National Bank is a community bank in Virginia that has been in business since 1891. The bank has 25 locations throughout southwest Virginia. National Bank is headquartered in Blacksburg, VA, the home of Virginia Tech. The bank offers a wide array of consumer and business banking products and serves customers from a broad spectrum of socio-economic backgrounds.
The National Bank offers several types of savings plans to help its customers make the most of their money. Savings products include: statement savings, holiday cub accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, IRA savings and Health Savings Account. The bank offers competitive rates on all savings products including competitive VA CD rates that are based on current market conditions.
National Bank’s has flexible certificate of deposit contracts and maturity terms. The maturity or terms on the bank CDs run from 90 days to five years. There is a minimum deposit to obtain the CD interest rates of $2,500 on 90 day CD and $500 on all other certificate of deposit terms. Interest earned on all certificates of deposit is compounded monthly. The bank CD interest is paid at maturity on 90 day and 6 month terms while all other bank CD terms have the interest paid monthly. An early withdrawal penalty applies to withdrawals made before certificate maturity.
Current CD rates in Virginia offered by National Bank including the following terms and rates:
90 day CD interest rate 0.40%
6 month CD rate 0.72%
12 month- no penalty CD rates 0.80%
12 month standard bank CD rate 1.00%
18 month CD interest rate 1.05%
24 month Virginia CD rate 1.15%
36 month VA CD rate 1.35%
48 month interest rate 1.55%
60 month CD rate 1.90%
The Virginia CD rates and annual percentage yield assumes interest remains on deposit with the certificate account until maturity. A withdrawal of interest will reduce the stated yield and earnings. The daily balance method is used to calculate interest earned on the bank CDs. This method applies a daily periodic rate to the principal in the certificate each day. The bank uses an interest accrual basis of 365 for each day in the year. Interest begins to accrue on the first business day of the bank deposit. If there is a redemption or withdrawal from the certificate of deposit before interest is credited, the bank CD account holder will receive the accrued interest on the amount withdrawn.
CD rates in Virginia offered by National Bank are subject to change. Additional conditions may apply to open the bank CD accounts. For current CD rates and additional account information the bank can be reached directly at 540-552-2011. More bank rate data on National Bank products is available on the bank website located at www.nbbank.com.
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