With the exception of the one year CD rates, Virginia bank CD rates were lower for the week ending June 12, 2009.  The average of the best one year CD rates rose three basis pints or 3/100 of a percent for the week.  The six month CD rates in the Old Dominion State fell by five basis points to end the week at 2.11%.  Two year rates out did the action of the sixes by falling nine basis points to 2.73%.  Five year CD rates in Virginia moved the least with a mere reduction of two basis points from 3.76% to 3.74%.

The best six month CD rate in Virginia is produced by 1st Commonwealth Bank of Virginia with a rate of 2.25%.  Fives basis points behind this rate is a nine month CD from Millennium Bank at 2.20%.  United Central Bank rounds out the top three Virginia banks with the highest six month CD rates with a certificate that yields 2.15%.

The best one year CD rate in Virginia is falling behind the best national rates this week.  Alliance Bank promotes the highest rate with an 18 month CD that yields 2.75%.  Washington First Bank follows with a promotional 14 month CD that has an interest rate of 2.65%.  1st Commonwealth Bank of Virginia has a one year CD at 2.50% that lands in third position.

In the two year CD rate category the highest rate comes from EagleBank with a rate of 3.00%, 13 basis points above the best national rate.  The next best rate on a two year CD in Virginia is at 2.75%.  A two year CD rate of 2.75% is available at Bank of Georgetown and 1st Commonwealth Bank of Virginia.  The rate is also available from Capon Valley Bank on a 28 month term.  The Bank of Southside Virginia offers a two year CD at 2.63% that completes the list of the top bank rates for this term.

1st Commonwealth Bank of Virginia is trying to make a real impact on the list for the best CD rates in Virginia by also marketing the highest five year CD rate at 3.85%.  Acacia Federal Savings Bank remains close with a five year CD that earns a rate of 3.80%.  Three Virginia banks, Virginia Commerce Bank, Bank of Georgetown and The Business Bank continue to offer five year CDs with interest rates of 3.75%.  These bank CD rates are all currently above the best national rate of 3.65%.

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