Virginia Local Money in the Bank Deal: 6-month top cd rate at 2.70% APY, 12-month CD 3.00% APY with 1st Commonwealth Bank
The 1st Commonwealth Bank based in Virginia offers two certificate of deposit specials. The best interest rate is at 3.00% APY for a 1-year term certificate of deposit. Another one has a current cd interest rate of 2.70% APY on a 6-month deal. These CD promos are not on the website of the bank but we have confirmed these offerings with the customer service line of the bank.
The bank also offers some attractive cd rates for their regular certificates:
12 months 2.10% APY
24 months 2.50% APY
36 months 3.25% APY
48 months 3.50% APY
60 months 3.75% APY
The highest interest rates can be enjoyed by opening a CD account for at least $1000. They are also available as IRA certificates.
According to CSR, the special certificate of deposit offerings are only good for residents of Virginia. Interested consumers can open an account by visiting their office in Arlington.
On the other hand, customers can mail in their applications for the regular certificates. The bank may ask for a copy of a valid identification upon application.
The 1st Commonwealth Bank is a very young financial institution established last February 2009. So the high rates are meant to attract new customers. BauerFinancial and Bankrate.com have not yet indexed this bank.
The bank is insured with the FDIC through certificate number 58773.
