Richmond, Virginia Savings Rates - October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Richmond, Virginia savings account rates range from 0.05% to 6.00% APY, verified by MonitorBankRates as of October 23, 2026. The best savings rates for Richmond, Virginia and the surrounding area include Call Federal Credit UnionCall Federal Credit Union4605 Commerce Rd, Richmond, VA 23234 2233A+5.0 ★Texas Ratio: 2.74%Real return: +2.30%APY minus 3.7% CPIRate verified Oct 23, 2026 Youth Savings Account at 6.00% APY, CIT BankCIT Bank11776 W Broad St, Richmond, VA 23233A5.0 ★Texas Ratio: 7.72%Real return: +0.05%APY minus 3.7% CPIRate verified Oct 19, 2026 Platinum Savings at 3.75% APY, Wells FargoWells Fargo700 Jackson St, Richmond, TX 77469A+5.0 ★Texas Ratio: 5.36%Real return: -0.45%APY minus 3.7% CPIRate verified Oct 20, 2026 Platinum Savings - New Savings Customers at 3.25% APY, Chesapeake BankChesapeake Bank1900 Lauderdale Dr, Richmond, VA 23238A+5.0 ★Texas Ratio: 1.45%Real return: -0.60%APY minus 3.7% CPIRate verified Oct 20, 2026 Clear Sky Savings at 3.10% APY, and Blue Ridge Bank National AssociationBlue Ridge Bank National Association1801 Bayberry Ct, Richmond, VA 23226A5.0 ★Texas Ratio: 8.11%Real return: -0.70%APY minus 3.7% CPIRate verified Oct 22, 2026 Kasasa Saver Savings at 3.00% APY.
Richmond has 75 local institutions in our database, with savings rates as high as 6.00% APY from Call Federal Credit Union at 4605 Commerce Rd, Richmond, VA 23234 2233. Use the table below to compare all available offers, including options from institutions serving the broader Virginia area. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Richmond, Virginia and the surrounding area. Last Updated and Verified: October 23, 2026
Compare the Best Savings Rates in Richmond, Virginia & Surrounding Communities
Balance: $0.01 - $1,000.00; Must be 17 years old or younger to open with a parent or legal guardian; balance transfers to a Primary Savings Account after 18th birthday
Published APY range: 5.88% to 5.99%. Balance: $1,000.01 - $1,044.68; Must be 17 years old or younger to open with a parent or legal guardian; balance transfers to a Primary Savings Account after 18th birthday
Balance: $5,000 and over
- Oct 14, 20263.75%▲ from 0.25%
- Sep 24, 20260.25%first recorded
Balance: $25,000 or more; Rate for new savings customers only; requires $25,000 within 30 days; Bay Area CA counties only
Balance: $250,000 and over; Tiered rates, rate paid on entire balance; Available for personal consumer accounts only
Qualifications Required; Balance up to $100,000.99; Kasasa Cash qualifications must be met each monthly cycle
Balance: $100,000 - $249,999; Tiered rates, rate paid on entire balance; Available for personal consumer accounts only
APY as much as 2.55%
Balance: $1 - $99,999; Tiered rates, rate paid on entire balance; Available for personal consumer accounts only
Balance: $1,000,000 and over; Savings & IRA
Balance: $250,000 - up
Published rate range: up to 1.982%. Qualifying balance up to $50,000.00 (0.05% APY on balances over $50,000); Compounded/Credited: Monthly; Min. to Earn APY: $100; Limit one High-Yield Savings account per member
Published rate range: up to 1.982%. Qualifying balance up to $50,000.00; 0.05% APY on balances over $50,000; Compounded monthly; Limit one High-Yield Savings account per member; Average Daily Balance required to earn dividends: $100
- Oct 23, 20261.98%▼ from 2.00%
- Oct 15, 20262.00%▲ from 1.98%
- Sep 25, 20261.98%first recorded
Balance: $500,000 - $999,999; Savings & IRA
Balance: $250,000 - $499,999; Savings & IRA
Balance: $100,000 - $249,999; Savings & IRA
Balance: $50,000 and over; Savings, IRA & ESA; Compounded and credited monthly; must maintain a minimum daily balance of $2,500 to earn dividends
Balance: $50,000.00 - $99,999.99; Interest compounded and credited quarterly; Variable rate
Balance: $100,000 - $249,999
Compounding Frequency: Quarterly
Balance: $25,000 - $49,999; Savings, IRA & ESA; Compounded and credited monthly; must maintain a minimum daily balance of $2,500 to earn dividends
Balance: $10,000 - $24,999; Savings, IRA & ESA; Compounded and credited monthly; must maintain a minimum daily balance of $2,500 to earn dividends
Balance: under $25,000; with monthly deposit of $100 or more
Balance: $2,500 - $9,999; Savings, IRA & ESA; Compounded and credited monthly; must maintain a minimum daily balance of $2,500 to earn dividends
Balance: $25,000.00 - $49,999.99; Interest compounded and credited quarterly; Variable rate
Balance: $50,000 - $99,999
Balance: $10,000.00 - $24,999.99; Interest compounded and credited quarterly; Variable rate
IRA Savings Account Rates; Dividends compounded Monthly; Dividends credited Monthly; Dividend period Monthly; Balance method Daily balance
Balance: $500+
$100.00 to earn dividend
$100.00 to earn dividend
$5.00 for membership; $100.00 to earn dividend
Balance: under $25,000
$50,000+; Balance: $50,000.00 and over; Dividend compounded Daily; Dividend period Monthly; Balance method Daily; Transfer limitations apply; Minimum balance to avoid fees:
- Oct 15, 20260.40%▲ from 0.30%
- Oct 12, 20260.30%first recorded
Minimum to earn APY: $500; Compounding: Quarterly; For Regular Savings there is no minimum balance to earn APY for members under age 23
Balance: $10,000.00 and over; a daily collected balance of $10,000 must be maintained to obtain the yield; Monthly minimum balance fee $3.00 if balance falls below $200 any day of the statement period; Interest compounded and credited quarterly
Over $10,000; Transaction limits: Limited
Balance: $20,000 - $49,999
Platinum dividend tier: minimum 300 points required; Dividend Period: Monthly; Variable rate; Savings (Share), IRA Savings and Holiday Club accounts
Over $10,000; Balance: $10,000 required to earn APY; Transaction Limits: Limited
- Oct 20, 20260.30%▼ from 0.35%
- Sep 14, 20260.35%first recorded
Maintenance of membership share; Dividend compounded Daily; Dividend period Monthly; Balance method Daily; Transfer limitations apply; Minimum balance to avoid fees:
Up to $49,999.99; Balance: $0.00 - $49,999.99; Dividend compounded Daily; Dividend period Monthly; Balance method Daily; Transfer limitations apply; Minimum balance to avoid fees:
Compounding Frequency: Quarterly; Effective 11/01/2025; New IRA shares not currently being opened
Compounding Frequency: Quarterly; Effective 11/01/2025; No minimum balance to earn APY for members under age 21
Balance: $0.00 - $9,999.99; Interest compounded and credited quarterly; Variable rate
Balance: under $25,000
Balance: under $5,000
Balance: up to $250,000
Compounded & Credited: Monthly
Balance: $0 - $99,999; Savings & IRA
Compounded & Credited: Monthly; Fees may reduce earnings
Balance: $100 - $499
Balance: $1,000 - $19,999
Balance: $0.00 - $9,999.99; Tiered rate: 0.20% if daily collected balance is less than $10,000; Monthly minimum balance fee $3.00 if balance falls below $200 any day of the statement period; Interest compounded and credited quarterly
Under $10,000; Transaction limits: Limited
Balance: $25,000+
Balance: $0.01 and above
Balance: $0.01 and above
Minimum balance to open and to obtain APY is $100.
- Oct 20, 20260.15%▲ from 0.10%
- Oct 14, 20260.10%first recorded
Balance: $50,000 and above
Balance: $2,500 +
Balance: $10,000 - $24,999.99
Balance: $500.00; APY accurate and effective as of 10/15/2026; Rates may change after account is opened; Fees may reduce earnings
APY accurate and effective as of 10/15/2026; Minimum balance to open is $100
Minimum balance to open is $10. APY accurate and effective as of 10/15/2026. Rates may change after account is opened.
Balance: $100 minimum
Balance: $14,999.01 +
Balance: $10,000 to $24,999.99
Balance: $0 or more; Relationship rate when linked to Premier Checking or Checking; Bay Area CA counties only
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Richmond, VA Savings Rate Trends
Compare local Richmond, VA savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Virginia high-yield savings rates fell 0.127 points over the past 7 days to 2.404% APY, down from 2.531%.
Virginia standard savings rates fell 0.046 points over the past 7 days to 0.517% APY, down from 0.564%.
Richmond, Virginia Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current VA high-yield average and a Fed funds spread to project the likely rate trajectory for 2026 to 2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current VA high-yield savings average of 2.404% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60 to 90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Richmond, Virginia.
Savings Account Earnings in Richmond, Virginia
Annual interest earnings at current VA average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.404% APY) | Monthly Earnings | Standard Savings (0.517% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $120.20 / year | $10.02 | $25.86 / year | $2.16 |
| $10,000 | $240.40 / year | $20.03 | $51.71 / year | $4.31 |
| $25,000 | $601.00 / year | $50.08 | $129.28 / year | $10.77 |
| $50,000 | $1,202.00 / year | $100.17 | $258.55 / year | $21.55 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Richmond, Virginia savings rate averages as of October 25, 2026. | ||||
About Our Richmond, Virginia Savings Rate Database
MonitorBankRates found 22 institutions with branches in Richmond (10 banks, 12 credit unions). Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1 to 5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Call Federal Credit Union offers a savings account at 6.00% APY. Use the rate table above to compare all current offers in Richmond, Virginia.
How to Find the Best Savings Rates in Richmond, Virginia
What to compare when shopping for a savings account in Richmond, Virginia
To find the best savings APYs in Richmond, Virginia, start with credit unions and online-only banks: Richmond, Virginia has 12 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current VA high-yield savings average is 2.404% but top local institutions are offering as high as 6.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3 to 6 months of expenses in a liquid, FDIC-insured account. Richmond, Virginia high-yield savings rates currently average 2.404% APY, far above a typical checking account.
- Short-term savings goals (6 to 24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Richmond, Virginia institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 22 institutions in Richmond, Virginia report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return Richmond, Virginia CD rates
- You want check-writing flexibility Richmond, Virginia money market rates
- You need daily transaction access Richmond, Virginia checking rates
Richmond, Virginia Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
14.1% of residents are 65 or older, below the national average of 17.3%. At today’s VA high-yield savings average of 2.404%, saving 10% of the local median salary ($4,114/year) would earn an additional $99 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Richmond, Virginia Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Richmond, Virginia.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current VA Avg APY | 2.404% | 0.517% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 to $100 | $25 to $100 | $0 to $2,500 | $500 to $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Richmond, Virginia averages tracked in our database as of October 25, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Richmond, Virginia
At VA’s top rate of 6.00% from Call Federal Credit Union, a $10,000 deposit earns $600 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Richmond, Virginia earner is roughly $10,300. At 2.404% APY, saving $860/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsVirginia’s high-yield savings average is 2.404% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Richmond, Virginia earner makes $41,143/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 2.404% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.404% APY grows to roughly $40,205 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Richmond, Virginia savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Richmond, Virginia directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Richmond, Virginia. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in VA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Richmond, Virginia
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Richmond, Virginia safe?
How often do savings rates change in Richmond, Virginia?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Richmond, Virginia?
How do I open a savings account in Richmond, Virginia?
Best Savings Rates in Richmond, Virginia
- Call Federal Credit Union
Youth Savings Account: 6.00% APY - CIT Bank
Platinum Savings: 3.75% APY - Wells Fargo
Platinum Savings - New Savings Customers: 3.25% APY - Chesapeake Bank
Clear Sky Savings: 3.10% APY - Blue Ridge Bank National Association
Kasasa Saver Savings: 3.00% APY
Richmond, Virginia Rates & Resources
