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Now Offering - One-Time CD RATE BUMP UP


Eligibility: NEW or RENEWED 1 Year or longer term CERTIFICATES OF DEPOSIT – Effective August 10, 2015

Certificates of Deposit (Branch & Internet)

Certificates are available for Personal and Commercial Accounts
IRA Certificates are available in Branch Only

Special Features: Bump Up Rate Option, Free Online Banking & Mobile Banking

Bump Up Rate Option: During the term of a 1, 2, 3 or 5 year Certificate of Deposit (CD), opened or renewed on or after August 10, 2015, you may choose to Bump Up (adjust) the interest rate to the prevailing interest rate for the same maturity CD without changing the maturity date or incurring a penalty. The Bump Up option can only be exercised once during the term of the certificate.


For example, if the rate on your Bump Up CD, at the time you opened the account was 1.50%, and the rate on that product rises to 2.00% at some point prior to maturity of the account, you may request the interest rate on your account be increased by the .50% to that then current rate. Your request to Bump Up your interest rate must be submitted to Presidential Bank (the Bank) in writing or via Secure Email within Personal Online Banking. Written requests can be delivered to a bank branch location, faxed to 301-951-3582 or mailed to the following address:

Presidential Bank
4520 East-West Highway
Bethesda, MD 20814
Attention: Deposit Operations

The Bump Up interest rate will become effective within three (3) business days after we receive your notice. The Bump Up interest rate will be paid for the remaining term of your CD. A one-time interest rate increase will not extend the original maturity date of your CD. Interest Rates are not tied to any index and are established at the sole discretion of Presidential Bank. There is no guarantee that the CD offering rates will increase prior to the maturity of your CD. The Bump Up feature offering can be terminated at any time.

Minimum to Open: $1,000.00

Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield are included in the rate Schedule. The interest rate and annual percentage yield will not change for the term of the Certificate of Deposit unless you exercise the one-time rate Bump Up option. You must maintain a minimum balance of $1,000.00 to obtain the disclosed annual percentage yield. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Interest begins to accrue on the business day of your deposit. Interest is compounded and credited monthly on the last business day of the month for certificates with a maturity of one year or more. Interest is compounded and credited at maturity for certificates with a maturity of less than one year.

The rate for each renewal term will be determined by the Bank on or just before the renewal date. You may call us on or after the maturity date and we can tell you what the interest rate will be for the next renewal term. 

Balance Information: The Bank uses the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Limitations: You may not make additional deposits into this account during a term (other than credited interest). You cannot withdraw principal from the account until the maturity date.

If you withdraw any of the principal before the maturity, the Bank will impose a penalty. The penalty will vary depending upon the term of the certificate.

Certificate Term Penalty Grace Days
1 year 6 months 7 calendar days
2 years 12 months 7 calendar days
3 years 18 months 7 calendar days
5 years 24 months 7 calendar days

The early withdrawal penalty equals the amount of interest that would have been earned during the number of penalty months shown, at the CD interest rate, on the amount withdrawn (whether or not such interest has actually been earned).  In certain circumstances such as an IRA account, the death or incompetence of an owner of the account, law permits, or in some cases requires the waiver of the early withdrawal penalty.

Renewal Policy: Certificates will automatically renew. Each renewal term will be the same as the original term, beginning on the maturity date (unless we notify you in writing before a maturity date of a different term for renewal). The prevailing rate of the equivalent product at the time of renewal will apply for each renewed certificate. You must notify us in writing before, or within, the specified grace period if you do not want the certificate to automatically renew.

Interest earned during the term that is not withdrawn during the term or the grace period is added to principal for the renewal term. Interest will accrue after final maturity. No maturity notices will be mailed for 30 day certificates. Upon request the Bank may email a Certificate of Deposit maturity notice.