The best CD rates in Virginia were predominantly unchanged for the week ending October 9, 2009.  Most all bank CD maturities saw no changes to the average yield with the exception of the one year term bank CD which experienced a mild reduction in rate.

The best six month CD rates in Virginia were unchanged from the previous week.  The average of the best six month CD rates held steady at 1.78%.  The highest CD rate in this term is a product of Carter Bank & Trust with a six month CD rate at 1.81%.  Following close behind is the six month CD of First Bank & Trust that has an interest rate of 1.80%.  Greater Atlantic Bank also offers a CD that yields 1.80%, the rate is on an odd term bank CD that has a maturity of seven months.

The best one year CD rates in Virginia lost some yield for the week.  The average rate for the top one year CD rate dropped one basis point or 1/100 of a percent to bring the average interest rate down to 2.14% from the prior week’s average of 2.15%.  The highest one year rate comes from The Fauquier Bank which promotes a 14 month term CD that has an interest rate of 2.25%.  Carter Bank & Trust is eight basis points back with a one year CD rate of 2.17%.

Two year CD in Virginia remained stable for the week.  The average rate on the best two year CD rates held at 2.49%.  The best two year CD rate is marketed by Millennium Bank which has a two year CD rate at 2.65%. 

The best five year CD rates in Virginia also remained unchanged for the week.  The average of the best five year CD rates held at 3.55%.  The highest five year CD rate is at 1st Commonwealth Bank of Virginia which continues to promote a five year CD rate at 3.75%.  Millennium Bank offers the next best five year CD rate at 3.65%.

Virginia CD rates continue to easily surpass the best national bank rates.  All of the best CD rate averages in Virginia exceed the best national rates as does the highest CD interest rate available for any specific maturity.  While a number of regional and state bank CD rates dropped more precipitously than the national averages, Virginia CD rates continue to remain firm and offer significantly opportunities for bank CD investors within the state.

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