1st Commonwealth Bank of Virginia is offering two hot CD specials: a 3.00% APY 6-month CD and a 3.25% APY 12-month CD. Minimum deposit is $1,000. The 12-month CD requires a checking account. These specials don't seem to be listed at the bank's website. A reader mentioned these in the comments, and I just called and verified that they're still available as of today (7/20/09). According to the CSR, these could end at anytime. They've been running these specials for the last 3 months.
In addition to these special CDs, they also list competitive rates on their standard CDs. The most competitive include a 3.25% APY 3-year CD, a 3.85% APY 5-year CD and a 4.00% APY 7-year CD. These rates are listed at the bank's rate table as of 7/20/09.
I was told by the CSR that a branch visit is required to open an account. It's a small, one-office bank located in Arlington, Virginia.
The bank was just established in February of this year, so that explains the high rates (New banks often have great deals to attract deposits). Since it's so new, it doesn't have any ratings for safety and soundness. The bank is a member FDIC (FDIC Certificate # 58773).
Thanks to the reader who mentioned this special in the Daily News & Deals Page. He also mentiond a few other good Virginia CD deals. I'll post on more of these tomorrow.
Other High Certificate of Deposit Rates