- 1.55% APY 12 month CD
- 2.50% APY 36 month CD
- 3.00% APY 48 month CD
- 3.25% APY 60 month CD
- 3.40% APY 72 month CD
- 3.50% APY 84 month CD
Savings and Money Market Account Rates
The personal savings account is also competitive with a 1.75% APY. Minimum balance to avoid a monthly fee is only $100. One downside is that interest is paid quarterly. The 1.75% APY is listed in the bank's rate sheet as of 6/20/2010. It's the same rate as the money market account, but the MMA requires a $25K minimum balance to qualify for this yield.
Reward Checking Rates
My last report on this bank was in January when they launched their reward checking account with a 4.01% APY on balances up to $25K. It's nice to see this rate and balance cap still available as of today (6/20/2010).
Account Availability and Location
A reader informed me last September that he was able to open an IRA CD by mail without a branch visit. I haven't checked since then whether this is still possible. It should be noted that it is a small one-office bank so it's possible its policy may have changed.
The bank is located in Arlington, Virginia.
The bank was established in February 2009. Since it's so new, it doesn't have ratings for safety and soundness at BauerFinancial or Bankrate.com. We have a 4 out of 5 overall health score at DepositAccounts.com (see our 1st Commonwealth Bank of Virginia rates and reviews page). The bank is a member FDIC (FDIC Certificate # 58773).