Presidential Bank Adds Nationally Available Advantage Checking

Deal Summary: Advantage Checking, 2.25% APY, on qualifying balances between $500 and $25k, 1.25% APY on qualifying balances above $25k.

Availability: Nationwide

Remember Presidential Bank’s rewards checking account (RCA), the Checkless Checking account? It’s been replaced by the Advantage Checking account, which has many of the attributes of the now-defunct Checkless Checking account with two important exceptions: higher APYs and very limited checking writing. The Advantage Checking account earns 2.25% APY on qualifying balances between $500 and $25k. Qualifying balances greater than $25k earn 1.25% APY, which is a higher rate currently offered by the vast majority of online savings account. Non-qualifying balances earn 0.30% APY.

2.25*% $25k Presidential Bank (MD) Advantage Checking
OTHER TIERS: 1.25% $25k+

Rates as of July 11, 2020.

The Qualifying Requirements have remained the same.

  • Minimum $500 direct deposit
  • At least seven electronic withdrawals per month, including ATM, POS, ACH, and bill payments

The Advantage Checking account can be opened with a minimum $500 deposit and the $5 monthly service charge can be avoided by maintaining a $500 minimum balance. There is no charge for the first three checks written per month, but there is a $3 charge for each check thereafter. The first check order is provided at no cost. A free Visa® Debit Card with the CardValet app will be issued after a completed signature card is received by snail mail. Nationwide ATM fees will be reimbursed up to $8 per month, if qualifying requirements are met. Presidential participates in the Allpoint® and MoneyPass® Surcharge Free ATM Networks.

Thanks to DA reader, deplorable_1, for his comment about this new RCA in this week’s Liquid Summary. deplorable_1 referenced a Doctor of Credit May 15, 2020 “Offer at a glance,” which contains some old information: DoC referred to the RCA as the Checkless Checking account and stated there was a $50 opening bonus. Neither Checkless Checking or the $50 bonus are available.

Opening a New Account

Accounts can be opened as individual, joint, custodial, or trust accounts (with or without EIN). As stated on the online application,

By choosing “eCheck”, when completing the new account application, Presidential will draft a physical check to transfer funds from another bank account in your name at any other bank, anywhere in the United States, to make your initial deposit. eChecks can only be used to draft funds from a checking account.

Online applicants may also elect to mail in their initial deposit with the signature card printed out after the online application is submitted. However, no interest is earned until the initial deposit is received.

New accounts can also be funded from a current Presidential account.


Headquartered in Bethesda, Maryland, Presidential Bank was the first U.S. bank to offer its bank accounts via the internet (1995). Accounts can be opened by U.S. citizens and resident aliens who have a valid Social Security number.

An Advantage Checking account can be opened online or by snail mail. Even if the application is done online, a signature card must still be signed and sent by snail mail.The application is available as a fillable PDF, which can be printed after completion and returned with the initial deposit by snail mail. This form cannot be submitted online.

If you prefer a brick-and-mortar experience, Presidential Bank also has nine full-service branches located in the District of Columbia, northern Virginia (6), and Maryland (2).

Our branches continue to remain open for business as usual, but we encourage customers to use our convenient online and digital banking services, avoiding person-to-person contact, if they prefer.

Bank Overview

Presidential Bank has an overall health grade of “A+” at, with a Texas Ratio of 3.04% (excellent) based on December 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $77.45 million, an excellent annual growth rate of 16.67%. Please refer to our financial overview of Presidential Bank (FDIC Certificate # 32363) for more details.

Presidential Bank is one of the first banks I ever wrote nearly 15 years ago. Established in 1985 by the founder of GIT Investment Funds of Arlington Virginia, the Bank was originally known as the Presidential Savings Association. Presidential’s growth was jump-started from 1992 to 1997 by “purchasing performing loans acquired from failed commercial banks and thrifts.” The 2008 mortgage crisis provided Presidential the “opportunity to more than double the size of its mortgage lending group.” Presidential Bank is currently the 13th largest bank headquartered in Maryland, with assets in excess of $617 million.

How the Advantage Checking Compares

When compared to the nationally available High Yield Rewards Checking Accounts tracked by that have maximum qualifying balances of at least $25k, Presidential Bank’s Advantage Checking APY* currently ranks second.

Interest Rate Account Name Credit Union/Bank
3.00% APY Kasasa Cash ($25k max) The Bank of Denver
2.25% APY Advantage Checking ($25k max) Presidential Bank
2.01% APY Kansas Cash ($50k max) First Security Bank & Trust

The above rates are accurate as of 7/11/2020.

To search for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at may not reflect the latest rates published by the banks and credit unions.

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