said: Cheezy website scares me. What have people's experiences been like with this bank and account?
bill777
Happy Member
posted: May. 12, 2005 @ 11:38p
Thanks OP.
Anyone knows about ACH in/out feature of this account?
bedrocked
Senior Member - 1K
posted: May. 13, 2005 @ 12:24a
i've been with presidential for over a year and they rock. no need for emigrant/ing.
scanchain
Senior Member
posted: May. 13, 2005 @ 12:45a
Thanks OP! Give you green. I am thinking over this one, because it needs $5k commitment. The low balance fee is $7.50.
****Banking Regulations limit the number of pre-authorized or telephone funds transfers to your other accounts or third party transactions to six (6) each 30 day period; no more than three (3) can be by check or draft. If you routinely exceed these withdrawal limitations, the bank may close the account.
zock
Member
posted: May. 13, 2005 @ 10:46a
Does anyone know if Presidential transactions (both savings and checking) can be downloaded into Quicken software?
mdcubsfan
Senior Member
posted: May. 13, 2005 @ 11:15a
hi - just called presidential - they do not support quicken 2005 and will not support quicken in the future; however, they do support money.....
anyone else with experience with this bank? been planning to put some money into emigrant for a while, but if this is good and legit, that's where the money'll roll!
Presidential has consistently been one of the top interest rate banks for a while. This is just them retaking the lead. Its 'hot' because they had let it slip for a few months and now they are showing that they won't be left behind.
Please search this forum. We've talked about Presidential more than a few times. They are very reputable and not likely to drop the rate in some sort of 'teaser' fashion.
Mark
razorweb
Ancient Member
posted: May. 13, 2005 @ 12:27p
They do a hard pull and whats worse, they reject applicants sometimes for no reason. I think once they fill their quota they have no interest in additional accounts.
niktobos said: ****Banking Regulations limit the number of pre-authorized or telephone funds transfers to your other accounts or third party transactions to six (6) each 30 day period; no more than three (3) can be by check or draft. If you routinely exceed these withdrawal limitations, the bank may close the account.
That's a federal restriction on savings accounts and applies to all of the savings account/MMA deals posted in the Daughter of the Mother of... thread, including places like WFB, UFB, ING, Emigrant, etc.
ccrzhh
Senior Member - 1K
posted: May. 13, 2005 @ 1:55p
slimcustomer said: Cheezy website scares me. What have people's experiences been like with this bank and account? It's OK. They have just been keeping their design since 1995 being America's 1st Online Bank according their home page. Overall, the service is good.
ccrzhh
Senior Member - 1K
posted: May. 13, 2005 @ 1:57p
razorweb said: They do a hard pull and whats worse, they reject applicants sometimes for no reason. I think once they fill their quota they have no interest in additional accounts. They are strict with your home address in the credit report. What is worse, they do not disclose the reason and don't accept phone bills, etc. as a workaround. Check the credit reports first!
Like their fine checking account, this account also has a limited amount on which you can earn the higher rate. In this case, it's $35000. Amounts over this earn 2.25% APY.
No monthly fees if you maintain the minimum balance.
You can read the details on their web page.
I'll also add this to the Daughter of the Mother of... thread.
Edit: The actual interest rates are 3.45% and 2.23%.
The actual interest rates are 3.45% and 2.23%
Aren't we getting 3.25 at EDB with not monthly fee and no min. balance requirement? So this is for additional 0.20%..... Hmmmmmmm......... I wonder are the efforts in opening new account, transferring funds etc. worth an additional 0.20% in interest? Probably not.....
No thread crapping ... but I will stick with my EDB account.
Still I am not comfortable with monthly fee... For BT, better option would be .six month - one yearh CD with 3.83 - 4.11%
bassmanben
Frivolous Member
posted: May. 13, 2005 @ 2:20p
ccrzhh said: Still I am not comfortable with monthly fee... For BT, better option would be .six month - one yearh CD with 3.83 - 4.11%
those are fine as long as you can make the minimum payment on your credit cards out of your own personal cash flow.
Savings accounts/MM checking accounts are nice because you can pull the earnings/principal out to make your minimum payment if you don't have the sufficient outside cash flow to pay out of your bank.
ccrzhh
Senior Member - 1K
posted: May. 13, 2005 @ 2:25p
bassmanben said: those are fine as long as you can make the minimum payment on your credit cards out of your own personal cash flow. You can split and put several hundreds/thousand(s) into ED/UFB/Presidential Checking if this is a problem.
SeattleNative
Senior Member - 1K
posted: May. 13, 2005 @ 2:52p
3.45% rate is great (3.50% APY). However, NO ATM access to this account. Unless you live in the DC area and visit a Presidential Bank branch and can make an in-person withdrawal, all of your withdrawals would be "restricted" - apparently including checks you write to yourself for cash (unless cashed at a Presidential Bank branch).
Banking Regulations limit the number of pre-authorized or telephone funds transfers to your other accounts or third party transactions to six (6) each 30 day period; no more than three (3) can be by check or draft. If you routinely exceed these withdrawal limitations, the bank may close the account.
spotrun said: j The actual interest rates are 3.45% and 2.23%
Aren't we getting 3.25 at EDB with not monthly fee and no min. balance requirement? So this is for additional 0.20%..... Hmmmmmmm......... I wonder are the efforts in opening new account, transferring funds etc. worth an additional 0.20% in interest? Probably not.....
You're getting 3.2% for an APY of 3.25% at EDB. Presidential is 3.45% with an APY of 3.5%. The difference is 0.25%. If you're using it exclusively as a savings vehicle, then you won't incur the monthly fee, and it's worth moving.
Of course, if you have wads of cash and will overrun the $35K limit, you're better off at EDB
You may have to call and confirm anyway. Some banks have multiple routing numbers for different purposes.
Skipping 255 Messages...
Xeon852
Senior Member - 1K
posted: May. 23, 2007 @ 1:25p
mks004 said: According to the schedule of fees, Presidential charges $3.50 for outgoing funds transfer. Does it only apply for ACH transfer initiated on their site? What if I do a pull from another bank? Only through their CashEdge system.
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