Dedicated to Deposits: Deals, Data, and Discussion

5.62% 40-Month CD at a Virginia Bank (Bank of Hampton Roads).

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Bank of Hampton Roads
Update 9/22/07: CD rates have gone down. Please check bank's website for latest rates.

Bank of Hampton Roads is offering a special 5.62% APY 40-month certificate of deposit. The minimum deposit is $10,000.

Opening accounts seem to require a branch visit. Branches are located in the Virginia cities of Chesapeake, Norfolk, Suffolk and Virginia Beach. The bank is FDIC insured (FDIC Certificate # 27125).
  Tags: Virginia, Bank of Hampton Roads, CD rates

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Nice feature to the CD, the branch officer stated you may bump up one time in interest rate if you extend the CD. In addition, the penalty for withdrawal was only 6 months, however, the bank states it MAY allow a withdrawal, a change in the normal wording of bank CD terms.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. By extending the CD does that mean you would extend the term to 40 months from the time of the bump?

1
Comment #3 by Anonymous posted on
Anonymous
Right, that was what I was wondering and asked. The bank officer stated the new term had to equal or exceed the original term of the CD, i.e. forty (40) months or longer and was extended from the time of the bump,

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