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.
- 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.)