Best CD Rates in Virginia

Virginia is known for its rich history and diverse economy. It also offers a competitive landscape for savers looking for secure and profitable places to park their money. Virginia’s financial institutions cater to a wide array of needs with attractive CD rates.

As we delve into the specifics, remember that the best CD rates are not just about the highest numbers—they’re about finding a reliable financial partner in Virginia that aligns with your savings goals and timelines.

Let’s explore the top options to make your money work harder for you.

Overall Best CD rates in Virginia

No.	Name of the Bank	APY %	Term Length	Address
1	Eastman Credit Union	5.22%	12-month	2025 Meadowview Lane, Kingsport, TN 37660
2	Department of the Interior Federal Credit Union	5.10%	3-month	1849 C Street NW, Washington, DC 20240
3	Andrews Federal Credit Union	5.05%	12-month	5711 Allentown Road, Suitland, MD 20746
4	Navy Federal Credit Union	5.05%	12-month	820 Follin Lane SE, Vienna, VA 22180
5	Congressional Bank	4.99%	12-month	6701 Democracy Boulevard, Suite 300, Bethesda, MD 20817
6	Old Dominion National Bank	4.91%	12-month	204 South Church Street, Smithfield, VA 23430
7	Department of the Interior Federal Credit Union	4.90%	12-month	1849 C Street NW, Washington, DC 20240
8	State Department Federal Credit Union	4.90%	12-month	1630 King Street, Alexandria, VA 22314
9	Northwest Federal Credit Union	4.89%	12-month	200 Spring Street, Herndon, VA 20170
10	EagleBank	4.88%	12-month	7830 Old Georgetown Road, Bethesda, MD 20814
11	Apple Federal Credit Union	4.80%	12-month	4029 Ridge Top Road, Fairfax, VA 22030
12	HSBC Bank USA, National Association	4.80%	12-month	452 Fifth Avenue, New York, NY 10018
13	Miners Exchange Bank	4.70%	12-month	483 Main Street, Coeburn, VA 24230
14	Fauquier Bank	4.67%	12-month	10 Courthouse Square, Warrenton, VA 20186
15	Virginia National Bank	4.67%	12-month	4480 Cox Road, Glen Allen, VA 23060
16	Powell Valley National Bank	4.63%	12-month	301 E Main Street, Jonesville, VA 24263
17	Oak View National Bank	4.59%	12-month	300 W. Main Street, Warrenton, VA 20186
18	PenFed Credit Union	4.50%	12-month	7940 Jones Branch Drive, Tysons, VA 22102
19	Unify Financial Credit Union	4.50%	3-month	2000 Shea Center Drive, Suite 200, Highlands Ranch, CO 80129
20	Wells Fargo Bank, National Association	4.50%	3-month	Online
21	New Peoples Bank	4.50%	12-month	202 Woodland Drive, Lebanon, VA 24266
22	EagleBank	4.45%	3-month	7815 Woodmont Avenue, Bethesda, MD 20814
23	ServisFirst Bank	4.43%	3-month	2500 Woodcrest Place, Suite 100, Birmingham, AL 35209
24	Community Bank of the Chesapeake	4.16%	3-month	3035 Leonardtown Road, Waldorf, MD 20601
25	Burke & Herbert Bank	4.04%	24-month	100 South Fairfax Street, Alexandria, VA 22314
26	Bank of Floyd	4.04%	3-month	113 East Main Street, Floyd, VA 24091
27	Bank of Charlotte County	4.02%	18-month	203 David Bruce Avenue, Charlotte Court House, VA 23923
28	Signature Federal Credit Union	4.00%	3-month	12801 Worldgate Drive, Suite 300, Herndon, VA 20170
29	Community Bank	4.00%	18-month	7900 Sudley Road, Manassas, VA 20109
30	Bank of Clarke County	4.00%	36-month	2 East Main Street, Berryville, VA 22611
31	Winchester Co-operative Bank	4.00%	12-month	1 South Loudoun Street, Winchester, VA 22601
32	Park View Federal Credit Union	4.00%	3-month	1675 Virginia Avenue, Martinsville, VA 24112
33	Blue Ridge Bank	4.00%	3-month	999 Waterside Drive, Suite 1010, Norfolk, VA 23510
34	American National Bank & Trust	4.00%	24-month	628 Main Street, Danville, VA 24541
35	Farmers & Merchants Bank of Craig County	4.00%	3-month	100 Hull Drive, New Castle, VA 24127
36	Fauquier Bank	3.94%	3-month	10 Courthouse Square, Warrenton, VA 20186
37	Virginia National Bank	3.94%	3-month	6120 Lakeside Avenue, Richmond, VA 23228
38	Bank of America, National Association	3.93%	3-month	Online
39	Congressional Bank	3.93%	3-month	6701 Democracy Boulevard, Suite 400, Bethesda, MD 20817
40	The Farmers Bank of Appomattox	3.93%	3-month	171 Old Courthouse Road, Appomattox, VA 24522
41	Bank of Botetourt	3.93%	3-month	138 Craig Avenue, Troutville, VA 24175
42	Farmers Bank	3.89%	6-month	9 East Main Street, Windsor, VA 23487
43	Bank of McKenney	3.89%	3-month	4700 McKenney Highway, McKenney, VA 23872
44	United Bank	3.68%	24-month	306 North Royal Avenue, Front Royal, VA 22630
45	Community Capital Bank of Virginia	3.00%	3-month	4220 Old Hundred Road, Chester, VA 23831
46	United States Senate Federal Credit Union	3.00%	3-month	403 C Street NE, Washington, DC 20002
47	Woodforest National Bank	3.00%	3-month	1330 Lake Robbins Drive, Suite 100, The Woodlands, TX 77380
48	Virginia National Bank	3.00%	24-month	6120 Lakeside Avenue, Richmond, VA 23228
49	Access National Bank (now Union Bankshares)	3.00%	18-month	1800 Robert Fulton Drive, Reston, VA 20191
50	Farmers & Miners Bank	3.00%	3-month	200 East Main Street, Pennington Gap, VA 24277
51	The Bank of Marion	2.86%	3-month	102 West Main Street, Marion, VA 24354
52	Navy Federal Credit Union	2.75%	3-month	820 Follin Lane SE, Vienna, VA 22180
53	Peoples Advantage Federal Credit Union	2.74%	3-month	110 Wagner Road, Petersburg, VA 23805
54	Benchmark Community Bank	2.72%	24-month	287 South Main Street, Kenbridge, VA 23944
55	Citibank, N.A.	2.71%	12-month	Online
56	Eastman Credit Union	2.32%	3-month	2021 Meadowview Lane, Kingsport, TN 37660
57	The Bank of Southside Virginia	2.14%	24-month	17208 Halligan Park Road, Carson, VA 23830
58	Pioneer Bank	2.14%	24-month	132 E Main Street, Stanley, VA 22851
59	Farmers & Merchants Bank	1.38%	36-month	2 West Washington Street, Berryville, VA 22611
60	Hanscom Federal Credit Union	1.25%	3-month	1610 Eglin Street, Hanscom AFB, MA 01731
61	StellarOne Bank	1.07%	24-month	590 Peter Jefferson Parkway, Charlottesville, VA 22911

Current CD Rates of Virginia

The current landscape of CD rates in Virginia reflects a varied range, with opportunities for savers to find rates that suit their financial goals and timelines. The highest CD rates tend to be available for longer-term deposits and from online banks or credit unions that can offer more competitive rates than traditional brick-and-mortar banks.

It is also notable that no-penalty CDs are available for those who seek more flexibility, with rates slightly lower than their counterparts but without the penalty for early withdrawal.

Best 6 Month CD Rates

Finding the optimal short-term investment option in Virginia can yield lucrative returns. With varied rates, savers have the opportunity to maximize earnings in just six months.

1. Nasa Federal Credit Union

Minimum Amount: $1000.00

APY / Rate: 3.75% APY

Pros:

• Hassle-free account opening
• FDIC insured
• Easy renewal

Rules:

• Dividends are compounded and credited on a monthly basis
• Average daily balance method is applied
• There is a penalty for early withdrawal

2. Pentagon Federal Credit Union

Minimum Amount: $1000.00

APY / Rate: 2.70% APY

Pros:

• Easy online and mobile access.
• Checking account dividends are compounded daily and paid monthly
• 85,000 free ATM network access nationwide.
• Competitive APY rates.

Rules:

• NCUA insured.
• Rates are the same and are subject to change.
• Penalties applied for early withdrawal.
• The penalty will be 30% of the gross amount of dividends after 365 days of the open date.

Best 1 Year CD Rates

Virginia offers competitive rates for one-year CDs, providing an attractive option for short to medium-term investments.

3. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 5.15% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

4. BMO Harris

Minimum Amount: $1000

APY / Rate: 5.00%

Pros:

• High-interest rates on CD accounts
• Access through mobile, online, and telephone
• FDIC insured to the maximum limited by law
• No monthly maintenance fee

Rules:

• A CD can be opened instantly
• The amount can be withdrawn early by paying an early withdrawal penalty amount
• 10 calendar days grace period post maturity post which the CD is auto-renewed.

Best 3 Year CD Rates

Virginia’s financial landscape caters to savers seeking mid-term investment opportunities with three-year CD rates. This duration offers a balance between yield and accessibility for those with longer-term financial goals.

1. Alaska USA FCU

Minimum Amount: $500

APY / Rate: 4.55% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. First Internet Bank of Indiana

Minimum Amount: $1000

APY / Rate: 4.44%

Pros:

• High-interest rates on CD accounts
• Access through mobile, online, and telephone
• FDIC insured to the maximum limited by law
• No monthly maintenance fee

Rules:

• A CD can be opened instantly
• The amount can be withdrawn early by paying an early withdrawal penalty amount
• 10 calendar days grace period post maturity post which the CD is auto-renewed.

Best 5 Year CD Rates

For those with a long-term investment horizon, Virginia presents enticing options with five-year CD rates. These rates offer stability and potentially higher returns over an extended period.

1. GTE Financial Credit Union

Minimum Amount: $500

APY / Rate: 4.54% APY

Pros:

• Open with as little as $500
• Some of the best rates in the nation
• Variety of term options
• Open online in minutes
• Federally Insured by NCUA

Rules:

• No early withdrawals may be made during the first 60 days from opening the Share Certificate.
• Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
• There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
• You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
• Any monthly withdrawals or transfers reduce earnings.

2.  CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
• The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

Virginia Economic Statistics

 Virginia boasts a robust economy that makes it an attractive destination for investors.

• With an average household income of approximately $76,000 per year, according to the U.S. Census Bureau’s American Community Survey. It reflects that the residents have the means to invest in various financial instruments, including CDs, to grow their wealth over time.
• The state’s average home value stands at around $415,600, offering stability and potential equity growth for homeowners.
• Furthermore, Virginia’s population exceeds 5 million people, providing a sizable consumer base and fostering economic activity.

Economic Indicator	Virginia Average
Average Household Income	$76,000 per year
Average Home Value	$415,600
Population	Over 8.5 million

These favorable economic indicators, coupled with competitive CD rates showcase Virginia’s potential as a lucrative market for investors.

How to Get the Best CD Rates in Virginia: A Step-by-Step Guide

In order to get successful in terms of finding the best CD rates, research financial institutions;

1. Start by researching banks and credit unions in Virginia that offer CD accounts. Look for institutions known for competitive rates and favorable terms.
2. Once you’ve identified potential banks, compare their CD rates, terms, and minimum deposit requirements. Pay attention to factors such as APYs and penalties for early withdrawal.
3. Furthermore, explore offerings from online banks, which often provide higher CD rates due to lower overhead costs. Don’t limit your search to local brick-and-mortar institutions.
4. Keep an eye out for special promotions or limited-time offers, such as bonus APYs for opening a new CD account or transferring funds from another institution.
5. Look for customer reviews and ratings to gauge the reliability and customer service of each institution. A reputable bank with positive feedback can provide peace of mind.
6. If you have specific questions or need clarification on terms, don’t hesitate to contact the banks directly. Speaking with a representative can help you make an informed decision.

CD rates may change over time, so periodically review your CD account’s performance and compare rates to ensure you’re still getting the best deal possible.

CD Rates Methodology

Our methodology for assessing CD rates in Virginia involved a comprehensive review of offerings from numerous banks and credit unions across the state.

We meticulously examined rates from a total of 89 financial institutions, evaluating factors such as annual percentage yields (APYs), minimum deposit requirements, and account terms.

After rigorous analysis, we designed a list of the top CD rates available, comprising 61 institutions that stood out for their competitive rates and favorable terms.

Conclusion

In conclusion, securing the best CD rates in Virginia involves researching rates from a wide array of financial institutions and comparing their offerings. With careful consideration and informed decision-making, individuals can optimize their savings and investment strategies to achieve their financial goals effectively.

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