Richmond, Virginia Savings Rates - September 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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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: 1.11%Real return: +3.20%APY minus 2.8% CPI (February 2026) Youth Savings Account at 6.00% APY, Primis BankPrimis Bank8821 W Broad St, Richmond, VA 23294A-5.0 ★Texas Ratio: 14.15%Real return: +1.20%APY minus 2.8% CPI (February 2026) Primis Business Savings at 4.00% APY, Chesapeake BankChesapeake Bank1900 Lauderdale Dr, Richmond, VA 23238A+5.0 ★Texas Ratio: 1.45%Real return: +0.30%APY minus 2.8% CPI (February 2026) Clear Sky Savings Tier 3 at 3.10% APY, Blue Ridge Bank National AssociationBlue Ridge Bank National Association1801 Bayberry Ct, Richmond, VA 23226A5.0 ★Texas Ratio: 13.25%Real return: +0.20%APY minus 2.8% CPI (February 2026) Kasasa Saver Savings at 3.00% APY, and Dominion Energy Credit UnionDominion Energy Credit Union600 Canal Place, Richmond, VA 23219 3927A+5.0 ★Texas Ratio: 1.48%Real return: -0.25%APY minus 2.8% CPI (February 2026) Money Market savings account at 2.55% APY.
Richmond has 56 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: September 22, 2026
Compare the Best Savings Rates in Richmond, Virginia & Surrounding Communities
Balance: $0.01 - $1,000.00; APY= Annual Percentage Yield. Rate may change after an account is opened. Must be 17 years old or younger to open with a parent or legal guardian. The account balance will automatically be transferred to a Primary Savings Account during the calendar quarter following their 18th birthday. Last Dividend Declaration Date for Youth Savings: June 23, 2026.
Published APY range: 5.88% to 5.99%. Balance: $1,000.01 - $1,044.68; APY= Annual Percentage Yield. Rate may change after an account is opened. Must be 17 years old or younger to open with a parent or legal guardian. The account balance will automatically be transferred to a Primary Savings Account during the calendar quarter following their 18th birthday. Last Dividend Declaration Date for Youth Savings: June 23, 2026.
Rates are accurate as of 7/1/2025 and may change after the account is opened. This account is only available online.
Variable interest rate. Rates effective 12/01/2025, and may change at any time. Fees may reduce earnings. This account is only available online.
Balance: $250,000+
Qualifications Required: 1 direct deposit or ACH credit; 12 debit card purchases; e-statements enrollment; online banking enrollment/login; Balance: $0.01 - $100,000.99
Balance: $0.01 and Greater
Balance: $100,000 - $249,999
Unlock stronger earnings with our Money Market savings account.
Balance: $1 - $99,999
Balance: $250,000 - up
Balance: $50,000.00 - $99,999.99; Modified: 9/17/2025
Balance: $100,000 - $249,999
Balance: $25,000.00 - $49,999.99; Modified: 9/17/2025
Balance: $50,000 - $99,999
Balance: $10,000.00 - $24,999.99; Modified: 9/17/2025
Balance: $500+
Balance: $100.00 To Earn Dividend; Balance: $100.00 To Earn Dividend
Balance: $100.00 To Earn Dividend; Balance: $100.00 To Earn Dividend
Balance: $100.00 To Earn Dividend; Balance: $100.00 To Earn Dividend
Balance: $20,000 - $49,999
Balance: $0.00; Modified: 3/9/2023
Balance: $100 - $499
Balance: $1,000 - $19,999
Balance: $100
Balance: $100
Balance: $25,000+
All balances
APY= Annual Percentage Yield. Rate may change after an account is opened. Last Dividend Declaration Date for Savings: June 23, 2026.
Balance: $1,044.69 or greater; APY= Annual Percentage Yield. Rate may change after an account is opened. Must be 17 years old or younger to open with a parent or legal guardian. The account balance will automatically be transferred to a Primary Savings Account during the calendar quarter following their 18th birthday. Last Dividend Declaration Date for Youth Savings: June 23, 2026.
Balance: $10,000 - $24,999.99
Balance: $5,000.00 and over; Minimum Balance $500.00; Share dividends paid on average daily balance
Balance: $14,999.01 +
When linked to Premier Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Balance: $0 or more
Balance: $4,999.01 - $14,999
Balance: $0.00 - $9,999.99
Balance: $100,001 and Greater
Compounded/Credited: Quarterly
Compounded/Credited: Quarterly
Compounded/Credited: Quarterly/Quarterly
Balance: $500.01 to $4,999.99; Minimum Balance $500.00; Share dividends paid on average daily balance
Balance: $999.01 - $4,999
When linked to Prime Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Balance: $100 - $999
Qualifications Required: current, valid military ID; accept electronic documents; receive e-statements; make at least one deposit monthly; 8.00% only applies on the first $500 deposited as long as member meets all requirements. Requirements include: a current, valid military ID, accept electronic documents, receive e-statements and make at least one deposit monthly. Dividends compounded and credited quarterly. If the monthly deposit is not posted, the rate will revert to the current share savings rate for that month. This special rate will remain in effect as long as all requirements are met for the first $500. Balances over $500 will earn the regular share savings rate.
Balance: up to $19999
Balance: $.01 - 1,000.00
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 rose 0.091 points over the past 7 days to 1.973% APY, up from 1.882%.
Virginia standard savings rates fell 0.005 points over the past 7 days to 0.805% APY, down from 0.810%.
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 2026–2027.
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 1.973% 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 60–90 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 (1.973% APY) | Monthly Earnings | Standard Savings (0.805% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $98.64 / year | $8.22 | $40.27 / year | $3.36 |
| $10,000 | $197.28 / year | $16.44 | $80.54 / year | $6.71 |
| $25,000 | $493.20 / year | $41.10 | $201.35 / year | $16.78 |
| $50,000 | $986.40 / year | $82.20 | $402.70 / year | $33.56 |
| 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 September 22, 2026. | ||||
About Our Richmond, Virginia Savings Rate Database
MonitorBankRates found 15 institutions with branches in Richmond (7 banks, 8 credit unions), plus 4 additional state-chartered and national online institutions available to Richmond residents. 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 (1–5), 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 1.973% 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 3–6 months of expenses in a liquid, FDIC-insured account. Richmond, Virginia high-yield savings rates currently average 1.973% APY, far above a typical checking account.
- Short-term savings goals (6–24 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: 19 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 1.973%, saving 10% of the local median salary ($4,114/year) would earn an additional $81 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 | 1.973% | 0.805% | 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 – $100 | $25 – $100 | $0 – $2,500 | $500 – $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 September 22, 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 1.973% 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 1.973% 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 1.973% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.973% APY grows to roughly $36,951 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 - Primis Bank
Primis Business Savings: 4.00% APY - Chesapeake Bank
Clear Sky Savings Tier 3: 3.10% APY - Blue Ridge Bank National Association
Kasasa Saver Savings: 3.00% APY - Dominion Energy Credit Union
Money Market savings account: 2.55% APY
Richmond, Virginia Rates & Resources
