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.
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).