High-Yield Reward Checking Account at 1st Commonwealth Bank of Virginia in Arlington - Local Only

Update 4/27/11: The top rate has fallen to 3.01% APY

1st Commonwealth Bank of Virginia has recently launched a high-yield reward checking account. It has the following rates if certain monthly requirements are met:

• 3.01% APY on balances up to $25,000
• 0.75% on portion of balance over $25,000
• 0.10% base rate if requirements are not met

The monthly requirements include:

• 12 debit card purchases
• One bill pay (through 1CBV Online Banking) OR one direct deposit/ACH transaction
• Receive e-statements and maintain a valid email address

Additional features of the account regardless of the monthly requirements include:

• $5 minimum initial deposit
• No monthly fees
• No minimum balance requirements

Note, I don't see any mention of refunds of ATM fees.

Since the account was just launched (1/18/2010), hopefully, it will maintain the 4.01% for a while.

It appears 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 2009, so it doesn't have any ratings for safety and soundness. The bank is a member FDIC (FDIC Certificate # 58773).

Rate History:

• 04/26/11: 3.01% APY up to $25K
• 01/18/10: 4.01% APY up to $25K; 0.75% over; 0.10% base