With a background in education and a fascination with finance, Emily Batdorf writes approachable content for consumers who want to deepen their understanding of personal finance topics. She loves writing about financial foundations—like opening the right bank accounts, building an emergency fund and tackling debt. Her work has been featured on sites including USA Today, MarketWatch, Credible and LendEDU.
Emily Batdorf
With a background in education and a fascination with finance, Emily Batdorf writes approachable content for consumers who want to deepen their understanding of personal finance topics. She loves writing about financial foundations—like opening the right bank accounts, building an emergency fund and tackling debt. Her work has been featured on sites including USA Today, MarketWatch, Credible and LendEDU.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Fact Checked
Elizabeth Aldrich
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Some of the best CD rates in Virginia are well over 5.00%—for the time being, at least. If you’re able to put some savings aside for at least a few months, you may be able to capitalize on competitive CD rates.
While rates are important, so are minimum deposit requirements. Keep both these factors in mind when comparing the best CD accounts in Virginia below.
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Show Summary
Best CD Rates In Virginia
We compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Virginia. Learn why we picked each account—including its pros and cons—then dig deeper by reading our individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Capital One Certificates of Deposit
Annual Percentage Yield
3.90% to 5.10%
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Monthly
Learn More
Read Our Full Review
3.90% to 5.10%
$0
Monthly
Editor's Take
Capital One Certificates of Deposit are another great option if you’re looking for the best CD rates in Virginia. With APYs ranging from 3.90% to 5.10%, customers can enjoy competitive rates. Capital One 360 CDs lack a minimum deposit requirement, so you can start saving even if you don’t have a lot of money to spare.
Capital One 360 CDs come in terms ranging from six months to five years. Another perk is that you can choose when you receive your interest payouts—monthly, annually or at the end of your CD term—although interest is compounded monthly rather than daily.
Read our full Capital One 360 Review.
Pros & Cons
- No minimum deposit requirement
- Flexible interest payout options
- Backed by a reputable institution
- Other banks offer higher APYs
- Few branches compared to other national banks
- Strict early withdrawal penalty
Details
Interest on Capital One’s 18-month CD compounds daily and gets credited to your account monthly. Upon your CD’s maturity, you have a 10-day grace period during which you can withdraw from your CD before it renews for another term. If you withdraw your principal balance before maturity, you’ll pay a penalty fee equal to six months of interest.
Navy Federal Credit Union EasyStart℠ Certificate
Annual Percentage Yield
4.15% to 4.75%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
4.15% to 4.75%
$50
Daily
Editor's Take
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.70%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 5.30% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
Hanscom Federal Credit Union Traditional Certificate
Annual Percentage Yield
1.25% to 5.00%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Monthly
1.25% to 5.00%
$1,000
Monthly
Editor's Take
Hanscom Federal Credit Union offers certificates with terms ranging from three months to five years. With a minimum investment of $1,000, you can earn 1.25% to 5.00% APY. The credit union’s six to 11 month and 12 to 17 month certificates pay the highest rates.
While there are 21 Hanscom Federal Credit Union branches in Massachusetts and Virginia, you can also bank digitally through your online account or the mobile app—which is highly rated on the App Store.
Membership is required to open any type of account at a credit union. At Hanscom Federal Credit Union, membership is available for those who meet one of the following requirements:
- You’re a member of a Hanscom Federal Credit Union partner organization
- You have an immediate family who’s a member
- Your employer offers Hanscom Federal Credit Union as a benefit
- You are a current or retired federal employee in Massachusetts
- You are an active or retired member of the military
You can apply for membership online or in person. Once you’re a member, you can open a certificate through secure email, in person, by fax, by phone or by mail.
Pros & Cons
- Select terms have very competitive APYs
- Option to bank in person if you live in Massachusetts or Virginia
- Minimum deposit requirement of $1,000
- Must qualify for membership
- Some terms have less competitive APYs
- Interest compounds monthly, not daily
- Limited customer service hours
Details
Interest compounds monthly. Those who meet membership criteria can apply for membership and open an account online or in person. You’ll have to pay penalties if you make withdrawals before maturity. For terms 12 months or less, the penalty is equal to 90 day’s worth of dividends on the amount withdrawn. For terms longer than 12 months, the penalty jumps to 180 days’ worth of dividends.
PenFed Credit Union Money Market Certificates
Annual Percentage Yield
3.00% to 4.20%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
Learn More
On Bankrate.com's Website
3.00% to 4.20%
$1,000
Daily
Editor's Take
PenFed Credit Union offers money market certificates in terms ranging from six months to seven years. A “certificate” is essentially a CD offered by a credit union. The credit union’s mid-length certificates offer the highest rates. Customers can change their maturity option at any point prior to maturity, adding some flexibility to this account.
Dividends on certificates are compounded daily for terms greater than six months, while those with terms shorter than six months earn dividends on a simple interest basis. Because this account is offered by a credit union, you must be a member in order to open an account. Fortunately, PenFed membership is open to anyone.
Pros & Cons
- Competitive dividend rates across terms
- Wide range of certificate terms
- Change your maturity option at any time prior to maturity
- Dividends compounded daily on certificate terms greater than six months
- Highly rated mobile app
- Membership is required to open a certificate
- Early withdrawal penalties can be steep
- Must open a savings account to access certificates
Details
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.
Early withdrawal penalties
Early withdrawal penalties vary by term.
Maturity options
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
Expert's Take
PenFed certificates have significantly lower rates across the maturity spectrum than others. In addition, their early withdrawal penalties are pretty onerous compared to what is standard. They’re about the most severe I have heard.
—Jill Fopiano, CEO at O’Brien Wealth Partners
PenFed Credit Union CD Rates
| Term | APY |
|---|---|
6 Months
| 3.00%
|
12 Months
| 4.20%
|
15 Months
| 4.20%
|
18 Months
| 4.20%
|
24 Months
| 4.20%
|
36 Months
| 3.60%
|
48 Months
| 3.50%
|
60 Months
| 3.50%
|
84 Months
| 3.40%
|
Citi Certificates of Deposit
Annual Percentage Yield
0.05% to 4.75%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
0.05% to 4.75%
$500
Daily
Editor's Take
CitiBank’s fixed-rate CDs offer rates from 0.05% to 4.75% for terms ranging from three months to five years. Promotional CDs include a nine-month CD (3.75% APY), 11-month CD (0.05% APY) and 15-month CD (4.00% APY). The minimum deposit requirement starts at $500, although you can earn a higher rate if you deposit $100,000 or more.
The bank’s other CD terms don’t earn very competitive rates, especially those terms shorter than nine months. It’s easy to open a CD online, and you can manage your account on the go with the Citibank mobile app.
Read our full Citibank Review.
Pros & Cons
- APYs from 0.05% to 4.75%
- Terms range from three months to five years
- Easy online application
- Large minimum deposit required to earn the highest APY
- Low rates on shortest-term CDs
Details
Interest is paid either monthly or at maturity, depending on the term length. There is a 90-day simple interest penalty for CD terms of one year or less and a 180-day simple interest penalty for CD terms longer than one year. A seven-day grace period begins the day after the maturity date. If no action is taken on the account within those seven days, the CD automatically renews for the same period of time as the original term.
Summary: Best CD Rates in Virginia
Methodology
Forbes Advisor analyzed 356 CD accounts at 134 financial institutions—including traditional brick-and-mortar banks, online banks and credit unions—to find the best CD rates in the state. To make the list, accounts had to be available to residents of Virginia. To determine each account’s star rating, we analyzed certificates on 10 data points. These data points fell within the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
We assigned the following weighting to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
We ranked CD accounts from best to worst based on these categories. Accounts with high APYs and daily compounding interest schedules rose to the top of the list. Minimum deposit requirements of at least and monthly or quarterly compounding schedules had a negative impact on scores. Only accounts available in Virginia made the list.
You can check out our guide on How Forbes Advisor Reviews Banks to learn more about our rating and review methodology and editorial process.
Short-Term CDs in Virginia
Short-term CDs typically refer to those with terms of one year or less. Short-term CDs generally earn lower interest rates than long-term CDs—but thanks to the current interest-rate environment, that’s not always the case. Short-term CDs are best for goals with fixed deadlines—like funding a wedding or vacation—that will occur in less than two years. But if you don’t know when you’ll need to access your money, a high-yield savings account is likely a better choice.
All of the institutions on our list offer short-term CDs. Across these five accounts, short-term options range from seven days to one year.
Long-Term CDs in Virginia
Long-term CDs generally refer to accounts with terms of two years or more. Some even have terms as long as 10 years. Long-term CDs often have higher interest rates than short-term CDs, but that’s not always the case.
When you open a long-term CD, you agree not to touch your money for the length of the term. That’s why long-term CDs are best for savings goals with long (or flexible) timelines.
All of the CDs on our list offer terms of at least two years. Pen Fed’s Money Market Certificate offers the longest term on the list—seven years.
Jumbo CDs in Virginia
Jumbo CDs work the same as regular CDs—but on a bigger scale. They generally have a minimum deposit requirement of $100,000 and may earn higher interest rates than regular CDs. Because of the high minimum deposit requirement, jumbo CDs don’t make sense for everyone.
Not all institutions offer jumbo CDs or tiered interest rates. Out of the accounts listed above, Citibank is the only one with CDs that can earn higher rates on larger balances depending on the term.
Find The Best CD Rates Of 2024
