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 - February 11, 2016

Savings Account National Average Rate: 0.12% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
Bank of Lancaster 0.85% 7.02x $100 -
Martinsville First Savings Bank 0.55% 4.55x $1,000 -
Blue Ridge Bank 0.55% 4.55x $1 -
Carter Bank & Trust 0.50% 4.13x $1 -
Martinsville First Savings Bank 0.40% 3.31x $50 -
The Bank of Fincastle 0.40% 3.31x $2,500 -
Carter Bank & Trust 0.40% 3.31x $25,000 -
John Marshall Bank 0.40% 3.31x $25,001 -
The Blue Grass Valley Bank 0.40% 3.31x $10,000 -
First Sentinel Bank 0.40% 3.31x $1 -
First Sentinel Bank 0.35% 2.89x $1 -
First Virginia Community Bank 0.30% 2.48x $1 -
The Blue Grass Valley Bank 0.30% 2.48x $2,500 -
Old Dominion National Bank 0.30% 2.48x $1 -
Benchmark Community Bank 0.30% 2.48x $25,000 -
The Freedom Bank of Virginia 0.30% 2.48x $10,001 -
Presidential Bank, FSB 0.30% 2.48x $10,000 -
Carter Bank & Trust 0.30% 2.48x $2,500 -
Metro City Bank 0.30% 2.48x $25,000 -
John Marshall Bank 0.30% 2.48x $2,501 -
Virginia Community Bank 0.30% 2.48x $20 -
Farmers and Miners Bank 0.25% 2.07x $2,500 -
Xenith Bank 0.25% 2.07x $100 -
WashingtonFirst Bank 0.25% 2.07x $25,000 -
The First Bank and Trust Company 0.25% 2.07x $25 -
Farmers & Merchants Bank 0.25% 2.07x $10 -
Benchmark Community Bank 0.25% 2.07x $1 -
Congressional Bank 0.25% 2.07x $25,000 -
Citizens Bank and Trust Company 0.25% 2.07x $25,000 -
MainStreet Bank 0.25% 2.07x $50 -
Presidential Bank, FSB 0.25% 2.07x $1,000 -
CornerStone Bank, National Association 0.25% 2.07x $100 -
Old Dominion National Bank 0.25% 2.07x $25,000 -
First and Citizens Bank 0.25% 2.07x $10,000 -
Grundy National Bank 0.25% 2.07x $1 -
Grayson National Bank 0.25% 2.07x $1 -
The Freedom Bank of Virginia 0.25% 2.07x $500 -
Highlands Community Bank 0.25% 2.07x $25,000 -
Community Capital Bank of Virginia 0.25% 2.07x $50 -
The Peoples Bank 0.25% 2.07x $1 -
First Virginia Community Bank 0.25% 2.07x $2,500 -
Peoples Community Bank 0.25% 2.07x $10,001 -
Bank of Floyd 0.25% 2.07x $25,000 -
EVB 0.25% 2.07x $25,000 -
Village Bank 0.25% 2.07x $10,000 -
Oak View National Bank 0.25% 2.07x $1 -
SONABANK 0.25% 2.07x $10 -
Citizens Bank 0.23% 1.90x $25,000 -
Cardinal Bank 0.21% 1.74x $25,000 -
The First Bank and Trust Company 0.20% 1.65x $10,000 -
Bank of Lancaster 0.20% 1.65x $25,000 -
Bank of Hampton Roads 0.20% 1.65x $25,000 -
The Middleburg Bank 0.20% 1.65x $2,500 -
Premier Bank, Inc. 0.20% 1.65x $20,000 -
TruPoint Bank 0.20% 1.65x $1 -
Essex Bank 0.20% 1.65x $25,000 -
Fulton Bank, National Association 0.20% 1.65x $10,000 -
Citizens Bank and Trust Company 0.20% 1.65x $1 -
Bank of Georgetown 0.20% 1.65x $25,000 -
First and Citizens Bank 0.20% 1.65x $500 -
MainStreet Bank 0.20% 1.65x $25,000 -
Bank @LANTEC 0.20% 1.65x $25,000 -
Xenith Bank 0.20% 1.65x $2,500 -
Highlands Union Bank 0.20% 1.65x $25,000 -
Highlands Community Bank 0.20% 1.65x $1,000 -
First National Bank 0.20% 1.65x $25,000 -
Old Dominion National Bank 0.20% 1.65x $25,000 -
Virginia Community Bank 0.20% 1.65x $10,000 -
Congressional Bank 0.20% 1.65x $10,000 -
The Freedom Bank of Virginia 0.20% 1.65x $2,501 -
Bank of Floyd 0.20% 1.65x $100 -
TD Bank, National Association 0.20% 1.65x $25,000 -
The Farmers Bank of Appomattox 0.20% 1.65x $10 -
Frontier Community Bank 0.20% 1.65x $1,000 -
River Community Bank, National Association 0.20% 1.65x $25,000 -
Citizens Bank 0.20% 1.65x $10,000 -
Community Bank of the Chesapeake 0.20% 1.65x $25,000 -
Hanmi Bank 0.20% 1.65x $10,000 -
First National Bank 0.20% 1.65x $15,000 -
Bank of McKenney 0.20% 1.65x $10,000 -
HomeTown Bank 0.20% 1.65x $1 -
John Marshall Bank 0.20% 1.65x $1 -
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 -
EVB 0.15% 1.24x $1 -
The Farmers Bank of Appomattox 0.15% 1.24x $1,000 -
Select Bank 0.15% 1.24x $1 -
WashingtonFirst Bank 0.15% 1.24x $1 -
The First Bank and Trust Company 0.15% 1.24x $2,500 -
Congressional Bank 0.15% 1.24x $500 -
New Peoples Bank, Inc. 0.15% 1.24x $1,000 -
The Middleburg Bank 0.15% 1.24x $1 -
EagleBank 0.15% 1.24x $10,000 -
Burke & Herbert Bank & Trust Company 0.15% 1.24x $25,000 -
TruPoint Bank 0.15% 1.24x $2,500 -
Virginia Commonwealth Bank 0.15% 1.24x $50 -
The Bank of Charlotte County 0.15% 1.24x $100 -
The Blue Grass Valley Bank 0.15% 1.24x $50 -
Bank of Botetourt 0.15% 1.24x $100 -
Bank @LANTEC 0.15% 1.24x $10,000 -
Premier Bank, Inc. 0.15% 1.24x $5,000 -
First State Bank 0.15% 1.24x $1,000 -
Virginia Bank and Trust Company 0.15% 1.24x $25,000 -
Farmers and Miners Bank 0.15% 1.24x $25 -
Lee Bank and Trust Company 0.15% 1.24x $2,000 -
Bank of the James 0.15% 1.24x $2,500 -
Village Bank 0.15% 1.24x $50 -
Old Dominion National Bank 0.15% 1.24x $10,000 -
First and Citizens Bank 0.15% 1.24x $10 -
Grundy National Bank 0.15% 1.24x $2,500 -
Bank of Lancaster 0.15% 1.24x $2,500 -
Virginia Community Bank 0.15% 1.24x $1 -
Farmers & Merchants Bank 0.15% 1.24x $1 -
Cardinal Bank 0.15% 1.24x $1 -
Union Bank & Trust 0.15% 1.24x $25,000 -
First Bank 0.15% 1.24x $1 -
Blue Ridge Bank 0.15% 1.24x $25,000 -
The Bank of Fincastle 0.15% 1.24x $25 -
Essex Bank 0.15% 1.24x $5,000 -
Grayson National Bank 0.15% 1.24x $1 -
First National Bank 0.15% 1.24x $100 -
Southern Bank and Trust Company 0.15% 1.24x $300 -
River Community Bank, National Association 0.15% 1.24x $5,000 -
Citizens Bank 0.15% 1.24x $100 -
Bank of Georgetown 0.15% 1.24x $2,500 -
TD Bank, National Association 0.15% 1.24x $10,000 -
CornerStone Bank, National Association 0.15% 1.24x $10,000 -
The Bank of Southside Virginia 0.15% 1.24x $25,000 -
Citizens Community Bank 0.15% 1.24x $1 -
Citizens and Farmers Bank 0.15% 1.24x $25,000 -
Bank of North Carolina 0.15% 1.24x $10,000 -
Highlands Community Bank 0.15% 1.24x $100 -
Community Bank of the Chesapeake 0.15% 1.24x $10,000 -
The Capon Valley Bank 0.15% 1.24x $25,000 -
SONABANK 0.15% 1.24x $1,000 -
City National Bank of West Virginia 0.14% 1.16x $25,000 -
Citizens Community Bank 0.13% 1.07x $25,000 -
Community Bank of the Chesapeake 0.12% 0.99x $2,500 -
AMG National Trust Bank 0.11% 0.91x $1 -
PNC Bank, National Association 0.11% 0.91x $25,000 -
United Bank 0.10% 0.83x $2,500 -
BBCN Bank 0.10% 0.83x $1 -
Cardinal Bank 0.10% 0.83x $1 -
Union Bank & Trust 0.10% 0.83x $1 -
Bank of Hampton Roads 0.10% 0.83x $1,000 -
Congressional Bank 0.10% 0.83x $2,500 -
Virginia Bank and Trust Company 0.10% 0.83x $100 -
The Capon Valley Bank 0.10% 0.83x $10 -
Bank @LANTEC 0.10% 0.83x $250 -
Hanmi Bank 0.10% 0.83x $1 -
Metro City Bank 0.10% 0.83x $250 -
Essex Bank 0.10% 0.83x $1,000 -
Bank of McKenney 0.10% 0.83x $100 -
MainStreet Bank 0.10% 0.83x $2,500 -
Village Bank 0.10% 0.83x $50 -
First State Bank 0.10% 0.83x $100 -
First Century Bank, Inc. 0.10% 0.83x $1 -
Highlands Union Bank 0.10% 0.83x $1 -
First Bank 0.10% 0.83x $10,000 -
Powell Valley National Bank 0.10% 0.83x $10 -
New Peoples Bank, Inc. 0.10% 0.83x $25 -
Miners Exchange Bank 0.10% 0.83x $1 -
Bank of the James 0.10% 0.83x $1 -
First National Bank 0.10% 0.83x $100 -
Premier Bank, Inc. 0.10% 0.83x $100 -
The Bank of Southside Virginia 0.10% 0.83x $300 -
Virginia Commonwealth Bank 0.10% 0.83x $1,000 -
City National Bank of West Virginia 0.10% 0.83x $1 -
Chesapeake Bank 0.10% 0.83x $100 -
Pendleton Community Bank, Inc. 0.10% 0.83x $25,000 -
Access National Bank 0.10% 0.83x $2,500 -
EagleBank 0.10% 0.83x $2,500 -
Burke & Herbert Bank & Trust Company 0.10% 0.83x $1,000 -
First Bank 0.10% 0.83x $10,000 -
The Fauquier Bank 0.10% 0.83x $10 -
Southern Bank and Trust Company 0.10% 0.83x $25,000 -
CornerStone Bank, National Association 0.10% 0.83x $1 -
Lee Bank and Trust Company 0.10% 0.83x $1 -
Old Dominion National Bank 0.10% 0.83x $1 -
Park Sterling Bank 0.10% 0.83x $25,000 -
HomeTown Bank 0.10% 0.83x $2,500 -
Citibank, National Association 0.10% 0.83x $25,000 -
Frontier Community Bank 0.10% 0.83x $1,500 -
EVB 0.10% 0.83x $100 -
Citizens and Farmers Bank 0.10% 0.83x $10,000 -
Citizens Bank 0.10% 0.83x $2,500 -
Oak View National Bank 0.10% 0.83x $25,000 -
Monarch Bank 0.10% 0.83x $25,000 -
Citizens Community Bank 0.10% 0.83x $10,000 -
River Community Bank, National Association 0.10% 0.83x $1 -
Bank of North Carolina 0.10% 0.83x $25,000 -
Community Bank of the Chesapeake 0.10% 0.83x $1 -
Bank of Georgetown 0.10% 0.83x $2,500 -
Bank of Lancaster 0.10% 0.83x $300 -
PNC Bank, National Association 0.09% 0.74x $10,000 -
Monarch Bank 0.08% 0.66x $100 -
Bank of Clarke County 0.08% 0.66x $25,000 -
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 -
Summit Community Bank, Inc 0.07% 0.58x $10,000 -
Oak View National Bank 0.07% 0.58x $2,500 -
American National Bank and Trust Company 0.07% 0.58x $25,001 -
Southern Bank and Trust Company 0.07% 0.58x $25,000 -
The National Bank of Blacksburg 0.06% 0.50x $25,000 -
American National Bank and Trust Company 0.06% 0.50x $10,001 -
Monarch Bank 0.06% 0.50x $10,000 -
First Community Bank 0.06% 0.50x $300 -
Pendleton Community Bank, Inc. 0.05% 0.41x $50 -
BBCN Bank 0.05% 0.41x $1 -
The Capon Valley Bank 0.05% 0.41x $1,000 -
Bank of Clarke County 0.05% 0.41x $10,000 -
American National Bank and Trust Company 0.05% 0.41x $1 -
The Old Point National Bank of Phoebus 0.05% 0.41x $1 -
EagleBank 0.05% 0.41x $1 -
TD Bank, National Association 0.05% 0.41x $1 -
Highlands Union Bank 0.05% 0.41x $1 -
HomeTrust Bank, National Association 0.05% 0.41x $2,500 -
Burke & Herbert Bank & Trust Company 0.05% 0.41x $50 -
United Bank 0.05% 0.41x $1 -
The Fauquier Bank 0.05% 0.41x $500 -
MVB Bank, Inc 0.05% 0.41x $25,000 -
City National Bank of West Virginia 0.05% 0.41x $1 -
Monarch Bank 0.05% 0.41x $1,000 -
The Fidelity Bank 0.05% 0.41x $1 -
First Century Bank, Inc. 0.05% 0.41x $1,000 -
First Bank 0.05% 0.41x $250 -
First National Bank 0.05% 0.41x $2,500 -
Bank of Hampton Roads 0.05% 0.41x $100 -
Towne Bank 0.05% 0.41x $10,000 -
Citizens and Farmers Bank 0.05% 0.41x $2,500 -
Blue Ridge Bank 0.05% 0.41x $1 -
Pioneer Bank 0.05% 0.41x $1 -
Access National Bank 0.05% 0.41x $1 -
Manufacturers and Traders Trust Company 0.05% 0.41x $25,000 -
Summit Community Bank, Inc 0.05% 0.41x $1,000 -
Union Bank & Trust 0.05% 0.41x $1 -
Branch Banking and Trust Company 0.05% 0.41x $10,000 -
Armed Forces Bank, National Association 0.05% 0.41x $100 -
First Bank 0.05% 0.41x $2,500 -
Citizens Community Bank 0.05% 0.41x $1,000 -
Sandy Spring Bank 0.05% 0.41x $1 -
Southern Bank and Trust Company 0.05% 0.41x $2,500 -
Citibank, National Association 0.05% 0.41x $10,000 -
Woodforest National Bank 0.05% 0.41x $1 -
First-Citizens Bank & Trust Company 0.05% 0.41x $1 -
The Bank of Marion 0.05% 0.41x $10,000 -
Park Sterling Bank 0.05% 0.41x $500 -
Bank of North Carolina 0.05% 0.41x $100 -
AMG National Trust Bank 0.05% 0.41x $1 -
The National Bank of Blacksburg 0.04% 0.33x $10,000 -
American National Bank and Trust Company 0.04% 0.33x $2,501 -
First Community Bank 0.04% 0.33x $25,000 -
Bank of Clarke County 0.04% 0.33x $25 -
WashingtonFirst Bank 0.03% 0.25x $1 -
Pioneer Bank 0.03% 0.25x $25,000 -
Manufacturers and Traders Trust Company 0.03% 0.25x $2,500 -
The Bank of Marion 0.03% 0.25x $2,500 -
Sandy Spring Bank 0.03% 0.25x $2,500 -
The National Bank of Blacksburg 0.03% 0.25x $1 -
Bank of America, National Association 0.03% 0.25x $1 -
Branch Banking and Trust Company 0.03% 0.25x $1,000 -
Armed Forces Bank, National Association 0.03% 0.25x $1 -
Southern Bank and Trust Company 0.03% 0.25x $1 -
First-Citizens Bank & Trust Company 0.03% 0.25x $1 -
Wells Fargo Bank, National Association 0.03% 0.25x $1 -
PNC Bank, National Association 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 -
The Fidelity Bank 0.02% 0.17x $1 -
Pioneer Bank 0.02% 0.17x $10,000 -
Branch Banking and Trust Company 0.02% 0.17x $1 -
Fulton Bank, National Association 0.02% 0.17x $100 -
Towne Bank 0.02% 0.17x $2,500 -
Southern Bank and Trust Company 0.02% 0.17x $100 -
Towne Bank 0.01% 0.08x $1 -
Pioneer Bank 0.01% 0.08x $1 -
First Community Bank 0.01% 0.08x $1 -
Citibank, National Association 0.01% 0.08x $1 -
Bank of America, National Association 0.01% 0.08x $1 -
MVB Bank, Inc 0.01% 0.08x $50 -
Regions Bank 0.01% 0.08x $2,500 -
First Bank 0.01% 0.08x $200 -
HomeTrust Bank, National Association 0.01% 0.08x $1 -
HSBC Bank USA, National Association 0.01% 0.08x $100 -
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 -


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.