Presidential Bank is still pushing for their Premier Savings Account which is a high interest savings account that earns 1.25% APY for deposits up to $$35,000. Funds above the $35K line earns 0.75% APY. The bank asks for an initial funding of $5,000 when you open the savings account.

This money in the bank deal does not entail any monthly service fees. The bank also does not require any minimum balance to be maintained.

You can use the online application if you want to open an account. Presidential Bank will send you a packet about the Premier Savings Account along with a signature card that you must accomplish and send back to them. The bank will ask for a copy of your driver’s license and another proof of identity.

You can send in the initial funds via ACH transfer. The transaction usually takes around 4 banking days to complete. The bank limits your transaction to $15,000 on a daily basis and $25,000 every month.

Once you open this high yield savings account, you get free access to online banking, archived bank statements, deposit confirmation via email, copy of checks and other transactions online.

The interest of the savings account is compounded and credited to your account every month. The interest rate of the Premier Savings account with Presidential Bank has been pretty steady the past few months despite the fall of interest rates being offered in the market.

Since 1985, the bank has been indexed with the FDIC.