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Presidential Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon

Pros:

  • Low opening required amounts
  • Good variety of CD terms
  • Competitive interest rates on CDs
  • Can choose how to receive interest rates

Cons:

  • High early withdrawal fees
  • Short grace periods after maturity
  • Limited ways to contact customer service
  • Closing CDs requires notice in writing

What You Need to Know

The Presidential Bank CDs have low opening required amounts. Each of the CD terms require $1,000 to open. You must keep this balance of $1,000 in the CD to earn interest on the account.

There are a good variety of CD terms available through Presidential Bank. The terms range from 30-days to five years. There are a total of eight CD terms offered. You can apply for the CD terms online or through the mail.

All Presidential Bank CD terms offer competitive interest rates. The rates are competitive with other online CD accounts. Their rates are much higher than typical bank rates. Presidential Bank interest rates are not tiered. Any amount over the required opening balance earns the competitive interest rates. The short-term CDs offer interest rates competitive with other online short-term CDs.

Presidential Bank customers can choose how to receive interest earned from CDs. You can have the interest mailed to you in a check each month. You can deposit the interest into another Presidential account. You can also send the interest to an external bank account.

The early withdrawal fees for Presidential Bank CDs are high. For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount. For CDs from 90-days to 182-days, the fee is three-months of interest on the withdrawn amount. The fee for one-year CDs is six-months of interest on the withdrawn amount. Two-year CDs require 12-months of interest. The five-year CD requires 24-months of interest on the withdrawn amount.

The grace periods for Presidential Bank CDs are shorter than other similar online CD terms. The 30-day CD only has a grace period of one business day. The other CD terms have a grace period of seven days. Each of these grace periods start the day your CD reaches maturity.

Presidential Bank has nine branch locations in Maryland, Virginia, and Washington D.C. If you do not live by a branch location, there are limited ways and times to contact customer service. You can reach a representative through phone, mail, or email. Their hours are Monday through Friday from 8 a.m. to 10 p.m. ET.

To close your Presidential Bank CD, you must notify customer service in writing of your decision. They must receive the notification of your plans to close the CD before or during the grace period. You can take the document to a branch location or mail it in to customer service. But, notification in writing is required to close the CD.

Cool Things

Bump Up Rate Option

Presidential CDs offer a one-time option to bump up the interest rate on select CD terms. These terms include the one, two, three, and five-year CD terms. If the interest rates increase, you can increase your interest rate once during the life of the CD. The rate increase will not increase the life of the CD term. The new rate will go into effect within three business days after you request the rate increase.

History

Presidential Bank started in in 1985. The online division of Presidential Bank started in 1995. The online division started as a way to increase customers. They were the first bank to offer bank accounts across the internet in the United States. Presidential Bank was able to accomplish this because they limited branch locations. They also kept locations small and cost effective.

Today, Presidential Bank assets are over $500 million. Their headquarters are in Bethesda, Maryland. They offer accounts online as well as in their branch locations. The accounts offered include checking, savings, and money market accounts. They offer CDs, specific business accounts, and lending options.

Giving Back

Presidential Bank participates in affordable housing programs around their communities. They participate in the Virginia Housing Development Authority. This program helps provide affordable housing to residents in the Commonwealth of Virginia.

Employees of Presidential Bank participate in community organizations. These organizations include Chambers of Commerce, youth programs, and real estate organizations.

Frequently Asked Questions

Is Presidential Bank FDIC insured?

Yes. Presidential Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Presidential Bank offer?

They offer eight CD terms. The terms range from 30-days to five-years.

What is the required amount to open a CD with Presidential Bank?

Each CD term requires $1,000 to open.

How do I deposit money into Presidential Bank CDs?

If you open your Presidential Bank CD online, you can deposit the money through an eCheck. You can also make deposits from another Presidential Bank account or by mailing in a check. If you apply for a CD through the mail, you can fund your account through another Presidential account or by mailing a check.

How do I access my money?

Through a linked external account or by contacting customer service.

Do I have to open other Presidential Bank accounts before I can open a CD?

No. You can open a CD without opening any other CD accounts.

Do Presidential Bank CDs offer competitive interest rates?

Yes. The interest rates for all Presidential CDs offer competitive interest rates. The rates are much higher than typical bank rates. Their rates are competitive with other online CD rates.

Can I choose how to receive my interest payments from Presidential Bank CDs?

You can withdraw interest anytime after the interest credits. You can request a monthly check of the interest or transfer interest to another Presidential account. You can also have the interest sent to an external bank account.

What percentage am I charged if I withdraw money before the maturity date?

CD terms from 30 to 60-days require 30-days of interest. For 90 to 182-day terms, the fee is three-months of interest. For one-year term, six-months of interest is charged. For two-year terms, the fee is 12-months of interest. Three-year terms require 18-months of interest. Five-year terms require 24-months of interest. The amount of interest is figured on the withdrawn amount.

How do I make changes during the grace period?

The CD will automatically renew. To close your account, you must notify customer service with a written request. You can present the written request at a branch location or mail it to customer service.

How will I know my Presidential Bank CD is nearing maturity?

Presidential Bank will email or mail a notice one month before your CD reaches maturity. You must opt in to receive the notification via email. This notice will explain your options. You can view CD information online anytime. CD terms of 30-days will not receive a notice.

How long is the grace period between renewal?

The 30-day CDs only have a grace period of one business day. The other CD terms have a grace period of seven days.

Are Presidential Bank CD rates guaranteed for the entire term?

Yes. Presidential Bank offers guaranteed rates for the life of the CD term.

Does Presidential Bank offer mobile banking?

Yes. With the mobile app you can view accounts and transactions. You can transfer money and deposit checks.

Is Presidential Bank a good bank?

The interest rates for Presidential Bank CDs are competitive. They offer a good variety of terms that have low opening required amounts. You can open the CD terms online or through the mail. The early withdrawal fees are high, and the grace period is shorter than other CDs.

Is Presidential Bank secure online?

Presidential Bank offers security measures that comply with federal laws. This includes secure files. Their building and computers have safeguards.

What is the shortest Presidential Bank CD term offered?

The shortest term is the 30-day CD.

What is the longest Presidential Bank CD term offered?

The longest CD is a five-year term.

Does Presidential Bank offer accounts other than CDs?

Yes. They offer personal checking, savings, and money market accounts, along with CDs. Presidential Bank offers commercial bank accounts.
Those accounts include savings, checking, and money market accounts, and CDs. They also offer different lending options.

Can I use Presidential Bank CDs for my business accounts?

Presidential Bank offers specific business CDs. They are different than the personal CDs. The business CDs offer the same terms as the personal CDs. They also require $1,000 to open.

How do I reach customer service?

Through email, mail, phone, or by visiting a branch location.

Bank Contact Information

Presidential Bank
4520 East-West Highway,
Bethesda, MD 20814
800-383-6266

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Favorite Rates

Sallie Mae
1 Year CD 05/16/2021
APY 0.45%
Rate 0.45%
For APY $2,500
Monthly Fee $0.00
Checkbook Yes
Guaranteed Returns. FDIC-insured peace of mind.
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