2.60% APY Long Term Certificate of Deposit at 1st Commonwealth Bank of Virginia
A tempting 2.60% APY long term CD is currently being offered by the 1st Commonwealth Bank of Virginia. Some depositors might be intimidated by the term length, though. The minimum deposit is $1,000 but the deposit will have to be kept in the bank for 84 months (or 7 years).
While this is one of the highest CD rates in the country today, the term is not exactly ideal. If you would like shorter terms, the financial institution also has these shorter CDs on offer. While the interest rates are lower, they can still be considered as some of the USA’s to CD rates.
- 1.40% APY for a 2-year CD
- 1.75% APY for a 3-year CD
- 2.00% APY for a 4-year CD
- 2.25% APY for a 5-year CD
- 2.40% APY for a 6-year CD
These are considerably competitive rates, especially if you take into account the low minimum deposit requirement. Most accounts could probably give you the same yields, but on average, they would require anything between $10,000 and $25,000. The penalty for early withdrawal is also very mild. Should you choose to withdraw your money before the term ends, all you have to lose is 3 months’ worth of interest. Most banks ask for a least a year’s worth of dividends.
What’s the catch, though? These rates are, unfortunately, only available in the DC area of Virginia. These are very exclusive offers, so you’re lucky if you live, worship, work, or study in the Washington DC metro. This also makes sense as the 1st Commonwealth Bank of Virginia only has one branch which is located in Arlington. You will have to visit this branch to open an account.
This is a fairly new bank which was established only in 2009. The good thing about being formed at that year is that it was able to dodge the 2008 real estate problem which brought down banks at that time. It received mixed ratings from online reviewers. DepositAccounts.com gave it four out of five stars (superior), but Bankrate.com only gave it two out of five stars (below average). Your money is pretty safe with the establishment, though, as it is a member of the FDIC, and is insured via FDIC Certificate # 58773.
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