Cash Tune-Up

You are viewing rates across Virginia

or     View rates from local banks


Virginia CD Rates – 5 Year 2016

Below are 5 year CD Rates from banks that are located in Virginia. Five Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. They are also popular with depositors who are willing to lock up money for five years in return for extra yield.

VA - September 27, 2016

5 Year CD National Average : 1.15% ?

Bank APY MIN MILES ?
Old Dominion National Bank 2.00% $500 -
First Virginia Community Bank 1.90% $1,000 -
John Marshall Bank 1.87% $500 -
River Community Bank, National Association 1.77% $500 -
Peoples Community Bank 1.76% $1,000 -
Armed Forces Bank, National Association 1.75% $500 -
Cardinal Bank 1.75% $1,000 -
Eaglebank 1.75% $1,000 -
The Freedom Bank Of Virginia 1.75% $50 -
First National Bank 1.56% $500 -
Essex Bank 1.56% $500 -
Virginia Commonwealth Bank 1.56% $500 -
Washingtonfirst Bank 1.56% $1,000 -
Summit Community Bank, Inc 1.55% $50,000 -
Access National Bank 1.55% $10,000 -
Presidential Bank, Fsb 1.53% $1,000 -
Manufacturers And Traders Trust Company 1.51% $1 -
Virginia Community Bank 1.51% $500 -
Village Bank 1.51% $500 -
Sonabank 1.51% $500 -
Bbcn Bank 1.50% $1,000 -
Summit Community Bank, Inc 1.50% $10,000 -
Bank @lantec 1.50% $95,000 -
Mainstreet Bank 1.50% $500 -
First Century Bank, Inc. 1.46% $500 -
Bank Of Lancaster 1.46% $100,000 -
Martinsville First Savings Bank 1.46% $500 -
Fulton Bank, National Association 1.45% $1,000 -
Bank @lantec 1.45% $500 -
Farmers & Merchants Bank 1.41% $1,000 -
Bank Of Lancaster 1.41% $1,000 -
Chesapeake Bank 1.40% $1,000 -
The Capon Valley Bank 1.40% $500 -
Citizens And Farmers Bank 1.40% $500 -
Cornerstone Bank, National Association 1.36% $500 -
Pioneer Bank 1.35% $500 -
The First Bank And Trust Company 1.35% $500 -
Mvb Bank, Inc 1.35% $50,000 -
New Peoples Bank, Inc. 1.35% $500 -
Citizens Community Bank 1.35% $1 -
Congressional Bank 1.35% $1,000 -
First State Bank 1.31% $500 -
Community Capital Bank Of Virginia 1.31% $250 -
Hometown Bank 1.30% $500 -
First Sentinel Bank 1.26% $500 -
Bank Of The James 1.26% $500 -
Highlands Community Bank 1.26% $500 -
Bank Of Mckenney 1.25% $500 -
Pendleton Community Bank, Inc. 1.25% $500 -
The Middleburg Bank 1.25% $500 -
The Old Point National Bank Of Phoebus 1.25% $500 -
United Bank 1.25% $500 -
Frontier Community Bank 1.25% $1,000 -
Metro City Bank 1.24% $1,000 -
Bank Of Botetourt 1.21% $500 -
Bank Of Hampton Roads 1.21% $500 -
Xenith Bank 1.21% $500 -
Grayson National Bank 1.20% $500 -
Miners Exchange Bank 1.20% $500 -
Carter Bank & Trust 1.20% $100 -
Sandy Spring Bank 1.15% $1,000 -
The Middleburg Bank 1.15% $500 -
The Blue Grass Valley Bank 1.15% $500 -
The Bank Of Charlotte County 1.15% $500 -
Pnc Bank, National Association 1.10% $10,000 -
City National Bank Of West Virginia 1.10% $500 -
Community Bank Of The Chesapeake 1.10% $500 -
Virginia Partners Bank 1.10% $1,000 -
First And Citizens Bank 1.05% $500 -
Farmers And Miners Bank 1.05% $100,000 -
Hanmi Bank 1.05% $100,000 -
Mvb Bank, Inc 1.04% $1,000 -
Farmers And Miners Bank 1.00% $500 -
First Century Bank, Inc. 1.00% $500 -
Grayson National Bank 1.00% $1,000 -
First Bank 1.00% $500 -
The Bank Of Southside Virginia 1.00% $1,000 -
Evb 1.00% $1,000 -
Citizens Bank 1.00% $1,000 -
City National Bank Of West Virginia 1.00% $500 -
Hanmi Bank 1.00% $1,000 -
Bank Of Hampton Roads 1.00% $500 -
Premier Bank, Inc. 1.00% $500 -
Amg National Trust Bank 1.00% $1,000 -
Select Bank 1.00% $500 -
Oak View National Bank 1.00% $1,000 -
Trupoint Bank 0.95% $1,000 -
Highlands Union Bank 0.95% $500 -
Citizens Bank And Trust Company 0.90% $1,000 -
Pnc Bank, National Association 0.90% $100,000 -
The Farmers Bank Of Appomattox 0.90% $1,000 -
Burke & Herbert Bank & Trust Company 0.90% $10,000 -
Benchmark Community Bank 0.90% $500 -
Powell Valley National Bank 0.86% $500 -
American National Bank And Trust Company 0.80% $500 -
The Peoples Bank 0.80% $1,000 -
Grundy National Bank 0.76% $500 -
Virginia Bank And Trust Company 0.75% $1,000 -
Woodforest National Bank 0.75% $500 -
Premier Bank, Inc. 0.75% $500 -
Td Bank, National Association 0.70% $10,000 -
Bank Of North Carolina 0.70% $100,000 -
Pnc Bank, National Association 0.65% $10,000 -
Union Bank & Trust 0.65% $1,000 -
First Community Bank 0.60% $1,000 -
Capital One, National Association 0.60% $1,000 -
Blue Ridge Bank 0.60% $5,000 -
The National Bank Of Blacksburg 0.59% $500 -
Manufacturers And Traders Trust Company 0.55% $1,000 -
Bank Of North Carolina 0.55% $10,000 -
The Fauquier Bank 0.50% $500 -
Citibank, National Association 0.50% $10,000 -
Branch Banking And Trust Company 0.50% $10,000 -
Suntrust Bank 0.40% $10,000 -
The Fidelity Bank 0.40% $10,000 -
Towne Bank 0.40% $50,000 -
Wells Fargo Bank, National Association 0.35% $10,000 -
Regions Bank 0.35% $500 -
Southern Bank And Trust Company 0.35% $10,000 -
Towne Bank 0.30% $1,000 -
The Bank Of Marion 0.25% $500 -
Southern Bank And Trust Company 0.25% $100,000 -
Bank Of America, National Association 0.15% $10,000 -
Hometrust Bank, National Association 0.15% $10,000 -
Hsbc Bank Usa, National Association 0.15% $1,000 -

See rates for Online Banks →

See rates for Credit Unions →

Google
Pinterest

BestCashCow strives to maintain the most accurate rates. If you find a rate that is not accurate, please let us know by commenting below so that we can update it. Thank you for your help.

PRODUCT INFORMATION

Five Year CDs - Branch Banks 2016

Five year CDs are the big kahuna of the CD world. While banks may offer six year, seven year, or even 10 year CDs, the five year is the most longest of the most common terms. Because they are the longest term, they also generally offer the highest rate of any CD term and the temptation for those looking for yield, is to open one, deposit money, and forget about it for five years. This could be a mistake. In low rate, or rising rate environments, a five year CD may not be a good investment.

Safety

Like every other CD term, five year CDs from FDIC insured banks are protected up to FDIC limits (generally $250,000 per account holder per bank). If your deposit is over the FDIC limit then you may not receive the uninsured money in case of a bank failure.

Inflation

The principle threat to a a five year CD is inflation. If the CD is opened in a low rate environment, and rates and inflation subsequently rise, then inflation will erode the value of the certificate of deposit over its five years. For example, if a depositor opened a five year CD in year 1 with a yield of 2.05% APY and inflation at 1.5%, then the real return is .55 percentage points. But if inflation rises the next year to 2.5% and stays there for the next four years, then the CD in real terms is losing money every year: 2.05% - 2.5% = -.45%.

While it is impossible for anyone to predict too far into the future, savers should be cognizant of the economic environment before locking up money for a five year time-period. Our rate analysis page provides some insight into where we think rates will go.

On the other hand, if rates are falling and will continue to do so for some time due to an economic recession then it makes sense to lock in a higher rate with a five year CD. Savers who opened five year CDs in 2008 immediately after the financial crisis were able to lock in rates in the 6% range, a great move considering two years later a five year CD paid below 3%.

Interest

Five CDs currently pay about 70 percentage points more in interest than a one year CD. In general, CDs of this duration are best opened as part of a laddered CD portfolio or if the depositor thinks that rates will either stagnate or drop over the next couple of years.

Opening a Five Year CD

Opening a five year CD in a branch is relatively easy and similar to every other CD term. Most banks require the customer be a resident of the United States and most branch-based banks ask that the account be opened in the bank. Funding can be performed by transferring money that is already located at that bank or by check or ACH transfer from another bank. The CD can be opened that day and the rate locked.

With longer term CDs, savers should make sure they put a record of the CD in a safe place and that if they move, they forward their new address to the bank. In cases where the bank cannot find the CD holder, the bank may hand the funds over to a state authority as a lost deposit, and it will require onerous paperwork to reclaim the money.

ADVANTAGES AND DISADVANTAGES OF FIVE YEAR CDs

Advantages of five year CDs

  • 5 year CDs provide the highest rate of the common CD terms.
  • The return is fixed for five years, which is an advantage in a flat or falling rate environment.
  • Bran

Disadvantages of five year CDs

  • The money is locked away for five years and cannot be withdrawn without a substantial penalty.
  • In a rising rate environment, inflation will reduce the value of the money in the CD over time.
  • Branch CDs require the saver to visit a branch and be subjected to cross-sell pitches and other marketing tactics.

All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, you visit the FDIC website.

To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.

Google
Pinterest

SAVINGS & CD BOOSTER CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.

Input the numbers

  • Ken

    June 09, 2015

    The 5 year rate for zip code 76102 shows Compass Bank offering rates of 2.00% and 2.20%. The local Compass Bank however offers 0.50% APY for 5 year money. Can you elaborate on where these rates are pulled from?

  • debra

    May 19, 2015

    synovus says they do not have the rates advertised they say these rates have ended May 19 2015 10 days ago

  • Sally

    November 19, 2014

    If you are doing a TRUST...at Bridgewater Bank...be prepared to haul in all 50-100 pages of your original so they can copy it.

  • mike

    October 16, 2014

    Bridgewater bank 5 year cd rate is 2.1% now.

  • Charles Voytek

    September 01, 2014

    Rate Bank United Miami Florida 5years please

  • Mike

    July 23, 2014

    Bank of the west does not offer a rate of 2% on 5 year term

  • Sol

    May 14, 2014

    @Frank

    Hi Frank, I called and First Choice Bank in NJ is offering a 2.5% APY CD with a platinum checking account. The checking account has an average daily balance requirement of $500. You can see if a First Choice Bank is near your location here:

    http://www.bestcashcow.com/banks/first-choice-bank-branches-58471

    They have branches in the Philadelphia area. Hope that helps.

    Sol

  • Frank Rutolo

    May 07, 2014

    First Choice Bank does not offer a 2.50% 5yr cd.
    I called on 5/6/2014 and was told the rate is 2.05%
    for 5 yrs.

  • Bea

    November 26, 2013

    Please note that First Federal has just a one star rating on Bankrate. We have business with them and some months ago were sent a letter that another bank was supposed to take them over. It seems to have fallen through and I am concerned about First Fed's future. As soon as our CDs mature with them, I hope to find a more financially suitable bank or credit union to switch to. I don't like to do business with one star banks even if they are FDIC insured. When I first got with them they seemed to have much higher ratings.

  • reader

    November 23, 2013

    first federal will do great cd rates at a $500 minimum balance ----such as a 5 year cd for 1.50 apy ----please inquire and update information

  • «
  • Page 1 of 2
  • 2
  • »

Add Your Comment

Rate it here →
 

Products by State

LATEST ARTICLES ON Cds
Bank Rate Deals & Offers

Download a Free eBook

The No Risk Way To Boost Your Savings
Bank On It:
The No Risk Way To Boost Your Savings
Download
Guide To Credit Card Travel Rewards
BestCashCow
Guide To Credit Card Travel Rewards
Download
65 Questions to Ask before Choosing a CD
65 Questions to Ask before Choosing a CD
Download
The Insider's Guide to Mortgages
The Insider's Guide
to
Mortgages
Download
Manage your Money
Plan your finance
Optimize Your Finances

Copyright © 2016 BestCashCow.com, LLC. All Rights Reserved. Privacy Policy

Site Disclosure | Advertising Disclosure |  

Last Update on September 26, 2016

This page was created in 0.7591 seconds.