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First Virginia Community Bank Review

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First Virginia Community Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

First Virginia Community Bank was founded in 2007 and its headquarters are located in Fairfax, Virginia. First Virginia Community Bank owns assets of $1 billion and deposits totaling $931 million, ranking it as a medium-size bank. First Virginia Community Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.4 out of 5 stars, First Virginia Community Bank should be solidly in contention for your choice of bank. First Virginia Community Bank has the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. First Virginia Community Bank has a fair savings rate; you can find higher rates with other banks. Using a bank with no-fee checking, in addition to a high interest rate savings account is your best bet for returning the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.4
SmartAsset Average: 3.5

With a savings rate of 0.30%, First Virginia Community Bank ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 2.10% and the five-year CD earns at a rate of 2.80%, while its highest-yielding money market account earns at an APY of 0.40%. Given First Virginia Community Bank's poor savings rate, you should think about looking at the competition to open savings accounts.

How First Virginia Community Bank's Savings Rates Compare

First Virginia Community Bank Savings 0.30 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on First Virginia Community Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

First Virginia Community Bank is a brick-and-mortar bank, with seven total branches in Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. First Virginia Community Bank receives moderate reviews from customers for its online presence. The First Virginia Community Bank mobile app scored a 3.7 out of 5 (with 3 reviews on Apple and Android) compared to the national average of 3.8. You can use First Virginia Community Bank's app to control your finances by reviewing monthly statements, sending and receiving funds and accessing support representatives. First Virginia Community Bank receives an exceptional consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

First Virginia Community Bank ranks as a medium-size bank and manages $1 billion in assets as well as deposits totaling $931 million. First Virginia Community Bank has an excellent Texas Ratio of 3.70%, indicating a negligible likelihood of failure. Additionally, First Virginia Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.7%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare First Virginia Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 2.10% APY
  • 24 Month: 2.35% APY
  • 36 Month: 2.60% APY
  • 48 Month: 2.70% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Account 0.35% APY $2500

First Virginia Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. First Virginia Community Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Virginia Community Bank's CD rates are fair compared to the average U.S. bank.

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Find a First Virginia Community Bank Near Me

First Virginia Community Bank has seven branches in the U.S.

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