This week, Chesapeake Bank added a 19-month CD (1.65% APY) and raised the rate on its 7-month CD (1.10% APY). The minimum opening deposit is $1k, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 19-month CD is 12 months interest, and six months interest for the 7-month CD.
Headquartered in Kilmarnock, Virginia, Chesapeake Bank’s market area includes Virginia’s Northern Neck, the Middle Peninsula, and the Richmond and Williamsburg areas.
Opening an account at Chesapeake Bank requires a visit to any of 14 Virginia branches in Gloucester, Hayes, Irvington (2), Kilmarnock, Lancaster, Mathews, Richmond (2), and Williamsburg (5).
Chesapeake Bank’s online banking platform is currently limited to account management and bill payment services.
Chesapeake Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.01% (excellent) based on December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $51.32 million, an excellent annual growth rate of 10%. Please refer to our financial overview of Chesapeake Bank (FDIC Certificate # 6862) for more details.
Founded in 1900 as Lancaster National, today’s Chesapeake Bank is currently 28th largest bank headquartered in Virginia, with assets in excess of $716 million. If you are not familiar with the Chesapeake Bank name, you may recognize the Clear Sky Accounts brand, which is the internet division of Chesapeake Bank. Debuting in November 2008, Clear Sky was overwhelmed by “tremendous response” and, as a result, in early 2009 temporarily suspended accepting new applications and, more importantly, stopped accepting deposits to existing accounts. New application and additional deposits were reinstated in April 2009, and since that time, Clear Sky has continued to offer checking and savings accounts without interruption.
How the CDs Compare
When compared to the 163 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Chesapeake Bank’s 19-month CD APY currently ranks first.
When compared to the 222 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Chesapeake Bank’s 7-month CD APY currently shares the top spot with Veridian Credit Union’s 9-month Special CD.
The above rates are accurate as of 5/19/2017.