Bank Rates Virginia Commonwealth Bank

Virginia Commonwealth Bank is a local community bank that is state chartered.  The bank was established in 1936 and has been FDIC insured since 1936.  The bank is chartered as a Federal Reserve Member and the primary regulator is the Federal Reserve Board (FRB).  Virginia Commonwealth Bank has assets of approximately $310,352,000 and net income of $554,000 for 2008.  The bank has nine bank branch locations throughout Central Virginia.

The bank provides competitive products and value to their customers with products and services such as checking accounts, savings accounts, certificates of deposits, IRA, installment loans, mortgages, commercial services, investments and other services.

The bank’s variety of checking accounts includes a free checking account for people who want a traditional checking account with benefits like unlimited check writing, and no monthly maintenance fees.  This checking account also provides a free ATM or debit card, free ATM withdrawals at any VCB ATM and four no charge withdrawals per month at a non-VCB ATM.

Checking accounts available also include an interest bearing checking account which is a checking account where the accountholder can earn a favorable rate of interest on their every day checking account and has the convenience of unlimited check writing.  With direct deposit or an average monthly balance of $500 or more, the checking accountholder has the ability to avoid the small monthly service fee and still have all the benefits of free Online Banking & Bill Pay, free debit card, and up to 6 no-charge withdrawals per month at a non-VCB ATM.

The bank offers a statement savings account that is a variable rate account and allows the savings account holder to earn higher interest.  The savings account can be opened with as little as $25.  The savings account allows up to 6 transfers per month, and ACH activity is allowed, meaning the account holder can quickly access their savings for withdrawals or transfers with their bank ATM card.

The bank passbook savings is a free savings account with a variable rate account that is an easy and convenient way to save.  The savings account can be opened with as little as $25 and begin earning interest with a balance of $50 or more.  There is no required minimum balance and no service charge.

The bank money market account is designed for people who want higher interest rates than statement savings while maintaining flexibility of access.  The minimum deposit needed to open this account is $1,000.  The interest rate earned increases based on the balance in the money market account and the annual percentage yield for that balance tier.  Interest is compounded monthly, and up to six transfers or withdrawals may be made from the account per statement cycle.

The certificates of deposit offered have a variety of benefits and flexible terms to individuals that are looking for a secure investment.  The bank CD benefits include a low minimum balance of $500, flexible maturity dates from 90 days to 5 years, and a fixed interest rate for the term of the certificate.  On terms greater than one year, the CD account holder can choose how they would like to receive their interest payments and when they would like their certificate of deposit to mature.  Interest payments are available by check or transfer to a VCB checking account each month or quarter or by compounding quarterly on to the certificate of deposit.

Bank CD rates.

90 day CD rate is 1.00% APY
6 month CD rate is 2.26% APY
1 year CD rate is 2.68% APY
2 year CD rate is 2.98% APY
3 year CD rate is 3.03% APY
4 year CD rate is 3.35% APY
5 year CD rate is 3.50% APY

Bank CD rates are subject to change without notice and additional account conditions may apply for these products.  Since Virginia Commonwealth Bank is a small bank, dedicated to serving the needs of our local communities, deposit accounts and loan applications are accepted only from residents of the communities served by their branch offices and their surroundings.  For current bank rates call a bank representative at 800-297- 4040.  Virginia Commonwealth Bank also maintains a website that has the current CD rates, savings account rates, money market rates and more.  The bank web address is www.ffsbofva.com.

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This entry was posted on Wednesday, March 4th, 2009 at 9:28 pm and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.