Highest yielding money market account rates in Virginia

August 31, 2009 No Comments »

Below are the highest yielding money market account rates serving citizens of the state of Virginia. Like all bank rates, the offers below are time-sensitive in nature, so please refer to the date of this article for accuracy.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Virginia which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 money market rates in Virginia:

(click on the institution for more information)

  • United Central Bank: Springfield, VA. “Global money market account” yielding up to 3.0% APY depending on your balance amount. The breakdown is as follows, $5,000 – $74,999 yields 1.95% APY, $75,000 – $299,999 yields 2.15% APY, $300,000 – $499,999 yields 2.25%, $500k – $999k yields 2.40% APY and anything over $1 million yields 3.0% APY. A minimum balance of $5,000 is required to open this account and it come with a $10 monthly fee which will, needless to say, cut into your interest rate earnings. The average interest rate for money market accounts throughout the country is around 1.20% APY. United Central Bank serves many states throughout the country.
  • Community Bank: Virginia Beach, VA. Money market account yielding 1.75% APY with a minimum balance of $10,000. Community Bank was established roughly 80 years ago and began as a small neighborhood bank and still remain relatively small. They have 11 locations throughout Virginia. These locations reside in Staunton, Waynesboro, Stuarts Draft, Lexington, Raphine, Verona, Harrisonburg, Buena Vista and Virginia Beach.

Both of the above institutions are federally insured by the FDIC. If you know of a better money market rate offered through your local bank or credit union, please share by leaving a comment.

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