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Virginia Savings Rates 2017

If you have your savings dollars in a bank with low savings rates, then you are losing real money. With the magic of compounding interest, even an interest rate difference under 1% can really add up over time. See our Savings Booster Calculator to see why you should seek out a higher interest rate. The table below has an unbiased list of the savings and money market account rates of FDIC-insured banks that are near your current location (if they aren’t, then change the zip code above). Take a few minutes to explore these options and see how you can boost your savings by more than 6X the national average rate. You may also want to check credit unions near you or online banks by navigating through the tabs above. There is competition for your money. Take advantage of it!

VA - January 19, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Bank of Lancaster 0.75% 6.00x $100 -
Martinsville First Savings Bank 0.55% 4.40x $1,000 -
Blue Ridge Bank 0.55% 4.40x $1 -
Carter Bank & Trust 0.50% 4.00x $1 -
Community Capital Bank of Virginia 0.50% 4.00x $50 -
Martinsville First Savings Bank 0.40% 3.20x $50 -
Carter Bank & Trust 0.40% 3.20x $25,000 -
The Blue Grass Valley Bank 0.40% 3.20x $10,000 -
First Sentinel Bank 0.40% 3.20x $1 -
First Sentinel Bank 0.35% 2.80x $1 -
First Virginia Community Bank 0.30% 2.40x $1 -
The Blue Grass Valley Bank 0.30% 2.40x $2,500 -
Old Dominion National Bank 0.30% 2.40x $1 -
Benchmark Community Bank 0.30% 2.40x $25,000 -
The Freedom Bank of Virginia 0.30% 2.40x $10,001 -
Presidential Bank, FSB 0.30% 2.40x $10,000 -
Carter Bank & Trust 0.30% 2.40x $2,500 -
The First Bank and Trust Company 0.30% 2.40x $25,000 -
Metro City Bank 0.30% 2.40x $25,000 -
Virginia Community Bank 0.30% 2.40x $20 -
Farmers and Miners Bank 0.25% 2.00x $2,500 -
WashingtonFirst Bank 0.25% 2.00x $25,000 -
Village Bank 0.25% 2.00x $10,000 -
Farmers & Merchants Bank 0.25% 2.00x $10 -
Benchmark Community Bank 0.25% 2.00x $1 -
Congressional Bank 0.25% 2.00x $25,000 -
Citizens Bank and Trust Company 0.25% 2.00x $25,000 -
MainStreet Bank 0.25% 2.00x $50 -
Presidential Bank, FSB 0.25% 2.00x $1,000 -
CornerStone Bank, National Association 0.25% 2.00x $100 -
Old Dominion National Bank 0.25% 2.00x $25,000 -
Grundy National Bank 0.25% 2.00x $1 -
The First Bank and Trust Company 0.25% 2.00x $25 -
Virginia Community Bank 0.25% 2.00x $10,000 -
Grayson National Bank 0.25% 2.00x $1 -
The Freedom Bank of Virginia 0.25% 2.00x $500 -
Highlands Community Bank 0.25% 2.00x $25,000 -
The Peoples Bank 0.25% 2.00x $1 -
First Virginia Community Bank 0.25% 2.00x $2,500 -
Peoples Community Bank 0.25% 2.00x $10,001 -
Community Capital Bank of Virginia 0.25% 2.00x $50 -
City National Bank of West Virginia 0.25% 2.00x $25,000 -
EVB 0.25% 2.00x $25,000 -
Oak View National Bank 0.25% 2.00x $1 -
SONABANK 0.25% 2.00x $10 -
Citizens Bank 0.23% 1.84x $25,000 -
Cardinal Bank 0.21% 1.68x $25,000 -
Premier Bank, Inc. 0.20% 1.60x $20,000 -
Bank of Lancaster 0.20% 1.60x $25,000 -
The Middleburg Bank 0.20% 1.60x $2,500 -
Dollar Bank, Federal Savings Bank 0.20% 1.60x $25,000 -
The Bank of Southside Virginia 0.20% 1.60x $25,000 -
TruPoint Bank 0.20% 1.60x $1 -
Virginia Commonwealth Bank 0.20% 1.60x $25,000 -
Citizens Bank and Trust Company 0.20% 1.60x $1 -
MainStreet Bank 0.20% 1.60x $25,000 -
Bank @LANTEC 0.20% 1.60x $25,000 -
Fulton Bank, National Association 0.20% 1.60x $10,000 -
Highlands Union Bank 0.20% 1.60x $25,000 -
Highlands Community Bank 0.20% 1.60x $1,000 -
First National Bank 0.20% 1.60x $25,000 -
The First Bank and Trust Company 0.20% 1.60x $2,500 -
Old Dominion National Bank 0.20% 1.60x $25,000 -
Congressional Bank 0.20% 1.60x $10,000 -
The Freedom Bank of Virginia 0.20% 1.60x $2,501 -
Bank of Hampton Roads 0.20% 1.60x $25,000 -
TD Bank, National Association 0.20% 1.60x $25,000 -
The Farmers Bank of Appomattox 0.20% 1.60x $10 -
Frontier Community Bank 0.20% 1.60x $1,000 -
Citizens Bank 0.20% 1.60x $10,000 -
Community Bank of the Chesapeake 0.20% 1.60x $25,000 -
Hanmi Bank 0.20% 1.60x $10,000 -
Grayson National Bank 0.20% 1.60x $100 -
HomeTown Bank 0.20% 1.60x $1 -
Virginia Community Bank 0.20% 1.60x $1 -
HomeTown Bank 0.18% 1.44x $25,000 -
New Peoples Bank, Inc. 0.17% 1.36x $25,000 -
Peoples Community Bank 0.15% 1.20x $100 -
The Farmers Bank of Appomattox 0.15% 1.20x $1,000 -
Select Bank 0.15% 1.20x $1 -
WashingtonFirst Bank 0.15% 1.20x $1 -
Congressional Bank 0.15% 1.20x $500 -
New Peoples Bank, Inc. 0.15% 1.20x $1,000 -
Lee Bank and Trust Company 0.15% 1.20x $2,000 -
The Middleburg Bank 0.15% 1.20x $1 -
EagleBank 0.15% 1.20x $10,000 -
Dollar Bank, Federal Savings Bank 0.15% 1.20x $10,000 -
Burke & Herbert Bank & Trust Company 0.15% 1.20x $25,000 -
TruPoint Bank 0.15% 1.20x $2,500 -
Essex Bank 0.15% 1.20x $25,000 -
Pendleton Community Bank, Inc. 0.15% 1.20x $25,000 -
The Bank of Charlotte County 0.15% 1.20x $100 -
The Blue Grass Valley Bank 0.15% 1.20x $50 -
Bank of Botetourt 0.15% 1.20x $100 -
EVB 0.15% 1.20x $1 -
Bank @LANTEC 0.15% 1.20x $10,000 -
First State Bank 0.15% 1.20x $1,000 -
Virginia Bank and Trust Company 0.15% 1.20x $25,000 -
Farmers and Miners Bank 0.15% 1.20x $25 -
Bank of the James 0.15% 1.20x $2,500 -
Virginia Commonwealth Bank 0.15% 1.20x $50 -
Village Bank 0.15% 1.20x $50 -
Old Dominion National Bank 0.15% 1.20x $10,000 -
Grundy National Bank 0.15% 1.20x $2,500 -
Bank of Lancaster 0.15% 1.20x $2,500 -
Farmers & Merchants Bank 0.15% 1.20x $1 -
Cardinal Bank 0.15% 1.20x $1 -
Union Bank & Trust 0.15% 1.20x $25,000 -
Premier Bank, Inc. 0.15% 1.20x $100 -
Blue Ridge Bank 0.15% 1.20x $25,000 -
Grayson National Bank 0.15% 1.20x $1 -
Citizens Bank 0.15% 1.20x $100 -
TD Bank, National Association 0.15% 1.20x $10,000 -
Citizens Community Bank 0.15% 1.20x $1 -
Citizens and Farmers Bank 0.15% 1.20x $25,000 -
Bank of North Carolina 0.15% 1.20x $10,000 -
Highlands Community Bank 0.15% 1.20x $100 -
Capon Valley Bank 0.15% 1.20x $25,000 -
CornerStone Bank, National Association 0.15% 1.20x $10,000 -
SONABANK 0.15% 1.20x $1,000 -
The Bank of Southside Virginia 0.15% 1.20x $300 -
Citizens Community Bank 0.13% 1.04x $25,000 -
Community Bank of the Chesapeake 0.12% 0.96x $10,000 -
AMG National Trust Bank 0.11% 0.88x $1 -
PNC Bank, National Association 0.11% 0.88x $25,000 -
Premier Bank, Inc. 0.10% 0.80x $100 -
HomeTrust Bank 0.10% 0.80x $2,500 -
United Bank 0.10% 0.80x $2,500 -
BBCN Bank 0.10% 0.80x $1 -
Cardinal Bank 0.10% 0.80x $1 -
Union Bank & Trust 0.10% 0.80x $1 -
Capital One, National Association 0.10% 0.80x $1 -
Congressional Bank 0.10% 0.80x $2,500 -
Virginia Bank and Trust Company 0.10% 0.80x $100 -
Capon Valley Bank 0.10% 0.80x $10 -
Bank @LANTEC 0.10% 0.80x $250 -
Hanmi Bank 0.10% 0.80x $1 -
Bank of McKenney 0.10% 0.80x $100 -
MainStreet Bank 0.10% 0.80x $2,500 -
Village Bank 0.10% 0.80x $50 -
First State Bank 0.10% 0.80x $100 -
First Century Bank, Inc. 0.10% 0.80x $1 -
Highlands Union Bank 0.10% 0.80x $1 -
Powell Valley National Bank 0.10% 0.80x $10 -
New Peoples Bank, Inc. 0.10% 0.80x $25 -
Miners Exchange Bank 0.10% 0.80x $1 -
Bank of the James 0.10% 0.80x $100 -
First National Bank 0.10% 0.80x $100 -
The Bank of Southside Virginia 0.10% 0.80x $2,500 -
City National Bank of West Virginia 0.10% 0.80x $1 -
Chesapeake Bank 0.10% 0.80x $100 -
Access National Bank 0.10% 0.80x $2,500 -
EagleBank 0.10% 0.80x $2,500 -
Burke & Herbert Bank & Trust Company 0.10% 0.80x $1,000 -
First Bank 0.10% 0.80x $10,000 -
Bank of Hampton Roads 0.10% 0.80x $2,500 -
Old Dominion National Bank 0.10% 0.80x $1 -
Metro City Bank 0.10% 0.80x $250 -
The Fauquier Bank 0.10% 0.80x $25,001 -
Virginia Commonwealth Bank 0.10% 0.80x $1,000 -
EVB 0.10% 0.80x $100 -
Essex Bank 0.10% 0.80x $5,000 -
Park Sterling Bank 0.10% 0.80x $25,000 -
HomeTown Bank 0.10% 0.80x $2,500 -
Frontier Community Bank 0.10% 0.80x $1,500 -
CornerStone Bank, National Association 0.10% 0.80x $1 -
Dollar Bank, Federal Savings Bank 0.10% 0.80x $250 -
Citizens and Farmers Bank 0.10% 0.80x $10,000 -
Citizens Bank 0.10% 0.80x $2,500 -
Lee Bank and Trust Company 0.10% 0.80x $1 -
Community Bank of the Chesapeake 0.10% 0.80x $2,500 -
Oak View National Bank 0.10% 0.80x $25,000 -
Citizens Community Bank 0.10% 0.80x $10,000 -
Bank of North Carolina 0.10% 0.80x $25,000 -
Pendleton Community Bank, Inc. 0.10% 0.80x $1,000 -
Bank of Lancaster 0.10% 0.80x $300 -
PNC Bank, National Association 0.09% 0.72x $10,000 -
Citizens and Farmers Bank 0.08% 0.64x $1 -
Fulton Bank, National Association 0.08% 0.64x $1,000 -
The Fauquier Bank 0.08% 0.64x $10 -
The Fidelity Bank 0.08% 0.64x $25,000 -
Oak View National Bank 0.07% 0.56x $2,500 -
Summit Community Bank, Inc 0.07% 0.56x $10,000 -
Southern Bank and Trust Company 0.07% 0.56x $25,000 -
Sandy Spring Bank 0.06% 0.48x $25,000 -
First Community Bank 0.06% 0.48x $200 -
Pendleton Community Bank, Inc. 0.05% 0.40x $50 -
BBCN Bank 0.05% 0.40x $1 -
Capon Valley Bank 0.05% 0.40x $1,000 -
American National Bank and Trust Company 0.05% 0.40x $1 -
The Old Point National Bank of Phoebus 0.05% 0.40x $1 -
EagleBank 0.05% 0.40x $1 -
TD Bank, National Association 0.05% 0.40x $1 -
Highlands Union Bank 0.05% 0.40x $1 -
Burke & Herbert Bank & Trust Company 0.05% 0.40x $50 -
United Bank 0.05% 0.40x $1 -
Essex Bank 0.05% 0.40x $1 -
The National Bank of Blacksburg 0.05% 0.40x $25,000 -
The Fauquier Bank 0.05% 0.40x $500 -
MVB Bank, Inc 0.05% 0.40x $25,000 -
City National Bank of West Virginia 0.05% 0.40x $1 -
The Fidelity Bank 0.05% 0.40x $1 -
First Century Bank, Inc. 0.05% 0.40x $1,000 -
First National Bank 0.05% 0.40x $2,500 -
Bank of Hampton Roads 0.05% 0.40x $100 -
Towne Bank 0.05% 0.40x $10,000 -
Citizens and Farmers Bank 0.05% 0.40x $2,500 -
Blue Ridge Bank 0.05% 0.40x $1 -
Access National Bank 0.05% 0.40x $1 -
Manufacturers and Traders Trust Company 0.05% 0.40x $25,000 -
Summit Community Bank, Inc 0.05% 0.40x $1,000 -
Union Bank & Trust 0.05% 0.40x $1 -
Armed Forces Bank, National Association 0.05% 0.40x $100 -
First Bank 0.05% 0.40x $2,500 -
Citizens Community Bank 0.05% 0.40x $1,000 -
Sandy Spring Bank 0.05% 0.40x $1 -
First-Citizens Bank & Trust Company 0.05% 0.40x $1 -
Woodforest National Bank 0.05% 0.40x $1 -
The Bank of Marion 0.05% 0.40x $10,000 -
Park Sterling Bank 0.05% 0.40x $500 -
Southern Bank and Trust Company 0.05% 0.40x $25,000 -
Community Bank of the Chesapeake 0.05% 0.40x $1 -
Bank of North Carolina 0.05% 0.40x $100 -
Premier Bank, Inc. 0.05% 0.40x $5,000 -
AMG National Trust Bank 0.05% 0.40x $1 -
Pioneer Bank 0.05% 0.40x $1 -
Branch Banking and Trust Company 0.04% 0.32x $10,000 -
First Community Bank 0.04% 0.32x $25,000 -
WashingtonFirst Bank 0.03% 0.24x $1 -
Manufacturers and Traders Trust Company 0.03% 0.24x $2,500 -
Sandy Spring Bank 0.03% 0.24x $2,500 -
American National Bank and Trust Company 0.03% 0.24x $10,001 -
Pioneer Bank 0.03% 0.24x $25,000 -
The National Bank of Blacksburg 0.03% 0.24x $10,000 -
Bank of America, National Association 0.03% 0.24x $1 -
The Bank of Marion 0.03% 0.24x $2,500 -
Armed Forces Bank, National Association 0.03% 0.24x $1 -
Southern Bank and Trust Company 0.03% 0.24x $1 -
Wells Fargo Bank, National Association 0.03% 0.24x $1 -
PNC Bank, National Association 0.03% 0.24x $1 -
Bank of North Carolina 0.03% 0.20x $1,000 -
Pioneer Bank 0.02% 0.16x $10,000 -
Manufacturers and Traders Trust Company 0.02% 0.16x $1 -
Fulton Bank, National Association 0.02% 0.16x $100 -
American National Bank and Trust Company 0.02% 0.16x $2,501 -
The Fidelity Bank 0.02% 0.16x $1 -
The National Bank of Blacksburg 0.02% 0.16x $1 -
Branch Banking and Trust Company 0.02% 0.16x $1,000 -
Southern Bank and Trust Company 0.02% 0.16x $100 -
Towne Bank 0.02% 0.16x $2,500 -
First Community Bank 0.01% 0.08x $1 -
Towne Bank 0.01% 0.08x $1 -
Citibank, National Association 0.01% 0.08x $1 -
The Bank of Marion 0.01% 0.08x $2,500 -
Bank of America, National Association 0.01% 0.08x $1 -
Pioneer Bank 0.01% 0.08x $1 -
MVB Bank, Inc 0.01% 0.08x $50 -
First Bank 0.01% 0.08x $200 -
HomeTrust Bank 0.01% 0.08x $1 -
Regions Bank 0.01% 0.08x $2,500 -
Wells Fargo Bank, National Association 0.01% 0.08x $1 -
PNC Bank, National Association 0.01% 0.08x $2,500 -
Park Sterling Bank 0.01% 0.08x $1,000 -
American National Bank and Trust Company 0.01% 0.08x $1 -
SunTrust Bank 0.01% 0.08x $1 -
Southern Bank and Trust Company 0.01% 0.08x $1,000 -
Branch Banking and Trust Company 0.01% 0.08x $1 -


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


Local Savings Accounts 2017

Savings accounts offer depositors flexibility along with the stability of FDIC insurance (assuming your deposit amounts are within FDIC limits – see below). Savings accounts are a good place to keep money for unforeseen expenses, as well as money that you may be preparing to use and want to keep safe. Individuals often use savings accounts for a home down payment, a vacation, a wedding, a car, an emergency fund, or other near-term expenditures. However, if you have cash that you do not believe you will need for at least a year, you may want to consider investing in a certificate of deposit.

While online savings account have grown in popularity and usage dramatically over the past fifteen 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, to access to notaries, and sometimes to get free coffee and donuts.

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

FDIC Insurance

BestCashCow strongly recommends that when depositing money, you stay within the insured limits of the Federal Deposit Insurance Corporation (“FDIC”). You should not deposit over $250,000 at a single bank across all products (savings or share certificates, certificates of deposit or time deposits, etc.) unless these deposits are made across different product types (individual, joint, etc). Learn more about FDIC insurance and different product types here. If you are still uncertain whether you are within FDIC limits, you should visit the FDIC's website to determine your coverage limits based on your circumstances.

Advantages of Local Savings or Money Market Accounts:

  • 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, banks enable transactions and deposits to be performed online or through a mobile application.
  • 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.

FREQUENTLY ASKED QUESTIONS ABOUT LOCAL SAVINGS RATES


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. Banks have different cost structures and they also have different needs for capital. This leads to different rates.

BestCashCow’s surveys show that online banks offer higher savings and CD rates because they have lower expenses from not having to maintain brick-and-mortar locations. Therefore, we strongly recommend that all depositors consider the rates at online banks as savings and money market accounts online can easy be set up to enable quick transfers to your favorite local bank.

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). Most savvy consumers who plan their expenses and financial needs ahead find the additional functionality offered by money markets to be of little value and will choose whichever account (savings or money market) has the higher rate.

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 Certificate of Deposit, 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.

8 POINT CHECKLIST FOR A GREAT BANKING RELATIONSHIP WITH YOUR LOCAL BANK

  • Find a bank with a location convenient to you. Location counts.
  • Choose a bank with good rates. Rates are important to get continued growth of your capital.
  • Choose a bank with an extensive network of fee-free ATM machines or which reimburses out-of-network ATM fees, if you still need to regularly access cash.
  • Avoid fees. Choose a bank which doesn’t have service fees provided you maintain a certain balance, which doesn’t charge for ACH inbound and outbound transfers, and which has low fees for things like international wire transfers and bounced checks.
  • Choose a healthy bank. If you click on a bank above, you’ll be taken to the bank’s financial detail. A healthy bank has happy employees and provides loyal service to its customers. No matter how healthy your bank is, stay within FDIC insurance limits.
  • Find something of value to offset what may be slightly lower rates than online accounts offer. Develop personal relationship with your bankers. Personal relationships can help you to get appropriate financial advice, and to navigate financial challenges and needs in the future. (Be careful with the financial advice you and be sure it is appropriate. Inappropriate financial advice is worth a lot less than no financial advice.) They can also put you in touch with others in your community who could be valuable personally and professionally to know. If you don't use your local savings account as an opportunity to build these relationships, you may find that you are better of banking online.
  • Choose a bank that is going to let you access your cash when you need. The great benefit of savings accounts over any other financial product (including CDs) is that you have absolute liquidity. If your bank in creating impediments to accessing your cash (paperwork, fees, etc.), then you need another bank.
  • Be aware that you can have more than one account. Having a great local savings account at a large or small bank near you can be great, but it doesn't need to stop you from opening one or more online savings accounts, or even developing a relationship with another local bank or credit union.

SAVINGS & CD BOOSTER CALCULATOR

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

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  • 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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