Cardinal Bank Has A Limited-Time, No Penalty 6-Month CD (DC Metro Area)


UPDATE 5/28/2015: No longer available

Availability: Residents of Washington, D.C. metro area

Cardinal Bank (Virginia) is offering a new, No Penalty 6-month CD (1.50% APY). The minimum deposit is $1K of new money and with a maximum balance cap of $1M.

As stated in the fine print on Cardinal Bank’s website, new money is defined as "money not currently on deposit of Cardinal Bank." In addition, "funds from existing No Penalty CDs" are not eligible either.

This is a limited time offer and only one No Penalty 6-month CD per tax identification number is allowed. As the name implies, one penalty free withdrawal is allowed, but any subsequent withdrawal is subject to a penalty of three months interest on the amount being withdrawn.

Thank you to the DA reader who emailed me about Cardinal Bank's latest deal.


Cardinal Bank is headquartered in McLean, Virginia, and offers its services and product lines to US citizens and resident aliens, 18 years or older, who reside in the greater Washington, DC metropolitan area. Zip Codes are the determinant factor for eligibility.

Opening a No Penalty 6-month CD can be done by phone (703.584.3400) or by visiting any of 31 branches located in Washington CD (2), Maryland (2), and northern Virginia (27).

Although it’s not mentioned on the promotional page, opening the No Penalty 6-month CD can be initiated online.

This statement is mentioned a couple times on Cardinal Bank’s website:

We'd love to know how you heard about our new 6 Month No Penalty CD - be sure to tell our Banking Office team when you open your account!

Feel free to mention

Bank Overview

Cardinal Bank has an overall health rating of "A+" at, with a Texas Ratio of 0.89% (excellent), as of December 31, 2014. In the past year, Cardinal Bank has increased its total deposits by $490.53 Million, an excellent annual growth rate of 23.73%. Please refer to our financial overview of Cardinal Bank for more details.

In the 17 years since its founding in 1998, Cardinal Bank (FDIC Certificate # 34733) has grown to be the 9th largest bank in Virginia, with assets in excess of $3.3 Billion.

How the CD Compares

When compared to other similar length of term CDs tracked by, requiring a similar minimum deposit and available to DC metro area residents, Cardinal Bank’s No Penalty 6-month CD’s APY is clearly out paces the comparable CDs. The No Penalty feature only adds to the CD’s competitiveness.

The above rates are accurate as of 5/7/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of

CapitalClimate   |     |   Comment #1
For online opening, the form says:
"A branch representative will contact you shortly to complete the account opening and funding process."
DCGuy   |     |   Comment #2
I had the same response when I applied for a checking account online over three years ago.  I did have to go to a branch office to complete the account opening.  I did open my first checking account with them about seven years ago online as well.  For that one, a branch office visit was not required.  They must have changed the account opening process.
pinkterror   |     |   Comment #3
i went to the rockville location and it was relatively painless.  it was slow due to only having 2 employees and asking of patriot act questions (i already had an account) but i was done in about 30 minutes.  my only recommendation is be prepared to wait....i think the rate and the products are worth it though.
CapitalClimate   |     |   Comment #4
Be aware that they are just as paper-bound on account exit. They won't take CD close instructions over the phone, so plan ahead for a branch visit. According to a branch representative, however, they are offering a 6-month no-penalty rollover for existing customers at 1.01% APY (not listed on web site rate sheet).
DCGuy   |     |   Comment #5
This bank will merge with United Bank (WV) near the end of April. The website for United Bank (WV) does not list any rates for anything. You wonder how the conversion will change the account rates after conversion. The Cardinal Bank First Choice Savings is going to be converted to something called premium savings, but there is no such account mentioned on the bank's website.
DCGuy   |     |   Comment #6
I did find a checking account and savings account rates of 0.1 and 0.05% on the United Bank's website by opening up the application menu screen. This bank seems to hide their rate information.
DCGuy   |     |   Comment #7
There is another United Bank (VA) that appears to be the bank that Cardinal Bank will merge with on April 21, 2017. The listing of branch offices on the mailed brochure announcing the merger matches those shown for the United Bank (VA) and not the United Bank (WV) on this website. Both banks use the same website - Not to be confused with United Bank (MA and CT) that has the website -
DCGuy   |     |   Comment #8
Cardinal Bank merger with United Bank (VA) will occur this weekend, April 22-23. I asked the Customer service of United Bank (VA) what their interest rate for the Premier Savings account (which replaces the First Choice Savings account at Cardinal). She told me 0.05% which is a huge drop from 1.01%. For those that have the First Choice Savings account, check your account information on Monday after the merger. The new bank does not list any rate information on their website (also noted on this site). If they drop rates on the transferred accounts, I am pulling out of the bank pronto.
DCGuy   |     |   Comment #9
The merger brochure does say that "Cardinal Bank interest rates will remain the same after merger. All rates are subject to change". So the question is will United Bank "upgrade" the rates for their current customer accounts or will they "downgrade" the rates for the merged Cardinal Bank accounts?
DCGuy   |     |   Comment #10
A couple of changes to note. The First Choice Checking account requirement at Cardinal (ten check card transactions or one direct deposit per month) has been eliminated after the merger. The dormant account fee period will be one year of no activity instead of Cardinal Bank's three year period.
Cardinal Bank Has New, Competitive Rate First Choice Savings Account


Residents of Washington, DC metro area

Cardinal Bank (Virginia) has a new, competitive rate savings account: First Choice Savings. Balances up to $100K earn 1.09% APY (Tier 1 interest rate), while balances over $100K earn 0.21% APY (Tier 2 interest rate), resulting in a blended rate for accounts with total balances over $100K.

As stated on Cardinal Bank’s promotion page, the details for the First Choice Savings account are as follows:


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