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
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