Best 5-Year CD Rates in Virginia, VA

You are viewing rates from banks across Virginia

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 - December 4, 2024

5 Year CD National Average : 0.91% ^?

Banks	APY	MIN	MILES ^?
Seattle Bank	3.75%	$1,000	-	Learn More
Early Withdrawal Penalty is 180 days interest. Rate History: 4.55% → 4.50% → 4.15% → 4.00% → 3.75%
Rob H. \| Nov 21, 2023 A real pain in the *** process to try and get approved! They were unable to match my drivers license photo with my live image after several times trying! Went to limelight bank instead and got approved in ... Read More Reviews (2)
Capital One, National Association	3.50%	$0	-	Learn More
Rate History: 4.00% → 3.90% → 3.75% → 3.50%
highstream \| Jan 2, 2024 Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More Reviews (14)
Ivy Bank, a division of Cambridge Savings Bank	3.25%	$0	-	Learn More Add Review
Rate History: 2.60% → 3.25%
lrcbob \| Jul 26, 2024 Multiple roadblocks trying to set up a savings account with Ivy Bank and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and c... Read More
Forbright Bank	3.25%	$1,000	-	Learn More
Rate History: 3.00% → 4.00% → 3.50% → 3.25%
lrcbob \| Jul 26, 2024 Multiple roadblocks trying to set up a savings account with Forbright and my application was ultimately declined, in spite of my multiple CDs among three banks, stock investments, eleven credit cards, and ... Read More Reviews (2)
Benchmark Community Bank	3.10% 2.10%	$501 $500	-	Learn More Add Review
Presidential Bank, FSB	3.00%	$1,000	-	Learn More Add Review
Rate History: 2.85% → 3.00%
Citizens	3.00%	$5,000	-	Learn More
Dana E. \| Mar 20, 2016 Good solid bank. Read More Reviews (1)
Gateway First Bank	2.90%	$500	-	Learn More
JohnC \| Oct 11, 2020 You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... Read More Reviews (3)
The Farmers Bank of Appomattox	2.85% 2.25%	$100,000 $1,000	-	Learn More Add Review
Rate History: 3.00% → 2.85%
USAA Federal Savings Bank	2.50%	$1,000	-	Learn More
RYAN S \| Nov 28, 2022 While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w... Read More Reviews (2)
Citibank, National Association	2.00%	$0	-	Learn More
Azoic \| Feb 25, 2022 I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More Reviews (11)
JPMorgan Chase Bank, National Association	2.00%	$10,000	-	Learn More
Rate History: 2.00% → 2.50% → 2.00%
Hayley7788d@outlook.com \| Jan 2, 2023 Terrible customer service by investment side. Fees too high , too full of themselves Read More Reviews (18)
United Bank	1.90%	$50	-	Learn More
Jimleestro \| Apr 12, 2019 United Bank in Front Royal does not know how to set up an inherited IRA. It took over two months to transfer it from Merrill Edge. Several mistakes were made. And then they did not title it correctly. T... Read More Reviews (1)
Atlantic Union Bank	1.51%	$1,000	-	Learn More
tedd \| Jun 28, 2021 They bait and switch. Advertise cds at .40 but offer only .04 when in the office. Sharp business practice. Read More Reviews (2)
Woodforest National Bank	1.35%	$500	-	Learn More
Rate History: 1.00% → 1.35%
Jabbroadway42 \| Nov 17, 2020 Is notarie services available today at a woodforest on wilkinson blvd Read More Reviews (2)
City National Bank	1.31%	$10,000	-	Learn More Add Review
Rate History: 1.51% → 1.31%
Chesapeake Bank	1.30%	$1,000	-	Learn More
Gripp13 \| Jan 27, 2023 The worst bank I have ever had Read More Reviews (1)
Powell Valley National Bank	1.30%	$10,000	-	Learn More Add Review
Bank of Botetourt	1.21%	$10,000	-	Learn More
GLENN HILL \| Mar 31, 2018 I have banked with Bank of Botetourt since 1960 when it was Bank of Troutville that later merged with Bank of Buchanan before becoming the Bank of Botetourt. An excellent bank with knowledgeable, helpful ... Read More Reviews (1)
Lee Bank and Trust Company	1.16%	$10,000	-	Learn More Add Review
FVCbank	1.15%	$10,000	-	Learn More Add Review
CornerStone Bank, National Association	1.11%	$10,000	-	Learn More Add Review
Miners Exchange Bank	1.10%	$500	-	Learn More Add Review
MainStreet Bank	1.05%	$500	-	Learn More Add Review
Fulton Bank, National Association	1.01%	$1,000	-	Learn More Add Review
Highlands Community Bank	1.00%	$10,000	-	Learn More Add Review
New Horizon Bank, National Association	1.00%	$10,000	-	Learn More Add Review
VCC Bank	1.00%	$10,000	-	Learn More Add Review
Capon Valley Bank	0.90%	$10,000	-	Learn More Add Review
John Marshall Bank	0.90%	$10,000	-	Learn More Add Review
Martinsville First Savings Bank	0.90%	$10,000	-	Learn More Add Review
First Sentinel Bank	0.85%	$10,000	-	Learn More Add Review
First Bank	0.85%	$500	-	Learn More Add Review
The Freedom Bank of Virginia	0.85%	$10,000	-	Learn More Add Review
SKYLINE NATIONAL BANK	0.85%	$1,000	-	Learn More Add Review
The Bank of Charlotte County	0.85%	$10,000	-	Learn More Add Review
Bank of Charles Town	0.80%	$10,000	-	Learn More Add Review
Burke & Herbert Bank & Trust Company	0.80%	$10,000	-	Learn More Add Review
Village Bank	0.80%	$10,000	-	Learn More Add Review
Legacy Bank	0.76%	$500	-	Learn More Add Review
MVB Bank, Inc	0.75%	$10,000	-	Learn More Add Review
Farmers & Merchants Bank	0.75%	$10,000	-	Learn More Add Review
Pendleton Community Bank, Inc.	0.75%	$10,000	-	Learn More Add Review
Citizens Bank and Trust Company	0.75%	$1,000	-	Learn More Add Review
The Bank of Southside Virginia	0.75%	$10,000	-	Learn More Add Review
Touchstone Bank	0.75%	$10,000	-	Learn More
wallerjm \| Jul 22, 2022 I would never do business with a bank whose Vice Chairman Board of Directors, Norman Wagstaff, is the kind of right-wing nutjob that has done so much damage to our country. Read More Reviews (1)
New Peoples Bank, Inc.	0.75%	$10,000	-	Learn More Add Review
Movement Bank	0.75%	$10,000	-	Learn More Add Review
First National Bank	0.70%	$10,000	-	Learn More Add Review
Pinnacle Bank	0.70%	$10,000	-	Learn More
jchitt@comcast.nrt \| Mar 5, 2019 Pinnacle has not had a 3% CD since Oct of 2018. Read More Reviews (3)
TruPoint Bank	0.65%	$1,000	-	Learn More Add Review
EagleBank	0.65%	$10,000	-	Learn More Add Review
The Blue Grass Valley Bank	0.65%	$10,000	-	Learn More Add Review
Shore United Bank	0.60%	$500	-	Learn More Add Review
Oak View National Bank	0.60%	$10,000	-	Learn More Add Review
Armed Forces Bank, National Association	0.60%	$10,000	-	Learn More
BENNIE BROOKS \| Mar 25, 2015 OLIVER NORTH AIR LINES GOVERNOR BLANCO Read More Reviews (2)
Hanmi Bank	0.60%	$100,000	-	Learn More Add Review
Carter Bank & Trust	0.60%	$10,000	-	Learn More
Tom Brandy \| Aug 5, 2020 How Willian Investments Company Brought Happiness To My Home. Hello Everyone out there! My name is Tom Brandy, from USA, I am using this medium to announce to the general public on how Willian Investmen... Read More Reviews (1)
The Old Point National Bank of Phoebus	0.60%	$10,000	-	Learn More Add Review
The First Bank and Trust Company	0.55%	$10,000	-	Learn More Add Review
Hanmi Bank	0.55%	$10,000	-	Learn More Add Review
Citizens and Farmers Bank	0.55%	$10,000	-	Learn More Add Review
The Old Point National Bank of Phoebus	0.55%	$100,000	-	Learn More Add Review
Farmers and Miners Bank	0.55%	$100,000	-	Learn More Add Review
The National Bank of Blacksburg	0.52%	$500	-	Learn More Add Review
Blue Ridge Bank, National Association	0.50%	$10,000	-	Learn More
Jack \| Jul 20, 2020 This bank is very bad. I am posting my story here now, hoping to make a reference for those friends who want to become their customers. I was very excited when I saw Blue Ridge Bank, N.A. on Google beca... Read More Reviews (1)
Old Dominion National Bank	0.50%	$10,000	-	Learn More Add Review
Farmers and Miners Bank	0.50%	$10,000	-	Learn More Add Review
Sandy Spring Bank	0.45%	$10,000	-	Learn More
boon \| Oct 11, 2017 special; 14 MO CD 1.20% Read More Reviews (1)
Bank of the James	0.40%	$10,000	-	Learn More Add Review
U.S. Bank National Association	0.40% 0.25%	$1,000 $500	-	Learn More
Ugg \| Jun 12, 2023 US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More Reviews (2)
Metro City Bank	0.33%	$1,000	-	Learn More
thedon \| Mar 29, 2020 have been waiting 8 weeks - yes 8 weeks for a closing date from this bank ..... they keep giving flimsy excuses requesting insignificant and unnecessary paperwork from us ( the seller ) the buyers who know... Read More Reviews (1)
Pioneer Bank	0.30%	$10,000	-	Learn More
Charla M \| Jan 12, 2021 We are a commercial customer that have been with Pioneer Bank since 2014 when they were privately held in Dripping Springs. Since they were sold we have been through 3 bank managers and the Manager servic... Read More Reviews (1)
The Fidelity Bank	0.30%	$10,000	-	Learn More Add Review
Southern Bank and Trust Company	0.30%	$10,000	-	Learn More Add Review
Chain Bridge Bank, National Association	0.25%	$10,000	-	Learn More Add Review
First Community Bank	0.25%	$10,000	-	Learn More Add Review
Towne Bank	0.20%	$10,000	-	Learn More Add Review
The Bank of Marion	0.20%	$10,000	-	Learn More Add Review
Southern Bank and Trust Company	0.20%	$100,000	-	Learn More Add Review
First-Citizens Bank & Trust Company	0.15%	$500	-	Learn More
MrBond \| Feb 25, 2023 I have been working for this company more than 5 years. I would not recommend any investment with First Citizens Bank. They are the worst performer on the market based on the customer and employee reviews... Read More Reviews (3)
First Horizon Bank	0.10%	$1,000	-	Learn More
D R Lineberger \| Dec 30, 2018 Garden14 Read More Reviews (1)
KeyBank National Association	0.05%	$2,500	-	Learn More
Rate History: 0.03% → 0.05%
Seeko \| Mar 28, 2023 On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More Reviews (2)
PNC Bank, National Association	0.03%	$25,000	-	Learn More
GAM \| May 18, 2019 Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More Reviews (1)
Bank of America, National Association	0.03%	$100,000	-	Learn More
Treasure \| Jul 24, 2023 BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More Reviews (7)

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

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PRODUCT INFORMATION

Five Year CDs - Branch Banks 2024

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 longest of the most commonly offered terms. The 5-year CD is therefore often the highest offer at your local bank. Therefore, 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 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-year CDs currently pay about 1.00% 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.

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, please visit the FDIC website.

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

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Virginia CD Rates – 5-Year

PRODUCT INFORMATION

Five Year CDs - Branch Banks 2024

Safety

Inflation

Interest

Opening a Five Year CD

ADVANTAGES AND DISADVANTAGES OF FIVE YEAR CDs

Advantages of five year CDs

Disadvantages of five year CDs

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