Presidential Online Bank Online Savings Account Rates

Presidential Online Bank has been in operation since 1995 and boast that they are the first online bank to exist. But that is just the online portion of the bank since the main branch of Presidential Bank was started in 1985.

The main branch of the bank operates out of Maryland however the online branch expands beyond the state with customers all over the country. Because online banks have lower operating costs they can offer much more competitive interest rates.

Currently the Presidential Online Bank online savings account rates are at a 1.25%. This rate places the bank right in the midst of the pack for online savings accounts and should definitely be considered. The account does require a minimum deposit of $5,000 to open the account, but there is no minimum balance once it’s open.

There are also no fees associated with the account, which will save you money in the long run. Keep in mind that the 1.25% APY is only for balances up to $35,000. Anything over that amount will earn a 0.75% APY, which is still a very competitive rate.

Another tool that you have with a Presidential Online Bank savings account is 24/7 access to your account. Not only can you get online access to your account at any time but also you can call the bank’s customer service number anytime as well. No matter what you need to do, you can do it any time that is convenient for you.

You do get statements for the account in the mail, but Presidential Online Bank will also keep an archive of these statements online as well. These online archives also include images of checks and deposit items. Anytime you make a deposit you can get confirmation by email, which is especially useful if you have an automatic deposit set up on the account.

That way you don’t have to check to see if it went through alright, you will get an email confirming that everything is fine. All of these benefits and the competitive rates make Presidential Online Bank a worthy consideration.