Virginia Money Market Rates
If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!
|Banks||APY||Vs. Nat'l Av.||Min Bal||Miles ?|
|Old Dominion National Bank||0.25%||1.69x||$25,000||-|
|Fulton Bank, National Association||0.20%||1.35x||$10,000||-|
|First National Bank||0.20%||1.35x||$25,000||-|
|New Peoples Bank, Inc.||0.17%||1.15x||$25,000||-|
|New Peoples Bank, Inc.||0.15%||1.01x||$10,000||-|
|Burke & Herbert Bank & Trust Company||0.15%||1.01x||$25,000||-|
|Bank of the James||0.15%||1.01x||$2,500||-|
|Blue Ridge Bank||0.15%||1.01x||$25,000||-|
|First National Bank||0.10%||0.68x||$10,000||-|
|Farmers & Merchants Bank||0.10%||0.68x||$1||-|
|Burke & Herbert Bank & Trust Company||0.10%||0.68x||$1,000||-|
|First Century Bank, Inc.||0.10%||0.68x||$25,000||-|
|The Capon Valley Bank||0.10%||0.68x||$25,000||-|
|Bank of Clarke County||0.08%||0.54x||$25,000||-|
|The Fidelity Bank||0.08%||0.54x||$25,000||-|
|Southern Bank and Trust Company||0.07%||0.47x||$25,000||-|
|American National Bank and Trust Company||0.07%||0.47x||$25,001||-|
|The Fidelity Bank||0.05%||0.34x||$1||-|
|The Old Point National Bank of Phoebus||0.05%||0.34x||$1||-|
|Blue Ridge Bank||0.05%||0.34x||$1||-|
|Branch Banking and Trust Company||0.05%||0.34x||$10,000||-|
|The Capon Valley Bank||0.05%||0.34x||$1,000||-|
|Southern Bank and Trust Company||0.03%||0.20x||$1||-|
|Sandy Spring Bank||0.03%||0.20x||$10,000||-|
|American National Bank and Trust Company||0.01%||0.07x||$1||-|
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Premium Money Market Accounts
Premium money market accounts are generally offer higher rates in return for a higher minimum balance versus regular money market accounts. Or, they can be part of a relationship package. For instance, if a consumer opens a certain type of checking account and maintains a minimum balance in it, they may quality for a premium money market account also.
Often, premium money markets have higher rates but that is not always the case. Other than a higher rate and more selective opening criteria, there is no difference between a premium and regular money market account. Like a regular money market, Premium MMs are FDIC insured.
Consumers should choose a premium money market account if they are willing to deposit the minimum balance requirement or fulfill the other conditions of the account and the account pays a higher rate than other savings accounts or regular money market accounts available.
· Higher interest rate than a savings or regular money market account, usually.
· Other advantages are the same as a regular money market account.
· May require a higher minimum balance than a regular money market or savings account or come with other requirements.
· Other disadvantages are the same as a regular money market account.
To see how this account compares to other similar types of investments, please view the BestCashCow income guide. View it here.
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