Presidential Bank 4.63% APY Checking (With Requirements)

Update 2/25/23: The rate is now 4.625% on up to $25K and 3.625% on higher balances.

Update 12/14/22: Now 4%

Update 11/1/22: Up to 3.75% now on balances up to $25,000 and 3% above that

Update 9/10/22: This page now shows 3% APY on balances up to $25,000 and 2.5% on balances over $25,000.

Update 6/30/22: Over $25k earns 1% now

Update 1/2/22: $50 bonus no longer available as checkless checking is no longer a valid account and new account name is ‘Advantage Checking’.

Update 11/6/21: $50 bonus is back. Hat tip to Dan

Update 9/16/20: $50 bonus is no longer available. New account is now called Advantage Checking account.

Offer at a glance

Maximum bonus amount: $50 (plus, 2.25% APY on up to $25,000; 1% beyond that)
Availability: Nationwide
Direct deposit required: Yes, $500 minimum
Additional requirements: 7 electronic withdrawals per month
Hard/soft pull: Soft
Credit card funding: None
Chexsystems: Yes
Monthly fees: None (with $500 minimum)
Early account termination fee: None mentioned
Household limit: None listed
Expiration date: None mentioned
Insured: FDIC

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
4 Our Verdict

The Offer

Direct Link to offer

Presidential Bank Checkless Checking offers a $50 bonus and 2.25% APY on balances up to $25,000 when the following requirements are met:
- An electronic monthly deposit of $500.00 or more from payroll, pension, social security, or annuity is required.
- Seven (7) electronic withdrawals per month are required (electronic withdrawals include: atm, pos, ach and billpayments).
Requirements must be met the first 90 days in order to get the $50 bonus.

Amounts greater than $25,000 earn ~~1.25%~~ .~~65%~~ .40. Accounts that do not meet the deposit or withdrawal requirements will earn a lower rate as disclosed on the rate schedule. Deposit and withdrawal requirements are waived for the first month the account is in this product. The posting date will be used to determine transaction qualification.

The Fine Print

New checking account customers only.
May not have had an active Presidential Bank checking account within the last 12 months to be eligible for the bonus.
Must meet account requirements for the 90 days immediately after the account opening to receive the $50 bonus.
Bonus will be deposited directly into the new Checkless Checking account between 90-120 days after account opening.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

No monthly fee if you maintain $500 minimum balance. If your balance falls below the minimum, there is a $5 monthly service charge.

Our Verdict

When initiating the signup process, the system seems to allow applications from any state; let us know if you find out otherwise. There is language there about a credit check, and we don’t yet know if this is a hard pull or soft.

We don’t usually post $50 deals, but in this case there’s also the 2.25% APY on up to $25,000 angle which can make the account somewhat worthwhile on an ongoing basis. If you figure that a regular high-yield account currently offers 1.25%, then you’ll end up with an extra 1%, or $250 per year. There are requirements to get this, though, so it’s not ‘easy money’. Some might find it worthwhile, especially with the initial $50 sweetener. I don’t think most people will find it worthwhile to open this just for the $50 bonus.

If this turns out to work nationwide and people find it worthwhile, we’ll add it to the best checking & savings bonus page.

Hat tip to reader Gadget

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