Presidential Bank Premier Savings Account at 3.50% APY Interest

I forgot to post this earlier, but Presidential Bank, home of the 3.25% APY Interest Checking Account, is now offering a Premier Savings Account paying 3.5% APY interest (on balances below $35k). This beats out Emigrant Direct @ 3.25% and UFB Direct @ 3.30%.

Unfortunately, this is not the same type of “No fees, No minimums” savings account that ING Direct, VirtualBank, Emigrant Direct, etc. offer. You’ll need $5,000 to open and also maintain a $5,000 minimum balance to avoid a $7.50 monthly charge. Also, if you don’t already have a Presidential Bank checking account, they will pull a credit check on you.

However, as I already have a checking account with Presidential and I like their service, this account will be a great complement to it. I can deal with the $5k minimum at least for now. I can make transfers between accounts instantaneously, with a max of 6 withdrawals out of the savings account per month (common rule for all savings accounts). Look for a proper review of Presidential Bank coming up.

Find more in Deals & Offers | 6/5/05, 7:15pm | Trackback