Essex Bank (VA/MD) Adds 13-Month CD Promo Rate With Checking


Availability: Market area includes the Greater Richmond Region (Virginia), Beltway Maryland, and the Baltimore metropolitan area.

This week, Essex Bank announced its limited time 13-month CD Promo (1.50% APY). To qualify for the stated promotional APY, a Cash Back Checking account must be opened along with the 13-month CD, and must be “remain open for the entire term of the CD or the effective rate of the CD will revert back to the (non-promotional) published rate in effect for the 13 month CD product at that time." If the 13-month CD is opened without a Cash Back Checking account, the APY is 1.30%.

According to the fine print on the Deposit Rates page,

Current Cash Back Checking customers are also eligible for this offer.

According to CSR, the Early Withdrawal Penalty is formulaic, with the amount being withdrawn and the time remaining until CD maturity determinant factors.

Cash Back Checking

The Cash Back Checking account has been part of Essex Bank’s product line for only about five months, and has tiered APYs, based on balance levels.

  • 0.10% APY - $1.5k+
  • 0.20% APY - $25k+
  • 0.30% APY - $50k+

In addition to the stated APY rate tiers, the Cash Back Checking account earns 1% cash back on any online or signature-based debit card transaction, up to $10 per statement cycle.

Opening a new Cash Back Checking account requires a minimum $50 deposit. The $9.95 monthly service fee will be waived if a $1.5k average monthly balance is maintained, or with a minimum $500 direct deposit per statement cycle.


Headquartered in Richmond, Virginia, Essex Bank is community bank with locations across eastern Virginia and Maryland.

Opening a 13-month CD Promo and/or a Cash Back Checking Account can be done by visiting any of 18 Virginia branches located in Aylett, Burgess, Callao, Cumberland (newly opened), Fairfax, Glen Allen, Goochland, Louisa, Manakin Sabot, Manquin, Mechanicsville, Midlothian, Powhatan, Richmond (2), Tappahannock (2), and West Point.

Essex Bank also has six Maryland branches located in Annapolis, Arnold, Bowie, Crofton, Rockville, and Rosedale.

Essex Bank’s online banking platform is currently limited to account management and bill payment services.

Bank Overview

Essex Bank (FDIC Certificate # 8675) has an overall health grade of "B" at, with a Texas ratio of 16.65% (above average) based on June 30, 2016 data. In the past year, Essex Bank increased its total deposits by $5.84 million, an above average annual growth rate of 0.61%. Please refer to our financial overview of Essex Bank for more details.

Founded in 1926 as the Bank of Essex, Essex Bank is a banking subsidiary of Community Banks Trust Corporation. In a 9-month period from late 2008 to mid 2009, the Bank acquired three banks (Transcommunity Bank, N.A., VA; The Community Bank, GA; and Suburban Federal Savings Bank, MD) and changed its name to the present Essex Bank. Currently Virginia’s 22nd largest bank with assets in excess of $1.1 billion, Essex Bank recently announced plans for two new branches in its central Virginia market.

How the CD Compares

When compared to the 206 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available in the Bank’s market area, Essex Bank’s 13-month CD Promo (w/Cash Back Checking) APY currently ranks first.

The above rates are accurate as of 10/1/2016.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of or our Rates Map page.

3.03% 13-Month CD & Other High CD Rates at Bank of Essex in MD & VA
Update 3/10/09: The CD rates have fallen. Please check the bank's website for the latest rates.

Essex Bank is offering a 3.03% APY 13-month CD. Minimum deposit is $500. This CD rate is listed at the bank's rate table as of 3/04/09.

This used to be Suburban Federal Savings Bank which failed on January 30, 2009 and was acquired by Bank of Essex. Suburban Federal Savings Bank now operates as Essex Bank, a division of Bank of Essex.

This 13-month CD doesn't seem to be available at Bank of Essex branches. However, Bank...

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5.30% 12-Month CD at a Maryland Bank (Suburban Federal Savings).
Update 1/30/09: The bank has been closed. Please refer to this post for more details.

Update 1/27/08: The CD rates have dropped. Please check the bank's website for the latest rates.

Suburban Federal Savings Bank has some competitive CD rates. The highest rate is 5.30% APY for a 12-month term. Other competitive CDs include a 5.27% APY 13-month CD, a 5.20% APY 18-month CD and a 5.09% APY 60-month CD. The minimum deposit is $500.

A branch visit appears to be required. A reader mentioned that he had purchased the 12-month CD yesterday...

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6.00% 24-Month CD at a Virginia Bank (Goochland).
The Bank of Goochland is offering a 24 month certificate of deposit with a 6.00% APY (interest rate of 5.83%). The minimum deposit is $10K. The early withdrawal penalty is 3 months of interest.

The bank has branches in Manakin Sabot and Goochland, Virginia.

The bank is FDIC insured. It's a small bank with $70 million in total assets. It has a 5 out of 5 star rating at Bankrate (superior).

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