Presidential Bank Raises Checking and Savings Rates to 3.5% and 3.75% APY

As I mentioned in my latest Net Worth update, my savings and free money borrowed at 0% interest are earning 3.75% APY now, thanks to a recent uptick in the Presidential Bank Premier Savings Account (mentioned previously). In addition, the money in my checking account there (Presidential Bank Checking Review) is now earning 3.5% APY. This is good news for people like me who are saving up for a downpayment in the future and not trying to get a low low mortgage rate right now. At 3.75%, my current cash holdings of $58,000 would earn $2,175 a year. Not bad, hopefully inflation will stay at bay as well.


  1. haha0550 says:

    hi, just wondering how long the fund will be avaliable in your presidential premier savings account after you transfer money. and by the way, if you initiate the in-bound transfer from your Premier savings account, when do they start earning the interests, the same day or day after or even the day when the fund become avaliable?

  2. Well, I usually transfer money into the Premier Savings directly from my Checking Plus account, and that is instantaneous.

    Here is the link to their specific Deposit Account Rules, but here is a snippet – “We use the daily balance method to calculate the interest on your account. This method applies the daily periodic rate to the principal in the account each day.” So I guess the same day your deposits post?

    As for funds hold times, please see this link. It depends on if it is a electronic transfer (same day) or check, etc. (more). Hope that helps!

  3. It’s refreshing to see somebody content with 3.75% interest rates. Many years ago (1981), I was getting approx 19% on my regular savings account. Even 10 years ago a person could get 10-12% on savings. I guess I got a little spoiled with those rates at that time.

    Good for you for saving that kind of money!!

    Financial Maturity Blog

  4. hey hey, FYI:

    gues who’s in the WSJ, again?,,SB112155008093087597,00.html?mod=sunday%5Fjournal%5Fprimary%5Fhs

  5. Hi, Have you ever thought about buying some silver bullion? Did you know that there is more gold bullion in the world to invest in then there are silver bullion. Do some DD and read some Theodore Butler. Go to my blog and I posted his latest.

  6. Just a note re: the 3.75% from this page:

    A Presidential Premier Savings Account pays you 3.75% APY on balances up to $35,000. Balances in excess of $35,000 earn a competitive 2.50% APY.

    So, your calculated interest earning per year would be a bit less.

  7. Yes, that is a good point that I’ve mentioned before, but I missed this time. To clarify, the Internet Checking Plus account pays 3.50% for balances up to $25k, and the Premier Savings pays 3.75% for balances up to $35k. So together, you could have $60k of balances paying ~3.65% interest.

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