Best Certificates of Deposit (CDs) in Virginia for 2025
- Atlantic Union Bank offers CDs in various terms for as low as a $500 deposit.
- Carter Bank has CDs with terms from 4 to 60 months that can be opened for $100.
- Online CDs can offer higher interest rates and lower minimum deposit requirements for savers who don't mind banking through a mobile app.
- Consider rates, fees, and opening deposit requirements when deciding which Virginia CD to open.
Certificate of deposit (CD) accounts can help you fund your big (or small) savings goals, but where you open one matters. Virginia savers have various saving choices, from local banks to credit unions to online banks.
You’re in the right place if you’re looking for the best CD rates in Virginia. Read on to learn which banks offer the most competitive interest rates on CDs.
Best CD Rates in Virginia
Popular Banks and Credit Unions in Virginia
1. Atlantic Union Bank: Atlantic Union Bank offers a full range of CD options, including standard CDs, online CDs, and IRA CDs. You can open an IRA CD with $500; all other CDs require a $1,000 opening deposit.
2. Blue Ridge Bank: Blue Ridge Bank offers a mix of standard and special CDs, with the latter earning the highest rates overall. You can open a 5-month or a 10-month CD with a $1,000 minimum deposit and earn some of the best CD rates in Virginia and nationwide.
3. Carter Bank: Carter Bank offers standard CDs, but where it really shines is its CD specials. You can choose from a 4, 7, 11, or 23-month term and earn an outstanding rate, with a minimum deposit of just $100.
4. Virginia Credit Union: Virginia Credit Union features share certificate accounts with impressive rates. The longer your CD term and the higher your minimum deposit amount, the more interest you could earn.
Online Banks Offering CDs
Opening a CD account with an online bank has advantages, and it’s something you might consider if you don’t necessarily need branch banking access. Here are a few key points about CDs from online banks.
Higher interest rates
Online banks can offer exceptional CD rates because they tend to have lower overhead costs than traditional banks. It’s worth comparing CD rates for online and Virginia banks side by side to see which is ahead.
Low minimum deposits
A brick-and-mortar bank or credit union might require $500 to $100,000 to open a CD. Online banks may set the bar lower, with a minimum deposit of $100 or even $0.
Low or no fees
One of the biggest fees to watch out for with CDs is the early withdrawal penalty. You may find that online banks are more lenient when it comes to fees than traditional banks.
Quick account setup
Opening a CD account online is simple. You complete an application and link your bank account to make your opening deposit, and that’s it! You don’t need to visit a branch because you can do everything from your laptop or mobile device.
FDIC insurance
The FDIC insures banks so depositors like you don’t lose their money if their financial institution fails. Most online banks are FDIC-insured, so you can be confident that your money is safe.
Mobile app convenience
You may not be able to visit a branch to manage an online CD, but mobile banking saves the day. The best online banks for CDs offer a robust and user-friendly mobile app that includes all the features you need to stay on top of your savings.
Which online banks have the best CD rates? Here are four possibilities you might consider.
1. Vio Bank: Vio Bank offers CDs with 6 to 120 months terms so that you can save for short- or long-term goals. The highest CD rates are reserved for the 6- and 9-month CDs, and the minimum to open an account is $500.
2. Capital One: Capital One CDs have no minimum opening deposit requirement, which could be attractive if you want to build a CD ladder. Rates are competitive across the board, and you can decide when your CD interest should be paid out.
3. Western Alliance Bank: Western Alliance Bank partners with Raisin to offer CD rates that surpass some of the best online banks (and traditional banks). You’ll need just $1 to open your account through the Raisin website.
4. Ally Bank: Ally Bank offers multiple CD options, including a no-penalty CD and a raise your rate CD. There’s no minimum opening deposit requirement for Ally CDs, and the rates are on par with other top banks.
Is an online CD right for you? It could be if you want a solid rate and don’t mind doing your banking online. An online CD is just as safe and secure as a CD from a traditional bank or credit union when your bank is FDIC-insured.
Factors to Consider When Choosing a CD in Virginia
Virginia CDs can help you save, but they aren’t all alike. Here are some of the most important factors to consider before opening an account.
Interest Rates
Interest rates matter when you’re trying to grow savings, and some Virginia banks are more generous than others. Look at CD rates from banks and credit unions locally, then check out how rates compare in different parts of the state to see if your zip code makes a difference.
Term Length
CD terms can be shorter or longer, and your term choice should reflect your goals. Consider how rates compare across different terms and whether the bank offers any CD specials with promotional rates.
Minimum Deposit
You may need anywhere from $0 to $100,000 to open a Virginia CD account; it all depends on which bank you choose. Checking minimum deposit requirements can give you a better idea of which CDs align with your financial situation and how much you can realistically afford to earmark for savings.
Accessibility
If you’re considering a local bank or credit union, check its footprint. Where are the branches located, and how many are there? Where are the bank’s ATMs? If you’re leaning toward an online bank for a CD account, consider how you’ll be able to deposit and withdraw money.
Pros and Cons of CDs
CDs can be valuable money-saving tools, but they aren’t always the right choice. Comparing pros and cons is a good way to gauge where they fit into your savings plan.
Pros
- Fixed interest rates, so you know how much your money will grow.
- Potentially higher rates than a savings account or money market account.
- Flexible term lengths to meet different needs and goals.
- Save and earn interest with virtually zero risk.
Cons
- CDs lock your money in for a set term.
- Withdrawing from a CD early could trigger a fee.
- Changing rates can make CDs less valuable as a savings tool.
- Investing could yield higher rates.
CDs Turn Your Savings Goals Into Reality
A CD account could be the missing piece of your savings puzzle, and there are plenty of options to be found at Virginia banks. Online banks may also catch your eye if you’re not tied to the idea of brick-and-mortar savings.
Ready to get to work on your money goals? Compare the best CD rates available now.
Frequently Asked Questions
Virginia has a personal income tax that applies to interest earned from CDs and savings accounts. As of June 2025, the rate is 2.00% to 5.75%. Your bank should send you a Form 1099 showing how much CD interest you earned, and you’ll need this form to complete your tax return.
Virginia banks typically require anywhere from $500 to $1,000 to open a CD, though some banks may set the threshold higher. For example, you may need $100,000 to open a CD at certain banks. You’ll have to decide if it makes sense to park that much cash in a CD if you have it available to save.
Membership in a Virginia credit union can be based on different factors, including where you live, work, worship, or attend school. Some credit unions extend membership to a single group, such as military members or teachers; others allow anyone to join. Reviewing individual requirements for different Virginia credit unions can help you find one you’re eligible to join.
