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

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.

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Reviews

  • 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???

  • Heronva

    November 03, 2012

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

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