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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 started in 1930 with headquarters located in Kilmarnock, Virginia. It manages $966 million in assets and deposits totaling $785 million, which makes it a medium-size bank. Virginia Commonwealth Bank lacks premium access to customer service, 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. On the whole, Virginia Commonwealth Bank is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from our experts. Virginia Commonwealth Bank has a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Virginia Commonwealth Bank offers an option without a maintenance or monthly fee. Finding a bank with free checking, in addition to a high interest rate savings account is the best bet for accruing the highest income from your deposits alongside convenient 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 fair compared to the national average. Its one-year CD earns at a rate of 1.65% and the five-year CD has a rate of 3.04%, while its highest-yielding money market account earns at a rate of 0.75%. Given its poor savings rate, you should consider other options to earn more on your deposits.

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 has typically extremely low fees as compared against the national average. With no monthly fee, Virginia Commonwealth Bank is ideal for people who want a simple checking account. Also, at $35.00, Virginia Commonwealth Bank's overdraft fee is lower than the average overdraft fee charged by U.S. banks. Virginia Commonwealth Bank does not refund out-of-network ATM charges, meaning you will need to locate a Virginia Commonwealth Bank ATM or pay 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 bank locations in Virginia. With mobile and web apps, Virginia Commonwealth Bank makes account access straightforward, 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 platforms receive fair marks from users. With 6 customer reviews on both Apple and Android platforms, the Virginia Commonwealth Bank mobile app has an overall rating of 3.8 out of 5 (compared to the national average of 3.8). You can utilize Virginia Commonwealth Bank's mobile app to manage your finances by reviewing current statements, transferring money and accessing support representatives. Virginia Commonwealth Bank gets a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 with assets totaling $966 million as well as $785 million in deposits. Its Texas Ratio is 11.53%, signifying that Virginia Commonwealth Bank is in fine financial well-being and improbable to fail. 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: 1.65% 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 Account 0.75% APY $100

Virginia Commonwealth Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Virginia Commonwealth Bank does not have the best savings rate, which means you should think about 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. Virginia Commonwealth Bank's CD rates are fair as compared against the national average.

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Find a Virginia Commonwealth Bank Near Me

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

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