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Virginia Commonwealth Bank Review

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Virginia Commonwealth Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Virginia Commonwealth Bank was founded in 1930 and is headquartered in Kilmarnock, Virginia. It manages $966 million in assets and deposits totaling $785 million, classifying it as a medium-size bank. Virginia Commonwealth Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked Virginia Commonwealth Bank at a 4.2 stars out of 5, indicating that it is a solid contender in your bank search. Virginia Commonwealth Bank has a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Virginia Commonwealth Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Virginia Commonwealth Bank offers an option without a monthly fee. Institutions that offer no-fee checking and a high savings APY are the best option for getting the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Virginia Commonwealth Bank features a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Virginia Commonwealth Bank's CD rates are 1.76% and 3.04% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given Virginia Commonwealth Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Virginia Commonwealth Bank's Savings Rates Compare

Virginia Commonwealth Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

Virginia Commonwealth Bank generally has extremely low fees compared to the average U.S. bank. With no monthly fee, Virginia Commonwealth Bank's checking account is perfect for people who want an easy banking experience. Additionally, Virginia Commonwealth Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Virginia Commonwealth Bank unfortunately does not refund out-of-network ATM fees, meaning you will need to find a Virginia Commonwealth Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Virginia Commonwealth Bank is a brick-and-mortar bank, with 18 total branches in Virginia. With mobile and web apps, Virginia Commonwealth Bank makes account access easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 5:00 p.m. ET. Virginia Commonwealth Bank's online and mobile banking services get fair marks from users. The Virginia Commonwealth Bank mobile app scored a 3.8 out of 5 (with 6 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Virginia Commonwealth Bank's app to manage your accounts by checking account balances, sending and receiving funds and reaching support representatives. Virginia Commonwealth Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Virginia Commonwealth Bank is a medium-size bank owning assets totaling $966 million as well as $785 million in deposits. It has a strong Texas Ratio of 11.53%, signifying a tiny chance of failure. Additionally, Virginia Commonwealth Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

11.53%
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 Virginia Commonwealth Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $300
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.27% APY
  • 48 Month: 2.78% APY
  • 60 Month: 3.04% APY
$1000 for all terms
Money Market Accounts 0.75% APY 0.75% APY $10000 $15000

Virginia Commonwealth Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Virginia Commonwealth Bank does not have the best savings rate, which means you should consider taking a look 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. Virginia Commonwealth Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Virginia Commonwealth Bank Near Me

Virginia Commonwealth Bank has 18 locations across the U.S.

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