Presidential Bank vs. everyone else

[34saving]

Well, since Jose brought it up I went to Presidential and checked it out a bit. Seems legit and all, but can anybody give me a good reason why their checking/saving interest rates are quite a bit higher than their CD rates? Does anybody have direct experience with the banking process over there?

[terry1156]

No experience with them. Just checked out the site myself. There is a $5000 minimum to avoid fees, so it isn't a place to keep money that you might need (unlike ING with no minimum required)

"Minimum to open $5000, minimum balance to avoid monthly fees, $5000. Presidential Bank reserves the right to close this account to additional customers at any time. Only one Premier Savings Account per primary taxpayer identification number."

Since that minimum must stay there, other investments might be a smarter move.

[jmjj215]

I used President's about 2 years back for a CD and it went okay except they had this very small window in which you could withdraw your money after the cd term was up. We missed it twice so a 3 month CD turned into 9-month. That was pretty annoying. And the fact that they (at least 2 years ago) didn't really allow you to do the stuff online. All snail-mail, which I found annoying.