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 BankAPY %Term LengthAddress
1Eastman Credit Union5.22%12-month2025 Meadowview Lane, Kingsport, TN 37660
2Department of the Interior Federal Credit Union5.10%3-month1849 C Street NW, Washington, DC 20240
3Andrews Federal Credit Union5.05%12-month5711 Allentown Road, Suitland, MD 20746
4Navy Federal Credit Union5.05%12-month820 Follin Lane SE, Vienna, VA 22180
5Congressional Bank4.99%12-month6701 Democracy Boulevard, Suite 300, Bethesda, MD 20817
6Old Dominion National Bank4.91%12-month204 South Church Street, Smithfield, VA 23430
7Department of the Interior Federal Credit Union4.90%12-month1849 C Street NW, Washington, DC 20240
8State Department Federal Credit Union4.90%12-month1630 King Street, Alexandria, VA 22314
9Northwest Federal Credit Union4.89%12-month200 Spring Street, Herndon, VA 20170
10EagleBank4.88%12-month7830 Old Georgetown Road, Bethesda, MD 20814
11Apple Federal Credit Union4.80%12-month4029 Ridge Top Road, Fairfax, VA 22030
12HSBC Bank USA, National Association4.80%12-month452 Fifth Avenue, New York, NY 10018
13Miners Exchange Bank4.70%12-month483 Main Street, Coeburn, VA 24230
14Fauquier Bank4.67%12-month10 Courthouse Square, Warrenton, VA 20186
15Virginia National Bank4.67%12-month4480 Cox Road, Glen Allen, VA 23060
16Powell Valley National Bank4.63%12-month301 E Main Street, Jonesville, VA 24263
17Oak View National Bank4.59%12-month300 W. Main Street, Warrenton, VA 20186
18PenFed Credit Union4.50%12-month7940 Jones Branch Drive, Tysons, VA 22102
19Unify Financial Credit Union4.50%3-month2000 Shea Center Drive, Suite 200, Highlands Ranch, CO 80129
20Wells Fargo Bank, National Association4.50%3-monthOnline
21New Peoples Bank4.50%12-month202 Woodland Drive, Lebanon, VA 24266
22EagleBank4.45%3-month7815 Woodmont Avenue, Bethesda, MD 20814
23ServisFirst Bank4.43%3-month2500 Woodcrest Place, Suite 100, Birmingham, AL 35209
24Community Bank of the Chesapeake4.16%3-month3035 Leonardtown Road, Waldorf, MD 20601
25Burke & Herbert Bank4.04%24-month100 South Fairfax Street, Alexandria, VA 22314
26Bank of Floyd4.04%3-month113 East Main Street, Floyd, VA 24091
27Bank of Charlotte County4.02%18-month203 David Bruce Avenue, Charlotte Court House, VA 23923
28Signature Federal Credit Union4.00%3-month12801 Worldgate Drive, Suite 300, Herndon, VA 20170
29Community Bank4.00%18-month7900 Sudley Road, Manassas, VA 20109
30Bank of Clarke County4.00%36-month2 East Main Street, Berryville, VA 22611
31Winchester Co-operative Bank4.00%12-month1 South Loudoun Street, Winchester, VA 22601
32Park View Federal Credit Union4.00%3-month1675 Virginia Avenue, Martinsville, VA 24112
33Blue Ridge Bank4.00%3-month999 Waterside Drive, Suite 1010, Norfolk, VA 23510
34American National Bank & Trust4.00%24-month628 Main Street, Danville, VA 24541
35Farmers & Merchants Bank of Craig County4.00%3-month100 Hull Drive, New Castle, VA 24127
36Fauquier Bank3.94%3-month10 Courthouse Square, Warrenton, VA 20186
37Virginia National Bank3.94%3-month6120 Lakeside Avenue, Richmond, VA 23228
38Bank of America, National Association3.93%3-monthOnline
39Congressional Bank3.93%3-month6701 Democracy Boulevard, Suite 400, Bethesda, MD 20817
40The Farmers Bank of Appomattox3.93%3-month171 Old Courthouse Road, Appomattox, VA 24522
41Bank of Botetourt3.93%3-month138 Craig Avenue, Troutville, VA 24175
42Farmers Bank3.89%6-month9 East Main Street, Windsor, VA 23487
43Bank of McKenney3.89%3-month4700 McKenney Highway, McKenney, VA 23872
44United Bank3.68%24-month306 North Royal Avenue, Front Royal, VA 22630
45Community Capital Bank of Virginia3.00%3-month4220 Old Hundred Road, Chester, VA 23831
46United States Senate Federal Credit Union3.00%3-month403 C Street NE, Washington, DC 20002
47Woodforest National Bank3.00%3-month1330 Lake Robbins Drive, Suite 100, The Woodlands, TX 77380
48Virginia National Bank3.00%24-month6120 Lakeside Avenue, Richmond, VA 23228
49Access National Bank (now Union Bankshares)3.00%18-month1800 Robert Fulton Drive, Reston, VA 20191
50Farmers & Miners Bank3.00%3-month200 East Main Street, Pennington Gap, VA 24277
51The Bank of Marion2.86%3-month102 West Main Street, Marion, VA 24354
52Navy Federal Credit Union2.75%3-month820 Follin Lane SE, Vienna, VA 22180
53Peoples Advantage Federal Credit Union2.74%3-month110 Wagner Road, Petersburg, VA 23805
54Benchmark Community Bank2.72%24-month287 South Main Street, Kenbridge, VA 23944
55Citibank, N.A.2.71%12-monthOnline
56Eastman Credit Union2.32%3-month2021 Meadowview Lane, Kingsport, TN 37660
57The Bank of Southside Virginia2.14%24-month17208 Halligan Park Road, Carson, VA 23830
58Pioneer Bank2.14%24-month132 E Main Street, Stanley, VA 22851
59Farmers & Merchants Bank1.38%36-month2 West Washington Street, Berryville, VA 22611
60Hanscom Federal Credit Union1.25%3-month1610 Eglin Street, Hanscom AFB, MA 01731
61StellarOne Bank1.07%24-month590 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
  1. 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.

  1. 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.
  1. 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.
  1. 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.
  1.  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 IndicatorVirginia Average
Average Household Income$76,000 per year
Average Home Value$415,600
PopulationOver 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.

FAQs

Who has the best CD rates in Virginia?

Congressional Bank offers a 12-month CD with a competitive rate of 4.99% in Virginia.

What Credit Union has the Best CD rates in Virginia?

Eastman Credit Union provides one of the best CD rates in Virginia with a rate of 5.22% for a 12-month term, making it an attractive choice for longer-term savings goals.