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Presidential Bank VS Rising 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: 5.0 Star Icon
  • Customer Service: 2.0 Star Icon
  • Variety of Terms: 4.0 Star Icon
  • Required Opening Amount: 4.0 Star Icon
No Rate Information
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Pros:

  • Regular CDs have low opening amounts
  • Competitive interest rates on CDs
  • Can open accounts online
  • Rising CDs offers rate increase

Cons:

  • Limited CD terms available
  • High opening amounts for some CDs
  • Interest credits every three months
  • Limited ways to reach customer service
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 For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount.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.

Rising Bank CD Review

The regular CDs offered through Rising Bank have low opening required amounts. These CDs only require $1,000 to open. You must keep this amount in the CD to earn interest. If your account balance falls below $1,000, your CD will not earn interest.

The interest rates for Rising Bank CDs are competitive. Their rates are higher than typical bank CD rates. Rising Bank rates are competitive with other online CDs of the same term length. The CDs do not have tiered interest rates. Any amount over the required opening deposit earns competitive interest rates.

Rising Bank is a completely online bank. You can open any of their accounts online. The process of opening an account is entirely online. They offer a high yield savings account and CDs. The CD terms range from one-year to three-year terms. The CDs come in regular, jumbo, and Rising CDs.

Rising Bank offers a Rising CD. These CDs come in 18-month and 36-month terms. If the interest rates increase during the CDs term, you can increase your CDs interest rate. Once the rate increases, you can also add money to your CD. You can increase your rate once during the 18-month CD term and twice during the 36-month CD term.

Rising Bank offers different types of CDs, but they do not offer a wide variety of term lengths. In the regular CDs, they only offer a one-year, two-year, and three-year CD. The jumbo CDs are available in a two-year term. The Rising CDs are available in 18-month and 36-month terms.

Rising Bank CDs and jumbo CDs have high opening amounts. The Rising CDs require $25,000 to open. The jumbo CD requires $100,000 to open. You must keep these balances in the account to earn interest. If your balance falls below this amount, you will not earn interest.

The interest earned on Rising Bank CDs credits to your account every three months. When the interest is credited, the money is added to your CD amount. If you close your CD before interest credits to your account, you will not receive the interest earned.

Because Rising Bank is an online bank, there are no branch locations. You can only reach customer service through email or telephone. Their website says their customer service is personalized to each customer. The ways to reach customer service is just limited.

Read the full Rising 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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