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Deposit Rates

RATES - As of January 2, 2023
Rates are subject change, for the most current rates please contact us at 434.369.3000. 


Deposit Rates
Certificates of Deposit



Product
Minimum Opening
Deposit
Minimum Balance to
Maintain APY
Interest
Rate
 APY*
91 Daya $2,500.00  $2,500.00c
 0.10% 0.10%
182 Daya $2,500.00
 $2,500.00c
 0.15%
 0.15%
1 Year No Penalty $500.00 $500.00c
 2.00%
 2.02%
1 Yeara
 $500.00
 $500.00c
 3.25%
 3.29%
15 Month $500.00 $500.00c 3.50% 3.55%
18 Montha
 $500.00
 $500.00c
 3..90% 3.96%
18 Month 1st Choice Cluba
 $500.00
 $500.00c
 3.95% 4.01%
2 Yeara
 $500.00
 $500.00c
 2.75% 2.78%
2  1/2 Yeara
 $500.00
 $500.00c
 2.50% 2.52%
3 Yeara
 $500.00
 $500.00c
 2.00% 2.02%
4 Yeara $500.00
 $500.00c
 1.75% 1.76%
5 Yeara  $500.00 $500.00c  1.50% 1.51% 

*Annual Percentage Yield
(a) A penalty will be imposed for early withdrawal.
(b) The interest rate and annual percentage yield may change after account opening.
(c) Daily balance. The amount of the principal in the account each day.
Note: Fees could reduce the earnings on the account.
 
 
Deposit Accounts


Account Product Name Minimum Opening Deposit Interest Rate APY*
Statement Savingsab $100 0.30% 0.30%
Interest Checkingab $500 0.20% 0.20%
Ka-Chinga,b,c,d,e,f $100

Portion of Daily Balance
up to $30,000
$30,000+
1.00%
0.20%
1.01%
1.01%-0.38%
1st Choice Clubab $1,000 0.40% 0.40%
Money Marketabc $2,500

Daily Balances of
up to $49,999.99
$50,000 - $99,999.99
$100,000 - $499,999.99
$500,000 and up
0.50%
0.75%
1.00%
1.25%
0.50%
0.75%
1.01%
1.26%
First Indexabcf
$1,000

Daily Balances of Over $1,000
1.68%
1.69%

*Annual Percentage Yield
(a) A penalty will be imposed for early withdrawal.
(b) The interest rate and annual percentage yield may change after account opening.
(c) Daily balance. The amount of the principal in the account each day.
(d) 0.05% APY on non-qualifying balances if you do not meet all the requirements. Note: Fees could reduce the earnings on the account.
(e) APY Range depends upon balance maintained, assuming a maximum $100,000 in 2nd tier
 If the daily balance is less than $30,000.01, the interest paid on that portion of the balance will be 0 .25%.  The annual percentage yield for this tier will be 0.25%.  If the daily balance is more than  $30,000.00, the interest paid on that portion of the balance will be 0.08%, resulting in an APY range up to 0.25% - 0.12% APY depending on the balance maintained, assuming a maximum $100,000 in 2nd tier. If qualifications are not met, all balances earn 0.05% APY.
(f)The interest rate on the account is based on the Fed Funds Average. For balances over $1,000 we will subtract a margin of 2.65%. We may change the rate on the account monthly on the seventh business day. The interest rate will never be under 0.05%.

 
Account Analysis
We have established an earnings credit floor of .35% for Commercial clients and .25% for Municipal clients. Earnings Credit Rate is normally calculated by using 40% of the three month Treasury constant maturities index at month end as published by the Federal Reserve Bank in "H.15 Selected Interest Rates
 
 
Individual Retirement Accounts


Account Product Name Minimum Opening Deposit Interest Rate APY*
12 Month Variablea,b $100
 3.25% 3.29%
18 Month Variablea,b $100
 3.90%
 3.96%
1 Year Fixeda $100
 3.25% 3.29%
2 Year Fixeda
 $100
 2.75% 2.78%
3 Year Fixeda
 $100
 2.00% 2.02%
4 Year Fixeda
 $100
 1.75%
 1.76%
5 Year Fixeda
 $100
 1.50% 1.51%
Roth 18 Month Variablea,b $100
3.90%
 3.96%
Roth 1 Year Fixeda $100
3.25%
3.29%
Roth 5 Year Fixeda $100
 1.50% 1.51%
Educational IRA 18 Montha,b $100
 3.90% 3.96%
Money Market IRAbc $100

Daily Balances of
up to $49,999.99
$50,000 - $99,999.99
$100,000 - $499,999.99
$500,000 and up

0.50%
0.75%
1.00%
1.25%
 

0.50%
0.75%
1.01%
1.26%
 

*Annual Percentage Yield
(a) A penalty will be imposed for early withdrawal.
(b) The interest rate and annual percentage yield may change after account opening.
(c) Daily balance. The amount of the principal in the account each day.
Note: Fees could reduce the earnings on the account.