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2.75% Interest Checking Account at Presidential

Contributed by mm | November 1, 2003 09:31 AM PST



Presidenitial Online Bank offers a checking account paying the highest interest of 2.75% according to Bankrate.com's Checking Study Fall '03. The bylaws of the checking account (called "Internet Checking Plus") are quite reasonable:

- $1,500 minimum to open
- $1,000 minimum balance to avoid monthly service charge of $5.00
- $2.75% interest rate for the first $25,000 in the account. Above that, interest rate is currently 1.50%.
- Requires an electronic monthly deposit of $200 from payroll, annuity, pension or business account.

Benefits:

- Bill payment is free
- No-charge ATM usage at Honor/Star or Cirrus location

Flip side? The web site really looks amateur. I'll be very hesitate to try it out for the sake of 0.75% interest advantage compared to my current NetBank account, unless it offers some promotional bonus.

(This post is part of PFBlog Product Review series. Check out more reviews here.)

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This post has 2 comments. Read and share your opinions.
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Comments
>>> bob Commented on June 21, 2005

Presidential definitely has some good rates. After looking through other reviews, including one that directed me to www.jobvent.com, maybe if the CIO spent less time in "private" meetings with fellow employees the web site would be a little more professional looking


>>> JC Commented on August 14, 2005

Frankly, I don't care about the amateurish website. It works. No frills, bells or whistles. That's just the way I like it.

Currently I'm getting 3.75% on my CHECKING account. As of today (15 August, 05), that's higher than Emigrant, ING, Virtual Bank and all the rest.


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