Dedicated to Deposits: Deals, Data, and Discussion

3.00% 12-Month CD & 2.70% 6-Month CD at 1st Commonwealth Bank of Virginia - Local Only to DC Metro Area


1st Commonwealth Bank of Virginia
Update 10/03/09: The standard CD rates have fallen. Please check with the bank for the latest rates.

1st Commonwealth Bank of Virginia continues to offer two hot CD specials: a 2.70% APY 6-month CD and a 3.00% 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. In June I reported these specials when the rates were a little higher. I contacted the bank yesterday (9/22/09) for an update, and I was told of these new rates.

In addition to these special CDs, they also list very competitive rates on their standard CDs. The bank's rates page has a May date, but the bank representative said these rates are still current. The standard CD rates listed as of 9/23/09 include:
  • 2.00% APY 3 month CD
  • 2.25% APY 6 month CD
  • 2.50% APY 12 month CD
  • 2.75% APY 24 month CD
  • 3.25% APY 36 month CD
  • 3.50% APY 48 month CD
  • 3.85% APY 60 month CD
  • 4.00% APY 72 month CD
  • 4.00% APY 84 month CD
The above rates are also available for IRA CDs.

Update 9/28/09: I just received confirmation from the bank that the non-special CDs can be opened by mail. They would require a copy of your driver's license, social security number, employment information, work phone number and a home phone number.

I was told that the special CD rates are only for local residents residing in the DC Metro area. Also, 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).

Other High Certificate of Deposit Rates

  Tags: Virginia, 1st Commonwealth Bank of Virginia, CD rates, IRA rates

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Comment #1 by Anonymous posted on
I live in the DC area and the rates are pretty good given what is currently being offered. Whether to tie up the money for the long term is now the question.

Comment #2 by Anonymous posted on
They have weird ID requirement that goes beyond other banks. It is not enough for them to just inspect a driver's license, they insist to scan an image of it into their computer. Not sure if this is a good idea from a privacy standpoint.

Comment #3 by Anonymous posted on
Scan the ID? Well, I got a Government ID. Not legal to photocopy that.

Comment #4 by Anonymous posted on
I just got back from the bank. Opening the account was a snap. They did not scan my ID, for whatever that's worth to the tinfoil hatters out there.

Comment #5 by Anonymous posted on
Did you keep an eye on your driver's license at all time? There is a scanner under the desk. The process takes less than a minute.

Feel free to call them and ask. It is their policy. If they didn't scan your ID, they are breaking their own rules.