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Presidential Bank VS Bangor Savings Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
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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
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Good variety of accounts available
  • Competitive interest rates on CDs
  • Low opening required amounts
  • Many ways to contact customer service

Cons:

  • Cannot open CD accounts online
  • CDs have tiered interest rates
  • Early withdrawal fee is half of interest
  • No ten-day interest rate guarantee
Presidential Bank CD Review

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 For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount.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.

Read the full Presidential Bank review.

Bangor Savings Bank CD Review

There is a good variety of CD terms available through Bangor Savings Bank. The terms range from three-months to 60-months. There are a total of nine different CD terms offered through Bangor Savings Bank.

Bangor Savings Bank CDs offer competitive interest rates. The rates are competitive with other online CDs. Bangor Savings Bank CDs interest rates are slightly lower than other online CD terms. These CD rates are much higher than typical bank rates. Even the short-term CDs offer competitive interest rates.

The opening required amount is the same for each CD term. Each Bangor Savings Bank requires $500 to open. You must keep this balance in your CD to earn the competitive interest rates on these CDs.

There are a number of ways to contact customer service with Bangor Savings Bank. They have branch locations in Maine and New Hampshire. They offer live chat, email, mail, and phone options to contact customer service. You can also follow Bangor Savings Bank on Facebook, Twitter, LinkedIn, and Twitter.

You cannot open any of the Bangor Savings Bank CD accounts online. To open a CD with this bank you must visit a local branch location. Bangor Savings Bank has over 50 branch locations in Maine and New Hampshire.

The CDs available through Bangor Savings Bank have tiered interest rates. To earn the most competitive interest rates you must be a Benefits Plus Customer. To be a Benefits Plus Member you must meet certain requirements. Talk to customer service about those requirements when you open your CD.

If you withdraw money before your CD reaches the maturity date, Bangor charges a penalty. The penalty for most of the CD terms ends up being half of the earned interest of the CD term. For CDs with a term length of 12-months, the penalty is six-months of interest. For 36-month CDs, the penalty is 18-months of interest. The 48-month and 60-month CDs both have the penalty of 24-months of interest.

Bangor Savings Bank does not offer an interest rate guarantee. The interest rate you earn for the life of the CD term is the rate on the day you open the CD. If the rates increase shortly after you open your CD, your interest rate will not increase.

Read the full Bangor Savings Bank review.

Favorite Rates

Barclays
1 Year CD 08/14/2022
APY 2.30%
Rate 2.28%
For APY $0
Monthly Fee $0.00
Checkbook Yes
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
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