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

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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

Comments
Bob
Bob (anonymous)   |     |   Comment #1
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.
Short-Term CD Special at 1st Commonwealth Bank of Virginia - Local Only

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...

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

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....

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High-Yield Reward Checking Account at 1st Commonwealth Bank of Virginia in Arlington - Local Only

Update 4/27/11: The top rate has fallen to 3.01% APY

1st Commonwealth Bank of Virginia has recently launched a high-yield reward checking account. It has the following rates if certain monthly requirements are met:

  • 3.01% APY on balances up to $25,000
  • 0.75% on portion of balance over $25,000
  • 0.10% base rate if requirements are not met

The monthly requirements include:

  • 12 debit card purchases
  • One bill pay (through 1CBV Online Banking) OR one direct deposit/ACH transaction
  • Receive e-statements and maintain a valid email address

Additional features of the account regardless of the monthly requirements include:

  • $5 minimum initial deposit
  • No monthly...
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3.00% 12-Month CD & 2.70% 6-Month CD at 1st Commonwealth Bank of Virginia - Local Only to DC Metro Area
Update 10/03/09: The standard CD rates have fallen. Please check with the bank for the latest rates.

1st Commonwealth Bank of Virginia continues to offer two hot CD specials: a 2.70% APY 6-month CD and a 3.00% APY 12-month CD. Minimum deposit is $1,000. The 12-month CD requires a checking account. These specials don't seem to be listed at the bank's website. In June I reported these specials when the rates were a little higher. I contacted the bank yesterday (9/22/09) for an update, and I was told of these new...

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3.25% 12-Month CD & 3.00% 6-Month CD at 1st Commonwealth Bank of Virginia - Local Only
1st Commonwealth Bank of Virginia is offering two hot CD specials: a 3.00% APY 6-month CD and a 3.25% APY 12-month CD. Minimum deposit is $1,000. The 12-month CD requires a checking account. These specials don't seem to be listed at the bank's website. A reader mentioned these in the comments, and I just called and verified that they're still available as of today (7/20/09). According to the CSR, these could end at anytime. They've been running these specials for the last 3 months.

In addition to these special CDs, they...

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