UPDATE 5/28/2015: No longer available
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is allowed, but any subsequent withdrawal is subject to a penalty of three months interest on the amount being withdrawn.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 DepositAccounts.com
Cardinal Bank has an overall health rating of "A+" at DepositAccounts.com, 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 DepositAccounts.com, 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 DepositAccounts.com.