One strategy for investors that are shopping and comparing the best CD interest rates is to look at the local regional and community bank CD rates.  One bank offering above average rates for local savers is Chesapeake Bank in Virginia.  Chesapeake Bank offers Virginia savers a great opportunity with their latest odd term, CD rate promotions.

Odd term CDs are certificates that have unconventional maturities such as an eight month term as compared to the more traditional six month term CD or a 17 month maturing certificate instead of an 18 month term.  The odd term CD rate promotions at Chesapeake Bank include a seven month term CD and a 19 month term account.

Chesapeake Bank’s seven month CD rate is 1.10 percent.  The bank’s 19 month CD has a rate of 1.55 percent.  The current rate on the seven month account is almost seven times the national bank rate average for comparable, six month term CDs.  The 19 month CD rate is almost four times the national average rate for comparable, and longer term, two year bank CDs.

Both CDs require a low, $1000.00 minimum deposit to the open the account and obtain the advertised yield.  Additional rates and terms are available from the bank.  Customers can choose the CD term that’s right for their savings needs, from 30 days to 5 years.  All of the certificates offered are fixed interest rate and may be used to supplement other retirement or savings accounts.

There may be a penalty for early withdrawal.  No additional deposits can be made until account maturity.  Accounts will automatically renew within 10 calendar days of maturity.  Rates are effective as of August 19, 2017 and are subject to change at any time.  Additional terms and conditions may apply.

Chesapeake Bank is based in Kilmarnock, Virginia.  The bank operate fourteen offices in VA; four in the Northern Neck, three in the Middle Peninsula, five in Williamsburg and two in Richmond.  More information about the bank and bank rates can be obtained by calling customer service at 804-435-1181.

Investors that are willing to shop among the best rates offered on FDIC insured certificates of deposit locally and nationally will often earn yields that far outpace the national average CD rates in Virginia.

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