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Presidential Bank Review: Local Bank With Competitive Rates and National Online Presence

Review Updated
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Presidential Bank has been a leading financial institution in Maryland, Virginia, and Washington D.C. since 1985. With a focus on personal and business banking, the bank offers a wide range of products and services, including checking and savings accounts, loans, mortgages, and credit cards. In this Presidential Bank Review, we will take a closer look at what the bank has to offer, learn what sets it apart from its competitors, and see whether it is the right choice for your banking needs.

Offer image for
Member FDIC.

Presidential Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Presidential Bank was the first bank in the U.S. to offer its bank accounts over the internet. Although its branches are in the Washington D.C. metropolitan area, it offers competitive interest rates, specializes in smaller (under $2 million) commercial real estate loans, and offers convenient online access. It is part of the MoneyPass and Allpoint ATM networks, giving account holders access to 88,000 surcharge-free ATMs, including those at convenient retailers such as Target, CVS, Walgreens, and more.

Pros
  • Competitive rates on banking products
  • Wide variety of products
  • Access to 88,000 surcharge-free ATMs
Cons
  • Branch locations in Washington D.C.-area only
  • Higher APY at available at other financial institutions
  • High minimum deposit to open Premier Savings and Money Market Advantage Checking
  • High early withdrawal penalty for CDs

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Presidential Bank right for you?

Presidential Bank is a smart choice for you if:

  • You live in the Washington D.C. area.
  • You're comfortable with online banking.
  • You have several thousand dollars to deposit.
  • You don't plan on taking any early withdrawals from a CD.

Savings accounts review

Presidential Bank offers two savings accounts: the Statement Savings account and the Premier Savings account. Here's a closer look at what they offer.

Statement Savings account

The Statement Savings account's APY is in line with the typical rates for a brick-and-mortar bank, which are not especially high. The account can be linked to a debit card for ATM access (checking account required). The $2 monthly fee is waived if you maintain the $100 minimum balance. Presidential Bank offers free personal online banking access as well as email deposit notifications.

  • The Premier Savings account offers a higher APY than the Statement Savings account, but it requires a $5,000 minimum deposit to open. There is no monthly fee or a monthly minimum requirement. This account also can be linked to a debit card, but a checking account is required.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

CD accounts

Presidential Bank offers a variety of CD terms ranging from 30 days to five years. Rates are very competitive and some of the highest in the industry. There is a $1,000 minimum to open one. The bank offers 1, 2, 3, and 5-year CDs for IRAs.

The early withdrawal penalty is calculated based on the number of penalty months indicated below. Presidential Bank has some of the highest penalty rates that we've seen:

CD maturity Penalty
30 to 60 days 30 days interest
90 to 182 days 3 months interest
9 month 4 months interest
1 year 6 months interest
2 years 12 months interest
3 years 18 months interest
5 years 24 months interest
Data source: Presidential Bank

Checking accounts review

Presidential Bank offers eight checking accounts -- Advantage Checking, Regular Checking, Super Checking, Special Checking, Checking PLUS, Money Market Advantage Checking, Money Market Checking, and Internet Checking.

All checking and money market accounts have a $5 monthly fee if the minimum balance falls below each account type's requirement. Overdraft protection is available on all personal checking accounts, as well as automatic overdraft transfer service that enables fund transfers between your checking and/or savings accounts when one is overdrawn.

Advantage Checking

The Advantage Checking account is a checking account that includes online and mobile banking and a debit card. The account offers one of the highest APYs in the industry. However, to qualify you need an electronic monthly deposit of $500 or more and at least seven electronic withdrawals per month. If not, then you will earn a lower interest rate.

There is also a transaction limit of three paper checks per month at no charge. There is a $3 charge per check after that. The first order of checks is free and the bank offers ATM surcharge rebates of up to $8 per month. There is no monthly service charge if you maintain a $500 minimum balance. Free online banking services offered include BillPayer, Standard External Funds Transfer, Mobile Banking, and Mobile Remote Deposit Capture.

  • The Regular Checking account has a lower minimum balance and minimum to open of $100. It also has a debit card and unlimited check-writing privileges, but lower APY than the Advantage Checking Account and in-line with other brick-and-mortar banks. This account is good for those with less money to deposit and who need to write more than three checks per month.

  • The Super Checking account is available to open at a branch location only. There is a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and unlimited check-writing privileges. The account's APY is lower than the Advantage Checking Account and in-line with other brick-and-mortar banks. The Super Checking account also requires an electronic monthly deposit of $200 or more from payroll, annuity, or pension.

  • The Special Checking account is available to open at a branch location only. There is a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and unlimited check-writing privileges. The account's APY is lower than the Advantage Checking Account and in-line with other brick-and-mortar banks.

  • The Checking PLUS account has a $1,000 minimum balance and $1,500 minimum deposit required to open. It offers a debit card and unlimited check-writing privileges. The account requires direct deposit and the account's APY is in-line with other brick-and-mortar banks.

  • The Money Market Advantage Checking account has one of the highest APYs in the industry, but has a $25,000 minimum balance and minimum deposit requirement to open the account. Account balances below the minimum will earn a lower interest rate. It comes with a debit card and limited check-writing abilities.

  • The Money Market Checking account has a $500 minimum balance and $1,000 minimum deposit required to open. It offers a debit card and limited check-writing privileges. The account's APY is in-line with other brick-and-mortar banks. The APY increases as your balance increases.

  • The Internet Checking account has a $500 minimum balance and minimum deposit required to open the account. It offers a debit card and limited check-writing privileges. The account's APY is in-line with other brick-and-mortar banks.

Customer experience

Presidential Bank has an A- rating with the Better Business Bureau. It is a regional bank that hasn't been featured in many other large customer satisfaction surveys. This makes it difficult to assess how its customer experience stacks up to some of its competitors.

According to the bank, Washington Consumers' Checkbook magazine rated Presidential Bank more highly than any other bank or savings and loan in the Washington, D.C., area for "Reasonableness of Fee Policies."

Presidential Bank relationship benefits

Presidential Bank enables you to waive certain fees by meeting the minimum balance requirements. The bank offers a wide range of services, including business banking services. It also offers CardValet®, which can help you establish or stick to a budget.

With CardValet you can set spending limits for general use or specify thresholds by merchant types, such as gas, groceries, or retail stores. You can also establish these controls by location. The flexible app lets you change these parameters anytime with ease via your mobile device. You can easily update your transaction controls to fit your spending needs and stay informed of potential fraud by receiving alerts on attempted and declined transactions.

The bank keeps costs down by limiting the number and size of its branches and by locating them in areas with high concentrations of potential customers. Like other brick-and-mortar banks, Presidential Bank is expanding its presence online, which offers the potential to further reduce the cost of distributing banking products to the consumer. The bank states that it is small enough to give customers the personal attention they expect.

How does Presidential Bank compare?

If Presidential Bank doesn't have what you're looking for, one of these other banks might.

Presidential Bank vs. Quontic Bank

Quontic Bank boasts high customer satisfaction and has over 90,000 no-fee ATMs. This bank offers similar banking products to Presidential Bank. However, Quontic's savings accounts offer higher APYs, it has an A+ rating with the Better Business Bureau, and a 4 out of 5 on Trustpilot with more than 500 reviews. It has no branch locations, however.

Presidential Bank vs. Discover® Bank

Discover® Bank offers competitive rates and no monthly maintenance fees, plus its accounts have no minimum balance requirements. Discover® Bank doesn't have any brick-and-mortar branches, so you have to be comfortable managing your money online.

FAQs

  • Presidential Bank has 10 branches located throughout the Washington D.C. metropolitan area. This includes Northern Virginia and Maryland.

  • Presidential Bank is FDIC insured, and on Oct. 6, 1995, it became the first bank in the United States to offer its bank accounts over the internet. Presidential Bank was founded by the founder of GIT Investment Funds (now called Madison Funds) of Arlington, Virginia, a group of stock, bond, international, and money market mutual funds, which had its origins in 1975.