I have never been enthusiastic about 3-month CD specials. I've found that they're too short to be worthwhile. If you do prefer short-term CDs, at least make sure the yield is comparable to the top savings account rates. That's the case with 1st Commonwealth Bank in Virginia which is having a 3-month CD special with a 1.00% APY. Minimum deposit is $1,000, and there is no maximum deposit or checking requirement. This rate isn't listed at the bank's website. A reader emailed me news of this promo today (11/29/2011). This special is only available for those in the Washington DC metro area.
The bank also offers other very competitive rates on its standard long-term CDs. Some of these rates include a 1.75% APY for 3 years, 2.40% APY for 6 years and 2.60% APY for 7 years. These rates are listed at the bank's rates sheet as of 11/29/2011.
The bank also has a reward checking account that pays 3.01% APY on balances up to $25,000 (as of 11/29/2011). I first reviewed this account in January 2010.
The bank is located in Arlington, Virginia.
It has an overall health score at DepositAccounts.com of 4 stars (out of 5) based on September 2011 data. Please refer to our financial overview of 1st Commonwealth Bank of Virginia for more details. The bank has been a FDIC member since 2009 (FDIC Certificate # 58773).
How This CD Rate Compares
It's very hard to find 3-month CD rates over 1.00% these days. The best nationally available 3-month bank CD rate is 0.75% at Hudson City Savings Bank. However, if you want a short-term CD, you should consider Ally Bank's 11-month No Penalty CD. It currently has a yield of 0.93%, and it can be made into any term you want from 7 days to 11 months. These rates are accurate as of 11/29/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.