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Top CD and Reward Checking Rates at 1st Commonwealth Bank of Virginia - DC Metro Only

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1st Commonwealth Bank of Virginia

I last mentioned 1st Commonwealth Bank of Virginia in November when it was offering a special 3-month CD with a 1.00% APY. I learned today that it's still available. More noteworthy in my opinion is the bank's long-term CDs. These are the bank's standard rates, and they are quite competitive. The noteworthy CD rates that are listed at the bank's rate sheet as of 1/11/2012 include:

  • 1.40% APY 2-year CD
  • 1.75% APY 3-year CD
  • 2.00% APY 4-year CD
  • 2.25% APY 5-year CD
  • 2.40% APY 6-year CD
  • 2.60% APY 7-year CD

The bank's IRA CD rates are the same as above, but there are no 6-year or 7-year terms listed in the rate sheet. Minimum deposit is $1,000. I was told that the early withdrawal penalty is 3 months of interest. That's a very favorable penalty for long-term CDs.

Reward Checking Rates

The bank's reward checking account continues to be very competitive with a 3.01% APY for balances up to $25K (as of 1/11/2012). I first reviewed this account about two years ago when the top rate was 4.01% APY. It's nice to see that the rate has held up so well.

Account Availability and Location

The bank only accepts deposits from residents in the Washington DC metro area. It's a small bank with one branch located in Arlington, Virginia.

Bank Overview

The bank was established in February 2009 so it avoided the real estate problems that hurt banks before 2008. 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 is a member FDIC (FDIC Certificate # 58773).

Best CD Rates and Reward Checking Rates


  Tags: 1st Commonwealth Bank of Virginia, Maryland, Virginia, CD rates, IRA rates

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Comments
Comment #1 by Bob (anonymous) posted on
Bob
You were told wrong about the 3mos. penalty for early withdrawal. I asked for a copy of the CD Terms & Disclosure, and it states: "If we consent to a withdrawal that is otherwise not permitted, you may have to pay a penalty. The penalty will be an amount equal to no more than 6 mos. accrued interest."

Not so good.

1