Competitive CDs and Checking Account at Virginia Commerce Bank - Local Only


Virginia Commerce Bank has some competitive rates on CDs and an interest checking account. The most competitive CDs are longer term ones which include a 3.75% APY 5-year CD, a 3.25% APY 4-year CD and a 3.00% APY 3-year CD. Minimum deposit is $500 for a CD and $100 for an IRA CD. These rates are listed in the bank's rate table as of the morning of 7/21/09.

The certificates of deposit page has some details of their CDs and a link to the banking services agreement. According to this agreement, the early withdrawal penalty for CD terms of one year and above is 6 months of interest. The grace period at maturity is 10 calendar days.

Their competitive checking account is called Mega Checking. It has an APY of 1.75% as of 7/21/09. This isn't a reward checking account so there are no debit card usage requirements or balance caps. However, it does require a minimum average checking account balance of $10,000 to avoid a $25/month fee (or combined deposit relation of $50,000). Some of the perks of this account include:
  • No ATM fees at any ATM in the world (automatically pays other banks' fees)
  • Free custom printed checks
  • bonus rate of 0.10% on all new CDs
In addition to the CD bonus rate, they list some MEGA CDs in the deposit rate table for those with the Mega Checking Account. As of 7/21/09 these include a 1.75% APY 6-month CD, a 2.10% APY 12-month CD and a 2.40% APY 24-month CD.

It appears a branch visit is required to open these accounts. Branches are located in several Virginia cities including Alexandria, Arlington, Centreville, Mclean, Fairfax, Fredericksburg, Ashburn and Manassas.

Virginia Commerce Bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1988 (FDIC Certificate # 27249).

Thanks to the reader who mentioned this special in the Daily News & Deals Page.

Other High Certificate of Deposit Rates

Yesterday I posted on 1st Commonwealth Bank of Virginia which is offering two very competitive short-term CDs (see post). In early July, I posted on a 15-month CD special being offered by WashingtonFirst Bank which has branches in DC, Maryland and Virginia. As of 7/21/09, they still list this 15-month CD special with a 2.65% APY (see post). For other deals, refer to the following:
5.30% 13-Month / 5.10% 10-Month CD at a Virginia Bank
Virginia Commerce Bank is offering 3 nice CD specials: 5.30% APY 13-month CD, 5.10% APY 10-month CD and a 4.90% APY 6-month CD. The minimum deposit is $15K for all terms. To qualify for these promotional offers, new VCB checking account opening deposit must be at least $1,000. The CDs are available for both consumers and businesses. For consumers, these certificates of deposit are available in an IRA.

The bank also has a money market account promotion but it requires very large balances just to reach 4.50% APY.

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