Virginia Banking Rates and News

Cardinal Bank is offering a good checking account deal. Its First Choice Checking has a 2.01% APY for balances up to $100,000 (0.31% over). These rates are listed in the bank's First Choice Checking page as of 1/31/2012. It's a limited time offer, and there's no mention how long this rate will last. Credit to iBankDesign member ichaelm for this find.

Unlike the typical reward checking account, you can qualify for the top rate without debit card usage. To qualify for the top rate, they give you the choice between direct deposit...

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...

There had been rumors that Pentagon Federal Credit Union (PenFed) was going to finally start offering 10-year certificates to all members in January. A reader reported that he was told by a CSR the yield would be 3.00%. I wasn't able to confirm this 10-year CD last week, and there isn't any mention of this new CD at PenFed's website. New January rates are posted with no mention of a 10-year CD or IRA CD.

There is some good news with PenFed's January rates. First, the 1-year CD yield has increased from 0.99% to 1.16% APY. This is...

Chartway Federal Credit Union is offering a 7-month CD promotion with very competitive rates. For deposits of $100K to $500K, the 7-month CD has a 1.25% APY. For deposits of $5K to under $100K, the CD has a 1.00% APY. This is a limited time promotion. These rates are listed at the bottom of Chartway's certificates rates sheet as of 12/13/2011. Thanks to the reader who emailed me news of this promotion.

Chartway used to offer a reward checking and savings account called eChecking and eSavings. Earlier this year, Chartway stopped accepting new applications for...

DuPont Community Credit Union has been bucking the trend this year in interest rates. It has increased the rate of its reward checking account, Grow Green Checking, three times this year. Its first rate hike was in May. Its third rate hike was last week. However, this last rate hike included new requirements.

The new highest rate of the Grow Green Checking is 3.14% APY for balances up to $25,000 (as of 12/06/2011). This had been 2.89% APY before December. They increased the debit card usage requirements. It now requires 15 debit card purchases...

John Marshall Bank continues to offer several good deals on CDs. Rates have fallen since my last report of this bank in February, but the CD rates are still competitive. The best ones are a 1.51% APY 2-year CD, a 1.76% APY 3-year CD and a 2.32% APY 5-year CD. Minimum deposit is $500. These rates are listed in the bank's rate sheet as of 11/30/2011. There's a link to the rate sheet at the bank's personal banking webpage.

To open an account, you must be a resident of the Washington DC, Maryland or Virginia....

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...

Savers in the Washington DC metro area are fortunate to have several credit unions with competitive deposit rates. In September I reported on competitive CD rates at the Department Of Commerce FCU and at the US Senate FCU. We can add another to this list with HEW Federal Credit Union. It's offering several competitive CD and IRA CD rates. Its CDs are called Silver Share Certificates, and the best rates are 1.75% APY for 2 years, 1.81% APY for 3 years and 2.52% APY for 5 years. The 3-year and 5-year IRA CD rates are even better:...

Coastal Federal Credit Union has been offering its reward checking account, the Go Green Checking, for about four years. I first reviewed it in early 2008. Like all deposit accounts, rates have fallen, but there was an interesting rate hike in October as noted in the discussion forum. Coastal FCU increased the rate of its reward checking account from 2.00% to 2.51% APY, and it didn't decrease the balance cap. This 2.51% APY applies to balances up to $50,000. However, there was an unfortunate change. It increased the required number of monthly debit card purchases...

State Department Federal Credit Union bucked the trend of falling rates by raising several of its CD and IRA CD rates for November. Many are now very competitive. The best ones include a 2.42% APY 5-year CD, 2.07% APY 4-year CD, 1.61% APY 3-year CD and a 1.41% APY 2-year CD. Minimum deposit is $500. There's also a good deal on the 1-year Jumbo CD which has a 1.21% APY. The Jumbo minimum deposit is $100K. SDFCU also offers 3 bump-up CDs: 1.81% APY for 45 months, 1.36% APY for 30 months and 1.15% APY for 17 months. These...

The large banks are now backtracking from the debit card fees. It's clear they didn't anticipate all of the customer anger and the bad publicity. It may be too late for them as many people are participating in Bank Transfer Day which encourages people to move their money from the megabanks to credit unions by November 5th. A lot of credit unions have jumped on this Bank Transfer Day bandwagon and are now offering bonuses to sweeten the deal for people to switch. If you are looking to take advantage of a credit union's promotion, choose a credit union that...

We are still seeing checking account bonuses from the big banks. Those who are careful may be able to profit from these, but the banks know that they will most likely profit in the end. The latest big bank offering a checking account bonus is M&T Bank which is offering a $100 cash bonus for customers who add direct deposit to a MyChoice Checking account. M&T Bank has this promotion advertised on its home page and on its special website raisethegreenflag.com/mychoice.

Those who try to qualify for this bonus should be aware of the potential...