Weekly Rate Spotlight - Cardinal Bank Offering 2.01% APY First Choice Checking

Rate information contained on this page may have changed. Please find latest checking rates.

Cardinal Bank, headquartered in Mc Lean, VA and with 27 branches in the Washington D.C. metro area is offering a checking account that pays a 2.01% APY on balances up to $100,000.

Cardinal Bank, headquartered in Mc Lean, VA and with 27 branches in the Washington D.C. metro area is offering a checking account that pays a 2.01% APY on balances up to $100,000. Past that amount the rate drops to 0.31% APY. The checking account falls between a high yield checking account and a rewards checking account. In order to get the 2.01% APY, depositors must either set up direct deposit or do 10 debit card transactions per statement cycle. I don't consider it a classic reward checking account because it doesn't require a combination of behaviors - direct deposit, debit card usage, and usually online banking or bill pay together.

The account can be opened via a branch and partially opened online. The online application starts the process but to complete the opening a customer must visit a branch.

Other features of the account include no check card or ATM fees from Cardinal and $15 in rebates each statement for ATM charges from other banks. The minimum opening deposit is $100 and a $5,000 daily balance must be maintained to avoid a $15 monthly fee.

Financially, Cardinal Bank has a Texas Ratio of 5.31% versus the national average of 20.28% (the lower the Texas Ratio the better). The bank's assets have grown from $1.6 billion in 2006 to $2.5 billion at the end of 2011.

For the sake of full disclosure, I want to mention that Cardinal Bank is currently an advertiser on BestCashCow. I'd like to thank the bank for their support. Advertisers like Cardinal Bank help support the site and allow BestCashCow to grow and add more features.

Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

I hope to eventually also have the weekly rate updates go out via this email service.

Previous Weekly Rate Spotlights

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

New- Remember, to receive FREE weekly emails updates with the best bank rates for your state, click here to register.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

Your code to embed this article on your website* :

*You are allowed to change only styles on the code of this iframe.


  • Heronva

    November 03, 2012

    As of October 26, 2012, the rate is down to 1.31 and closed to new investors.

  • Heronva@gmail.com

    December 01, 2012

    How often do you update these rates. Cardinal Bank is no longer offering 2.01 % nor is it open for new customers... I guess this is why people are not loyal to websites, you advertise the Virginia rates as of Dec 1, 2012 and the rates you advertise have changed... where do you get your information???

  • «
  • Page 1 of 1
  • »
Add your Comment

or use your BestCashCow account