Handful of Competitive 12 Month CD Rates in Virginia

Live in VA and looking to stash some cash in a short term bank deposit? Check out some of the 12 month and 14 CD rates provided by the highlighted institutions below.

Typically CD’s come with rounded terms such as 6 months, 12 months, 2 years, etc., however when an institution offers an oddball maturity it usually means it’s a promotional offer and will come with an attractive rate. This holds true for the 14 month CD offered by River Community Bank in Stuart, VA which features an APY of 1.40% on $10,000 deposits.

Thanks to BankVibe.com reader Glen for tipping us off on this offer!

River Community Bank has several locations throughout Virginia with branches in Martinsville and Dansville as well as Henry, Patrick, Charlotte, and Pittsylvania counties.

If you don’t reside near a River Community Bank but live in VA there are plenty of other local institutions offering competitive rates on 1 year CD’s. Below are the highest yielding offers from local banks and credit unions. The rates on the products featured below are accurate as of December 2011. Compare these with CD rates from around the country to see how they stack up against the competition.

Top 12 month CD rates VA:

- URW Community Federal Credit Union featuring 1 year CD’s yielding 1.27% APY requiring a minimum deposit of at least $2,500.

- Carter Bank and Trust featuring 1 year CD’s yielding 1.25% APY requiring a minimum deposit of at least $100.

- Farmers and Merchants Bank of Craig County featuring 1 year CD’s yielding 1.25% APY requiring a minimum deposit of at least $100.

- Freedom Bank of Virginia featuring 1 year CD’s yielding 1.20% APY requiring a minimum deposit of at least $2,500.

TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

Village Bank CD Rates: 20% higher than national average

Village Bank, based out of Richmond, Virginia, is offering some fairly decent CD (certificate of deposit) rates as of this week. Unfortunately for most of us, however, these products are only available to those residing within their community.

Some of their deposit products which are beating the national averages by the highest margins are: a 6 month CD yielding 1.36% APY with a minimum deposit of a $1,000 required, a 12 month CD yielding 1.71% APY with a minimum deposit of $500 required, and a 3 year CD yielding 2.68% APY with a minimum deposit of $500 required. The national averages for 6 month, 1 year and 3 year CDs are 0.89% APY, 1.31% APY, and 2.05% APY respectively.

Village Bank’s Current CD Rates:

To find an optimal product, compare the above CD rates with the best CD rates in Virginia.

Village Bank’s footprint within the community:

• Employees get two days paid time off each year to donate their time and resources to community projects of their choosing.
• Village Bank created the Village Bank High School Scholarship program that offers $2,500 scholarships to outstanding high school students interested in continuing their education.
• Their green initiative includes installing recycling bins at all of their locations, moving their customers towards using electronic statements instead of paper ones and instituting a recycling program for all of their employees both at the branches and at their offices to reduce waste going to landfills.

Best CD Rates in Reston, Virginia: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Reston, Virginia. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Reston as well as the state of Virginia, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Reston, Virginia:

• EDS Credit Union has a 6 month CD as well as a 9 month CD yielding 2.0% and 2.20% APY, respectively. EDS CU has several locations (including both physical branch locations and ATMs) in the state of Virginia, including Reston and Herndon.
• UFB Direct has a 6 month CD yielding 1.80% APY with a minimum deposit of $8000. UFB is a national bank and can accept deposits nationwide.
• Greater Atlantic Bank has a 7 month CD yielding 1.80% APY with a minimum deposit amount of $10,000. Greater Atlantic Bank has physical branch locations in Reston, VA.

Best 12 month CD rates in Reston, Virginia:

• EDS Credit Union has a 12 month CD yielding 2.10% APY with a minimum deposit requirement of just $250. They also have the 9 month CD (promotional offer) yielding 2.20% APY but this comes with a minimum deposit of $1,000
• Freedom Bank of Virginia has a 12 month CD yielding 2.0% APY with a minimum deposit requirement of $2,500. They have locations in Reston and Fairfax, VA.
• Greater Atlantic Bank of Reston, Virginia has a 13 month CD yielding 2.0% APY with a minimum deposit requirement of $10,000 

Best 24 month CD rates in Reston, Virginia:

• Millennium Bank, National Association has a 24 month CD yielding 2.65% APY with a minimum deposit requirement of $1,000. Millennium Bank has several locations in the northeast and has physical branch(s) in Reston, VA.
• Alliance Bank Corp. has a 12 month CD yielding 2.45% APY with a minimum deposit of $500. They have locations in both Fairfax, VA and Reston.
• Northwest Federal Credit Union has a 12 month CD yielding 2.30% APY with a minimum deposit of $500. Northwest FCU has locations in both Reston and Chantilly, VA.

Highest yielding money market account rates in Virginia

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.

Best certificate of deposit rates in Virginia (Top 3)

Below are the Top 3 CD rates available to the residents of Virginia. The deposit products below are listed by highest yielding interest rate. Because you will almost always find higher interest rates accompanied with longer maturities we took the CD’s that beat the national average by the highest margins (so that we wouldn’t be strictly listing long-term deposits). After digging through dozens of rate pages by various banks and credit unions serving the state of Virginia we found the best offers to come in the form of 60 month CDs, 50 month CDs, and 24 month CDs. The banks listed below provide their services to the greater Virginia area, you may want to comapre these offers with Maryland CD rates and Washington DC CD rates as they probably overlap. If you are ineligible to join these banks or are in anyway not what you are looking for you may want to compare CD rates available nationwide.

Top 3 CD Rates (Virginia)

(clicking on the institution will provide you with more information)

Virginia Commerce Bank: Vienna, VA. 60 month CD yielding 3.75% APY with a minimum deposit amount of $500. They also have this product available for IRA’s with a minimum deposit of $100. Virginia Commerce Bank is all about taking care of their community. Here is a snippet from their “philosophy” section, “VCB has a passion for community service that is illustrated by our track record of corporate citizenship. Our employees invest their time and talents volunteering for and supporting organizations throughout our market. We consistently seek opportunities to give back to the community.”

NASA Federal Credit Union: Wallops Island, VA. 50 month CD yielding 4.00% APY with a minimum deposit of $10,000. This is a fairly decent offer if you don’t mind tying up your cash for a little over four years but it comes with a relatively high minimum deposit amount. NASA Fed CU is a not-for-profit credit union that passes it’s profits on to it’s members in the form of higher interest rates and lower mortgage rates. You do not have to be an employee of NASA to be eligible, however you do have to be an employee (or family member of an employee) of one of their selected employee groups.

Eastman Credit Union: Gate City, VA. 36 month CD yielding 3.16% APY with a minimum deposit amount of $1,000. Eastman CU has geographically exclusive eligibility. If you live, work, worship or attend school in one of their selected counties you are eligible to join. You may also join if you have family members whom fit that criteria. The territory stretches from Dickson county, Virginia to the north,  Sevier County, Tennessee to the south, Washington DC to the east and Handcock and Lee county to the west. Eastman CU is a not-for-profit member-owned financial institution.

If you reside in Virginia and know of a better rate offered through your local bank or credit union, please share by leaving a comment!

All of the above mentioned banks and credit unions are federally insured by either the FDIC or NCUA and your deposits will be insured up to $250,000.