For a limited time, FVCbank is offering a 12-month CD Special that earns 2.75% APY. This promotion requires new money and can be opened with a $1k minimum deposit. While there is no stated end-date, the landing page states, “Offer may expire any time and without prior notice.”
According to CSR, the Early Withdrawal Penalty is six months interest, with partial withdrawals allowed. CSR also stated that the interest can be reinvested into the CD, deposited into a FVCbank checking/savings account, or paid out by check.
Headquartered in Fairfax, Virginia, FVCbank’s market area covers the greater Washington D.C. metro area (including Northern Virginia and Maryland’s Montgomery County) and the Baltimore metro area.
Opening any type of account with FVCbank must be done at any of the six northern Virginia branches (Arlington, Ashburn, Fairfax, Manassa, Reston, and Springfield), four Maryland branches (Baltimore, Bethesda, Rockville, and Silver Spring), or the single Washington, D.C. branch, located on 9th Street NW in the Shaw neighborhood.
FVCbank’s online banking platform is currently devoted to account management and bill payment services.
FVCbank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.05% (excellent) based on March 31, 2019 data. In the past year, FVCbank has increased its total non-brokered deposits by $371.58 million, an excellent annual growth rate of 50.76%. Please refer to our financial overview of FVCbank (FDIC Certificate # 58696) for more details.
Established in 2007 as the First Virginia Community Bank, FVCbank is currently the 17th largest bank headquartered in Virginia, with assets in excess of $1.4 billion. The Bank acquired 1st Commonwealth Bank of Virginia in 2012, extending its retail footprint in the Northern Virginia community bank network. In April 2018, the Bank rebranded as FVCbnk and in October 2018 acquired Colombo Bank, a Rockville (MD) bank founded in 1914 that primarily served Montgomery County. The acquisition expanded FVCbank’s market area into Maryland and D.C. for the first time and nearly doubled the number of branch locations. According to a May 2018 article in Washington Business Journal,
FVCbank Chairman and CEO David Pijor said his bank already lends in Colombo's markets, which should allow for a seamless transition. He said he generally likes the locations of Colombo's branch network, though it's possible one could be relocated.
"For us to be able to buy five ready-made, existing branches that are relatively well thought out and in markets we wanted to be in seemed very attractive," Pijor told me in an interview. "It seemed like a perfect storm of great opportunities."
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, FVCbank's 12-month CD Special APY currently ranks fourth.
|Interest Rate||Length of Term||Credit Union/Bank|
|2.85% APY||1-Year CD||Quontic Bank|
|2.81% APY||12-Month Online CD||SouthEast Bank|
|2.80% APY||12-Month CD||Limelight Bank|
|2.75% APY||12-month CD Special||FVCbank|
The above rates are accurate as of 7/3/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.