Preferred Bank Review 2025: Services, Rates, and Key Information

Savings Rates

Preferred Bank offers competitive variable-rate savings accounts for individuals, trusts, estates, and non-business entities. Rates depend on market conditions and minimum balance tiers; exact APYs require contacting a branch or checking online.

CD Rates

Preferred provides fixed-term Certificates of Deposit for personal and business clients. These CDs offer monthly compounding and fixed APYs. Rates fluctuate, so you'll need to request current information via branch or phone.

Interest Rates (General)

• Savings: variable, tiered based on balance
• CDs: fixed during term, compounded monthly
• IRA CDs: fixed rates available

Credit Card Variety

Preferred offers credit cards as part of its personal and business services suite. However, disclosures on types (rewards or business) are limited—you’ll need to inquire directly for details.

Wire Transfer Limits, Fees & Instructions

• Transfer limits: Not publicly published—ask your banker.
• Fees: Likely charged per transfer; may include wire initiation and beneficiary charges. Reach out for accurate details.
• Instructions:
• 1. Login → Fund Transfers
• 2. Choose domestic or international
• 3. Enter recipient details (name, account/Routing or SWIFT, address)
• 4. Confirm and submit.

Federal Tax ID

Preferred Bank is FDIC-insured (FDIC Certificate #10628). Their Employer Identification Number (EIN) isn’t disclosed online; direct request at a branch or via support is necessary.

ATM Fees

Preferred Bank provides Visa® debit cards, but information on ATM fees and reimbursements isn't available online. Ask your branch about out-of-network ATM access and related charges.

Tax Documents

You will receive IRS tax forms like 1099 INT for interest income. Business accounts and retirement products may vary; consult a tax advisor for specifics.

Account Types

• Personal: checking, savings, CDs, IRAs
• Business: checking, savings, CDs, sweep accounts
• Merchant services; treasury solutions
• Foreign currency/wire services
• Commercial & real estate loans, SBA lending

SWIFT Code

Your international wires will require a Preferred Bank SWIFT/BIC code—not listed online. Contact customer service or your branch to confirm the correct code.

Transfer Limits

• Internal transfers: likely high or unlimited
• External wire transfers: defined per-account and per-day—verify with your banker.

Products Overview

• Retail banking: checking, savings, CDs, debit/credit cards, online/mobile banking
• Commercial banking: loans, treasury, trade finance, SBA lending
• International banking: foreign currency and wires
• Merchant & merchant services

Savings APY

APYs change with market conditions. As of recent benchmarks, high-yield savings rates nationwide reach ~3.8–4.4%, but Preferred Bank's current APY isn’t publicly listed—please contact a branch.

Platinum Withdrawal Limits

Preferred Bank follows federal withdrawal rules (Regulation D): up to 6 withdrawals per month from savings or money market accounts. Confirm any individual account thresholds with the bank.

Customer Contact & FAQs

• Toll-free at (888) 673-1808 from 8:30 AM - 5:30 PM (PST), Monday - Friday
• Online Banking: through their website
• Mail & Email: inquire in branch