bank rates

D.C.-Area Deal: 1.70% Step-Up CD Rates

There are two reasons to like the 24-month CD rates offered by First Virginia Community Bank:First Virginia Community Bank requires a $1,000 minimum deposit.

  • It includes a step-up option for Washington, D.C.-area savers.
  • Even if rates don’t increase, this deal for 1.70% APY with a $1,000 minimum balance is better than the best nationally available deal. (See our latest CD Rates Leaderboard.)

Indeed, this “rising rate” deal is fairly unusual. While all such CDs play to fears that anyone who locks in a rate will suffer when the Federal Reserve finally starts pushing interest rates back up, they also generally make you pay for the protection by offering paltry beginning rates.

Not so here.

For more, read our explanation of step-up deals.

To take advantage of this offer, you must be a resident of the District of Columbia, Maryland or Virginia to purchase these certificates of deposit.

If you have an account with the bank, you can buy them over the phone. Otherwise, you’ll need to head to one of First Virginia Community Bank’s two Virginia offices, which are located in Fairfax and Manassas.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on March 27th at 08:11 am

    First Virginia’s rate is still on the books as of March 27, 2011.

  2. Mike at Bankaholic said:
    on April 20th at 04:13 pm

    As of April 20, First Virginia’s rate is 1.60%, slightly worse than the top nationally available deal.