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Presidential Bank VS First Internet Bank of Indiana

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: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
2.58%APY
CD Account
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Pros:

  • Competitive interest rates offered
  • Low opening required amount
  • Good variety of CD terms available
  • Variety of options on how to fund CDs

Cons:

  • Early withdrawal fees are high
  • Closing CDs may have a check fee
  • New customers need approval
  • Cannot transfer money from CDs
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 For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount.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.

First Internet Bank of Indiana CD Review

The First Internet Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. First IB CDs offer interest rates much higher than typical bank rates. All the different CD terms offer competitive interest rates.

The amount required to open First Internet Bank CDs is low. CD terms requires $1,000. That amount is low compared to some online CD accounts. With that $1,000 required amount, you can open any of the First IB CD terms.

First Internet Bank offers a good variety of CD terms. The terms range from 3-months to 60-month CDs. They offer a total of eight CD account terms. All the CD terms are online CDs. You can apply for any term length online through the First IB website.

First Internet Bank offers a variety of ways to fund the CD. You can deposit money through an ACH transaction or deposit a check. You can set up a linked external account and make an electronic transfer. You can also send a wire or use a credit card for the initial funding of the CD. They do not accept third party checks.

First IB charges a fee for withdrawing money before the maturity date. The fees are high compared to other CD accounts. For three-month terms, the fee is 90 days of interest. For terms from 6-months to 18-months, the fee is 180 days of interest. The fee for CD terms from 24-months to 60-months is 360 days of interest.

First Internet Bank may charge a fee based on how you choose to receive your money from closed CDs. There is not a fee if you deposit the money into your First IB checking or savings account. If you request a check when you close your account, there is a $5 fee per check.

When you apply for an account, First IB must approve your account application. Once you complete the application, they will review your application. If you are approved, First IB sends an email within two business days after they review your account. If you already have a savings or checking account with First IB you do not need approval again.

First Internet Bank does not allow you to transfer money out of your CD accounts. They offer a fund transfer service, but their CD accounts are not eligible. Other First IB accounts charge a $5 fee to transfer money from a First IB account to an external account.

Read the full First Internet Bank of Indiana 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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