Dedicated to Deposits: Deals, Data, and Discussion

Top CD, Savings Account and Reward Checking Rates at 1st Commonwealth Bank of Virginia - DC Metro Area

POSTED ON BY

1st Commonwealth Bank of Virginia

1st Commonwealth Bank of Virginia continues to offer competitive CD, savings account and reward checking rates. The CD and IRA CD rates as listed at the bank's rate sheet as of 6/20/2010 include:

  • 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).

Best CD Rates, Savings Account Rates and Reward Checking Rates

  Tags: 1st Commonwealth Bank of Virginia, Maryland, Virginia, CD rates, IRA rates, savings account, money market accounts

Related Posts

Comments
Comment #1 by Anonymous posted on
Anonymous
Bank is located in one of the better parts of Northern Virginia.  It is a relatively new bank.  The savings and money market rates are very competitive.  It looks like you cannot open accounts online and would have to do it via mail or branch visit.

1