2 replies to this topic

[markber]

LINK


Info from the website:

EARN A VARIABLE 3.50% ANNUAL PERCENTAGE YIELD ON YOUR SAVINGS

• A Presidential Premier Savings Account pays you 3.50% APY on balances up to $35,000. Balances in excess of $35,000 earn a competitive 2.25% APY.

GET THESE FEATURES WITH YOUR PREMIER SAVINGS ACCOUNT

• FREE 24/7 real time PC banking with online balances, statements and transfers between accounts
• FREE online archive of bank statements (you still get these in the mail too)
• RECEIVE Deposit Confirmation via email

OTHER BENEFITS AVAILABLE FROM YOUR PRESIDENTIAL PREMIER SAVINGS ACCOUNT, IF YOU QUALIFY

• At your option, make your regular deposits electronically, using Direct Deposit
• Apply online or by phone for home mortgages, home equity loans, car loans
• No monthly account fees, if you maintain the minimum balance

[doglar]

I am used to bank tiering upwards - the more money you put in, the higher the interest rate. I am not sure I understand the motivation in the downward tiering. In essence they are saying we want your first 35k cash more than most banks, but don't want the rest of your cash....there must be a catch that makes this bank not so attractive....

[markber]

I am used to bank tiering upwards - the more money you put in, the higher the interest rate. I am not sure I understand the motivation in the downward tiering. In essence they are saying we want your first 35k cash more than most banks, but don't want the rest of your cash....there must be a catch that makes this bank not so attractive....

I guess they just can't afford to pay high interest rates on deposits above 35K.