18-Month No-Penalty CD Special at First Virginia Community Bank - DC Metro Area Only


I reported on two no-penalty CDs on Sunday, but as I mentioned on Sunday, it's hard to find good deals on no-penalty CDs. For nationwide deals, Ally Bank's 11-month no-penalty CD has been one of the best deals. However, that rate has been falling, and its rate is now only 1.10% APY (as of 5/11/2011). I found another better local no-penalty CD at First Virginia Community Bank. It's offering an 18-month No Penalty CD with a 1.20% APY as of 5/11/2011. Minimum deposit is $1,000. It allows one penalty-free withdrawal anytime after the funds have been on deposit for 7 days. This CD is mentioned on the bank's home page in the rotating image. However, it doesn't list the rate. I had to call the bank for the rate. I was told it could change at anytime.

I was told they accept deposits from anyone in the Washington DC metro. A branch visit is required for new customers. First Virginia Community Bank branches are located in Fairfax and Manassas.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) and a Texas Ratio of 14.62% (above average) based on December 2010 data. Please refer to our financial overview of First Virginia Community Bank for more details. The bank has been a FDIC member since 2009 (FDIC Certificate # 58696).

How It Compares to the Best CD Rates

For CDs with terms of 18 months, the best CD rate available nationwide is 1.55% APY at Alliant Credit Union (as of 5/11/2011). However, it's unfair to compare a no-penalty CD to one that has an early withdrawal penalty. Without a penalty, you can make the CD into any short-term CD that you want. If you compare this with terms under one year, the only nationwide deal that's better is Salem Five Direct savings account promotion which guarantees 1.25% APY until April 1, 2012.

Another option is Ally Bank's 5-year CD that is closed early. It has a 2.40% APY (as of 5/11/2011), and due to its small early withdrawal penalty, the effective yield if closed after one year would be 2.00% (see post).

To search for the best CD rates nationwide and in your state, please refer to our CD rates table.

Related Pages: CD rates

18-Month No-Penalty CD at First Virginia Community Bank in DC Metro Area - Local Only

A no-penalty CD can be especially useful in today's environment when there's fear that interest rates may shoot up in the next year or two. Unfortunately, no-penalty CDs are rare. The best known one is the No-Penalty CD from Ally Bank. Occasionally, you see a better local deal, and that's the case at First Virginia Community Bank. It's offering an 18-month no penalty CD with a 1.40% APY. Minimum deposit is $1,000. It allows one no-penalty early withdrawal after the first 7 business days. The special CD is listed on...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.