Presidential Bank Offers 3.5% APY

This article was written by Luke Landes in Saving. 6 comments.

I have updated the savings and checking interest rates table to include Presidental Bank‘s savings account offering 3.50% APY. Is a rate competition between internet banks heating up?

Relatedly, Marketwatch published an article about the tiered interest rate system that some of these banks use, favoring customers with more money. The tiers that I’ve seen run in the opposite direction than the ones noticed by the article’s author, however.

Updated February 6, 2012 and originally published May 17, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.

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Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by Luke Landes.

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{ 3 comments }

George: Thanks for pointing out the Presidential Bank savings rate. Have you tried it out yet?

I’ve been with INGDirect for quite a few years, and I have been happy with them until now. However, there are now several banks with higher interest rates than INGDirect pays.

George
Flexo ♦126,568 (Platinum): I have not yet tried out Presidential Bank. I’ve only strayed once from ING Direct and that has been to try out Emigrant Direct.
Katrina: While Presidential Bank does offer some good rates, they quite often are tiered to those high dollar accounts. I’ve been pleased with their service. In a post on http://www.jobvent.com, sounds like their employees have some great job benefits