You are viewing savings rates across Virginia

Virginia Savings 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!

VA - May 24, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Bank of Lancaster 0.85% 7.02x $100 -
Capital One, National Association 0.80% 6.61x $10,001 -
Blue Ridge Bank 0.55% 4.55x $1 -
Martinsville First Savings Bank 0.55% 4.55x $1,000 -
Capital One, National Association 0.50% 4.13x $1,000,001 -
SONABANK 0.50% 4.13x $1,000 -
Carter Bank & Trust 0.50% 4.13x $1 -
The Blue Grass Valley Bank 0.40% 3.31x $10,000 -
Martinsville First Savings Bank 0.40% 3.31x $50 -
First Sentinel Bank 0.40% 3.31x $1 -
John Marshall Bank 0.40% 3.31x $25,001 -
Carter Bank & Trust 0.40% 3.31x $25,000 -
First Sentinel Bank 0.35% 2.89x $1 -
The Blue Grass Valley Bank 0.30% 2.48x $2,500 -
Benchmark Community Bank 0.30% 2.48x $25,000 -
Virginia Community Bank 0.30% 2.48x $20 -
The First Bank and Trust Company 0.30% 2.48x $25,000 -
Presidential Bank, FSB 0.30% 2.48x $10,000 -
The Freedom Bank of Virginia 0.30% 2.48x $10,001 -
Metro City Bank 0.30% 2.48x $25,000 -
John Marshall Bank 0.30% 2.48x $2,501 -
Old Dominion National Bank 0.30% 2.48x $1 -
Carter Bank & Trust 0.30% 2.48x $2,500 -
First Virginia Community Bank 0.30% 2.48x $1 -
Citizens Bank and Trust Company 0.25% 2.07x $25,000 -
Peoples Community Bank 0.25% 2.07x $10,001 -
Grayson National Bank 0.25% 2.07x $1 -
Farmers & Merchants Bank 0.25% 2.07x $10 -
The Peoples Bank 0.25% 2.07x $1 -
EVB 0.25% 2.07x $25,000 -
First and Citizens Bank 0.25% 2.07x $10,000 -
Bank of Floyd 0.25% 2.07x $25,000 -
Grundy National Bank 0.25% 2.07x $1 -
Benchmark Community Bank 0.25% 2.07x $1 -
Virginia Community Bank 0.25% 2.07x $10,000 -
Farmers and Miners Bank 0.25% 2.07x $2,500 -
The First Bank and Trust Company 0.25% 2.07x $25 -
Presidential Bank, FSB 0.25% 2.07x $1,000 -
Village Bank 0.25% 2.07x $10,000 -
The Freedom Bank of Virginia 0.25% 2.07x $500 -
Highlands Community Bank 0.25% 2.07x $25,000 -
Xenith Bank 0.25% 2.07x $100 -
Congressional Bank 0.25% 2.07x $25,000 -
WashingtonFirst Bank 0.25% 2.07x $25,000 -
MainStreet Bank 0.25% 2.07x $50 -
SONABANK 0.25% 2.07x $10 -
Old Dominion National Bank 0.25% 2.07x $25,000 -
Community Capital Bank of Virginia 0.25% 2.07x $50 -
First Virginia Community Bank 0.25% 2.07x $2,500 -
Oak View National Bank 0.25% 2.07x $1 -
CornerStone Bank, National Association 0.25% 2.07x $100 -
Citizens Bank 0.23% 1.90x $25,000 -
Cardinal Bank 0.21% 1.74x $25,000 -
Citizens Bank and Trust Company 0.20% 1.65x $1 -
Bank of McKenney 0.20% 1.65x $10,000 -
First National Bank 0.20% 1.65x $25,000 -
The Farmers Bank of Appomattox 0.20% 1.65x $10 -
The Middleburg Bank 0.20% 1.65x $2,500 -
Fulton Bank, National Association 0.20% 1.65x $10,000 -
Bank of Lancaster 0.20% 1.65x $25,000 -
First and Citizens Bank 0.20% 1.65x $500 -
Citizens Bank 0.20% 1.65x $10,000 -
Bank of Floyd 0.20% 1.65x $100 -
TD Bank, National Association 0.20% 1.65x $25,000 -
TruPoint Bank 0.20% 1.65x $1 -
Virginia Community Bank 0.20% 1.65x $1 -
The First Bank and Trust Company 0.20% 1.65x $2,500 -
Hanmi Bank 0.20% 1.65x $10,000 -
Highlands Union Bank 0.20% 1.65x $25,000 -
Bank of Hampton Roads 0.20% 1.65x $25,000 -
Community Bank of the Chesapeake 0.20% 1.65x $25,000 -
Premier Bank, Inc. 0.20% 1.65x $15,000 -
River Community Bank, National Association 0.20% 1.65x $25,000 -
The Freedom Bank of Virginia 0.20% 1.65x $2,501 -
Highlands Community Bank 0.20% 1.65x $1,000 -
Xenith Bank 0.20% 1.65x $2,500 -
Congressional Bank 0.20% 1.65x $10,000 -
Bank @LANTEC 0.20% 1.65x $25,000 -
MainStreet Bank 0.20% 1.65x $25,000 -
Bank of Georgetown 0.20% 1.65x $25,000 -
HomeTown Bank 0.20% 1.65x $1 -
John Marshall Bank 0.20% 1.65x $1 -
Old Dominion National Bank 0.20% 1.65x $25,000 -
Frontier Community Bank 0.20% 1.65x $1,000 -
Virginia Partners Bank 0.20% 1.65x $25,000 -
City National Bank of West Virginia 0.18% 1.49x $25,000 -
HomeTown Bank 0.18% 1.49x $25,000 -
New Peoples Bank, Inc. 0.17% 1.40x $25,000 -
Peoples Community Bank 0.15% 1.24x $100 -
Bank of Botetourt 0.15% 1.24x $100 -
The Farmers Bank of Appomattox 0.15% 1.24x $1,000 -
Grayson National Bank 0.15% 1.24x $1 -
Blue Ridge Bank 0.15% 1.24x $25,000 -
The Middleburg Bank 0.15% 1.24x $1 -
Farmers & Merchants Bank 0.15% 1.24x $1 -
The Blue Grass Valley Bank 0.15% 1.24x $50 -
Essex Bank 0.15% 1.24x $25,000 -
First State Bank 0.15% 1.24x $1,000 -
The Capon Valley Bank 0.15% 1.24x $25,000 -
Citizens and Farmers Bank 0.15% 1.24x $25,000 -
Bank of Lancaster 0.15% 1.24x $2,500 -
Burke & Herbert Bank & Trust Company 0.15% 1.24x $25,000 -
The Bank of Southside Virginia 0.15% 1.24x $25,000 -
EVB 0.15% 1.24x $1 -
First and Citizens Bank 0.15% 1.24x $10 -
The Bank of Charlotte County 0.15% 1.24x $100 -
Citizens Bank 0.15% 1.24x $100 -
First Bank 0.15% 1.24x $1 -
Southern Bank and Trust Company 0.15% 1.24x $300 -
Virginia Bank and Trust Company 0.15% 1.24x $25,000 -
TD Bank, National Association 0.15% 1.24x $10,000 -
Grundy National Bank 0.15% 1.24x $2,500 -
TruPoint Bank 0.15% 1.24x $2,500 -
Farmers and Miners Bank 0.15% 1.24x $25 -
Virginia Commonwealth Bank 0.15% 1.24x $50 -
Community Bank of the Chesapeake 0.15% 1.24x $10,000 -
Bank of North Carolina 0.15% 1.24x $10,000 -
Union Bank & Trust 0.15% 1.24x $25,000 -
Cardinal Bank 0.15% 1.24x $1 -
EagleBank 0.15% 1.24x $10,000 -
Premier Bank, Inc. 0.15% 1.24x $100 -
New Peoples Bank, Inc. 0.15% 1.24x $1,000 -
Village Bank 0.15% 1.24x $50 -
Bank of the James 0.15% 1.24x $2,500 -
River Community Bank, National Association 0.15% 1.24x $5,000 -
Citizens Community Bank 0.15% 1.24x $1 -
Highlands Community Bank 0.15% 1.24x $100 -
Congressional Bank 0.15% 1.24x $500 -
WashingtonFirst Bank 0.15% 1.24x $1 -
Bank @LANTEC 0.15% 1.24x $10,000 -
Bank of Georgetown 0.15% 1.24x $2,500 -
SONABANK 0.15% 1.24x $1,000 -
Old Dominion National Bank 0.15% 1.24x $10,000 -
Select Bank 0.15% 1.24x $1 -
Virginia Partners Bank 0.15% 1.24x $1 -
CornerStone Bank, National Association 0.15% 1.24x $10,000 -
Citizens Community Bank 0.13% 1.07x $25,000 -
Community Bank of the Chesapeake 0.12% 0.99x $2,500 -
PNC Bank, National Association 0.11% 0.91x $25,000 -
AMG National Trust Bank 0.11% 0.91x $1 -
Capital One, National Association 0.10% 0.83x $1 -
Bank of McKenney 0.10% 0.83x $100 -
Pendleton Community Bank, Inc. 0.10% 0.83x $25,000 -
First Century Bank, Inc. 0.10% 0.83x $1 -
First National Bank 0.10% 0.83x $100 -
Chesapeake Bank 0.10% 0.83x $2,500 -
Powell Valley National Bank 0.10% 0.83x $10 -
First Bank 0.10% 0.83x $10,000 -
The Fauquier Bank 0.10% 0.83x $10 -
Essex Bank 0.10% 0.83x $5,000 -
First State Bank 0.10% 0.83x $100 -
The Capon Valley Bank 0.10% 0.83x $10 -
Citizens and Farmers Bank 0.10% 0.83x $10,000 -
Bank of Lancaster 0.10% 0.83x $300 -
Burke & Herbert Bank & Trust Company 0.10% 0.83x $1,000 -
The Bank of Southside Virginia 0.10% 0.83x $300 -
EVB 0.10% 0.83x $100 -
Citizens Bank 0.10% 0.83x $2,500 -
First Bank 0.10% 0.83x $10,000 -
Southern Bank and Trust Company 0.10% 0.83x $25,000 -
Virginia Bank and Trust Company 0.10% 0.83x $100 -
City National Bank of West Virginia 0.10% 0.83x $1 -
United Bank 0.10% 0.83x $2,500 -
Miners Exchange Bank 0.10% 0.83x $1 -
Hanmi Bank 0.10% 0.83x $1 -
Highlands Union Bank 0.10% 0.83x $1 -
BBCN Bank 0.10% 0.83x $1 -
Bank of Hampton Roads 0.10% 0.83x $1,000 -
HomeTrust Bank, National Association 0.10% 0.83x $2,500 -
Virginia Commonwealth Bank 0.10% 0.83x $1,000 -
Community Bank of the Chesapeake 0.10% 0.83x $1 -
Bank of North Carolina 0.10% 0.83x $25,000 -
Union Bank & Trust 0.10% 0.83x $1 -
Cardinal Bank 0.10% 0.83x $1 -
EagleBank 0.10% 0.83x $2,500 -
Premier Bank, Inc. 0.10% 0.83x $100 -
New Peoples Bank, Inc. 0.10% 0.83x $25 -
Monarch Bank 0.10% 0.83x $25,000 -
Village Bank 0.10% 0.83x $50 -
Access National Bank 0.10% 0.83x $2,500 -
Bank of the James 0.10% 0.83x $1 -
River Community Bank, National Association 0.10% 0.83x $1 -
Citizens Community Bank 0.10% 0.83x $10,000 -
Congressional Bank 0.10% 0.83x $2,500 -
Bank @LANTEC 0.10% 0.83x $250 -
MainStreet Bank 0.10% 0.83x $2,500 -
Bank of Georgetown 0.10% 0.83x $2,500 -
HomeTown Bank 0.10% 0.83x $2,500 -
Metro City Bank 0.10% 0.83x $250 -
Park Sterling Bank 0.10% 0.83x $25,000 -
Old Dominion National Bank 0.10% 0.83x $1 -
Frontier Community Bank 0.10% 0.83x $1,500 -
Oak View National Bank 0.10% 0.83x $25,000 -
CornerStone Bank, National Association 0.10% 0.83x $1 -
PNC Bank, National Association 0.09% 0.74x $10,000 -
Fulton Bank, National Association 0.08% 0.66x $1,000 -
Citizens and Farmers Bank 0.08% 0.66x $1 -
The Fidelity Bank 0.08% 0.66x $25,000 -
Monarch Bank 0.08% 0.66x $100 -
American National Bank and Trust Company 0.07% 0.58x $25,001 -
Southern Bank and Trust Company 0.07% 0.58x $25,000 -
Summit Community Bank, Inc 0.07% 0.58x $10,000 -
Oak View National Bank 0.07% 0.58x $2,500 -
The National Bank of Blacksburg 0.06% 0.50x $25,000 -
American National Bank and Trust Company 0.06% 0.50x $10,001 -
Citibank, National Association 0.06% 0.50x $25,000 -
First Community Bank 0.06% 0.50x $300 -
Monarch Bank 0.06% 0.50x $10,000 -
Manufacturers and Traders Trust Company 0.05% 0.41x $25,000 -
Armed Forces Bank, National Association 0.05% 0.41x $100 -
Sandy Spring Bank 0.05% 0.41x $1 -
Pendleton Community Bank, Inc. 0.05% 0.41x $50 -
First Century Bank, Inc. 0.05% 0.41x $1,000 -
First National Bank 0.05% 0.41x $2,500 -
American National Bank and Trust Company 0.05% 0.41x $1 -
Blue Ridge Bank 0.05% 0.41x $1 -
The Old Point National Bank of Phoebus 0.05% 0.41x $1 -
Pioneer Bank 0.05% 0.41x $1 -
First Bank 0.05% 0.41x $2,500 -
The Fauquier Bank 0.05% 0.41x $500 -
Essex Bank 0.05% 0.41x $1 -
The Bank of Marion 0.05% 0.41x $10,000 -
Branch Banking and Trust Company 0.05% 0.41x $10,000 -
The Capon Valley Bank 0.05% 0.41x $1,000 -
Citizens and Farmers Bank 0.05% 0.41x $2,500 -
First-Citizens Bank & Trust Company 0.05% 0.41x $1 -
The Fidelity Bank 0.05% 0.41x $1 -
Burke & Herbert Bank & Trust Company 0.05% 0.41x $50 -
First Bank 0.05% 0.41x $250 -
Southern Bank and Trust Company 0.05% 0.41x $2,500 -
City National Bank of West Virginia 0.05% 0.41x $1 -
TD Bank, National Association 0.05% 0.41x $1 -
United Bank 0.05% 0.41x $1 -
Woodforest National Bank 0.05% 0.41x $1 -
Highlands Union Bank 0.05% 0.41x $1 -
BBCN Bank 0.05% 0.41x $1 -
Bank of Hampton Roads 0.05% 0.41x $100 -
Bank of North Carolina 0.05% 0.41x $100 -
Summit Community Bank, Inc 0.05% 0.41x $1,000 -
Union Bank & Trust 0.05% 0.41x $1 -
MVB Bank, Inc 0.05% 0.41x $25,000 -
EagleBank 0.05% 0.41x $1 -
Monarch Bank 0.05% 0.41x $1,000 -
Towne Bank 0.05% 0.41x $10,000 -
Access National Bank 0.05% 0.41x $1 -
Citizens Community Bank 0.05% 0.41x $1,000 -
AMG National Trust Bank 0.05% 0.41x $1 -
Park Sterling Bank 0.05% 0.41x $500 -
The National Bank of Blacksburg 0.04% 0.33x $10,000 -
American National Bank and Trust Company 0.04% 0.33x $2,501 -
Citibank, National Association 0.04% 0.33x $10,000 -
First Community Bank 0.04% 0.33x $25,000 -
Manufacturers and Traders Trust Company 0.03% 0.25x $2,500 -
Bank of America, National Association 0.03% 0.25x $1 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
Armed Forces Bank, National Association 0.03% 0.25x $1 -
Sandy Spring Bank 0.03% 0.25x $2,500 -
PNC Bank, National Association 0.03% 0.25x $1 -
The National Bank of Blacksburg 0.03% 0.25x $1 -
Pioneer Bank 0.03% 0.25x $25,000 -
The Bank of Marion 0.03% 0.25x $2,500 -
Branch Banking and Trust Company 0.03% 0.25x $1,000 -
First-Citizens Bank & Trust Company 0.03% 0.25x $1 -
Southern Bank and Trust Company 0.03% 0.25x $1 -
WashingtonFirst Bank 0.03% 0.25x $1 -
Bank of North Carolina 0.03% 0.21x $1,000 -
Manufacturers and Traders Trust Company 0.02% 0.17x $1 -
Pioneer Bank 0.02% 0.17x $10,000 -
Fulton Bank, National Association 0.02% 0.17x $100 -
Branch Banking and Trust Company 0.02% 0.17x $1 -
The Fidelity Bank 0.02% 0.17x $1 -
Southern Bank and Trust Company 0.02% 0.17x $100 -
Towne Bank 0.02% 0.17x $2,500 -
SunTrust Bank 0.01% 0.08x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
Wells Fargo Bank, National Association 0.01% 0.08x $1 -
PNC Bank, National Association 0.01% 0.08x $2,500 -
American National Bank and Trust Company 0.01% 0.08x $1 -
Pioneer Bank 0.01% 0.08x $1 -
First Bank 0.01% 0.08x $200 -
Citibank, National Association 0.01% 0.08x $1 -
Regions Bank 0.01% 0.08x $2,500 -
First Community Bank 0.01% 0.08x $1 -
Southern Bank and Trust Company 0.01% 0.08x $1,000 -
HomeTrust Bank, National Association 0.01% 0.08x $1 -
MVB Bank, Inc 0.01% 0.08x $50 -
Towne Bank 0.01% 0.08x $1 -
HSBC Bank USA, National Association 0.01% 0.08x $100 -
Park Sterling Bank 0.01% 0.08x $1,000 -
Chesapeake Bank 0.01% 0.04x $100 -


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.

Local Savings Rates

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (when deposit amounts are within FDIC limits). Savings accounts are a good place for money that is needed in the next 6-18 months and that the depositor wants to keep safe. Individuals often use savings accounts for a home downpayment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures.

While online savings account have grown in popularity over the past ten years, some consumers prefer opening an account in a branch and having a personal relationship with the people who safeguard their money. Physical branches also provide an easy way to get cash instantly, to deposit checks and access to notaries and coffee and donuts.

You will find a map with all banks that are close to you here.

Advantages:

· Higher interest rate than a checking account, usually.

· Personal service and interaction. Unlike an online account you are building a relationship with your banker by opening it in a branch.

· Online access. Often, depending on the size of the bank, good online banking functionality.

· Liquidity. Depositors can withdraw their money at any time.

Disadvantages:

· A variable interest rate. Rates can change at any time. In a falling rate environment, this is a negative. In a rising rate environment, this is a positive.

· A lower rate than an online bank. Branches are expensive and non-online banks often can't afford to pay as much interest as an online bank.

BestCashCow strongly recommends that when depositing money, you stay within FDIC insured limits. If you are considering depositing over $250,000 at a single bank across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should visit the FDIC's website to determine your coverage limits based on your circumstances.

  • george koshefsky

    April 21, 2015

    Where is the list of the worst online banks to bank with or the States to avoid

  • ctyank January 19, 2015

    January 19, 2015

    Liberty Bank...Hamden, CT...new branch opening...special savings rate, 1.50% up to $100,000.00 through 2016...do not beleive it is available to om-line customer(s)...checking account linked, free...

  • Sol @ Travis

    September 29, 2013

    @ Travis

    In many cases we do provide this information. For example, the Belmont Savings Bank rate you list above comes with a clear disclaimer if you click the Learn more button. We're always trying to improve though and will certainly continue to gather additional information. Thanks for your comment.

  • Travis MacDonald

    September 29, 2013

    I find the numbers decieving. Some of your banks listed with the highest APR have many restrictions and requirements. I feel that these should be listed on your site in the "details" section to avoid any "bait-and-switch" claims. For instance, Belmont Savings Bank in Belmont, MA is listed as having a 1.00% APR, but the savings account requires a companion checking account with a daily average balance of 250,000. Another example is Salen Five cents Bank under the online banks. The account listed is not available on their website. When I inquired about it, they told me that particular savings product was reserved as an add-on for accounts with daily balances in excess of $10,000. It seems alot of research went into the details pages in terms of company financials and whatnot. Seems like a little more research could be done on the savings and checking products themselves.

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Add Your Comment

 

Why do savings rates vary so much?


Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices.

Online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations, but you should also check rates at local banks and credit unions using the tabs above.

What is the difference between a savings account and a money market account?


The differences between a savings account and a money market account are largely arcane. Some money market accounts offer more ways access deposits by issuing checks and debit cards, but prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Consumers who maximize their use of online savings and money market accounts access these accounts through ACH transfers that are easily set up on the online bank’s website so the additional ways to access deposits that money market accounts offer are rarely valuable.

What does annual percentage yield (APY) mean?


Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, of the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a CD, your actual APY in a savings may vary if the rate changes.

How do I choose the right savings account and should I consider CDs?


Begin your search with the table here on BestCashCow.com that you have found. In addition to checking online savings rates, you should also check local bank rates and local credit union rates. If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. Several other sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs. Access these below. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.