Virginia-based Old Dominion National Bank (ODNB) is offering limited-time rates on three short-term CD Specials: 6-month (5.50% APY), 9-month (5.50% APY) and 12-month (5.75% APY). The CD Specials require a minimum $500 deposit of new money, with no stated balance cap. As stated in the fine print on the ODNB Rates page, “new money” is defined as “money not currently on deposit with Old Dominion National Bank.” The CD Specials are available only as personal accounts; business accounts are not permitted.
The CD Specials are also available as IRA CD Special, earning the same APYs with the same deposit requirements.
Availability and Account Opening
Headquartered in North Garden, Virginia, Old Dominion National Bank has a brick-and-mortar presence in Central and Northern Virginia and Central Pennsylvania, but offers its product line to U.S. citizens (18 years or older) who live in Maryland, Pennsylvania, Virginia, or the District of Columbia through an online application.
Opening a 12-month CD Special can also be done in person at any of three full-service Virginia branches located in North Garden, Scottsville, and Vienna. The State College, Pennsylvania branch operates as Centre 1st Bank, a Division of Old Dominion National Bank.
Funding and Other Details
The following information is from a conversation with an ODNB official.
- Funding – ACH, wire, or check (if opening in-branch).
- Ownership – Individual, joint, or trust accounts available.
- Early Withdrawal Penalty – 180 days of interest on the amount being withdrawn, with partial withdrawals allowed.
- Interest – Compounded daily/credited quarterly and can be withdrawn penalty-free.
- Maturing Funds – Cashier’s check to the address on file.
- Beneficiaries – Up to three beneficiaries, equal shares, Social Security numbers required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull, ChexSystems.
Old Dominion National Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 0.39% (excellent), based on March 31, 2023 data. In the past year, ODB’s total non-brokered deposit have decreased by -$37.87 million, a below average annual growth rate of -5.12%. Please refer to our financial overview of Old Dominion National Bank (FDIC Certificate # 58504) for more details.
Established in 2007, Old Dominion National Bank describes itself as an “independent, locally-owned and managed bank serving the Washington, D.C. Metro and Central Virginia markets.” Currently the 25th largest bank headquartered in Virginia, ODNM has assets in excess of $1 billion and more than $922 million in deposits. According to a June 2023 press release, the ODBN Financial Corporation recently completed a private placement of $28.1 million of shares of common stock.
Following the completion of this latest offering, total assets now total over $1.1 billion, an increase of more than 248% over the past three and a half years. The Company has now completed four successful and oversubscribed private placements of common equity, raising a total of $119.2 million since December 2016. In each of these offerings, capital was raised through the direct efforts of the Bank’s and the Company’s directors and executives, without the use of an underwriter or placement fees. The Company became the holding company of the Bank in July 2022.
In case you were wondering, “Old Dominion” is nickname for Virginia, which originated during Colonial times.
Dominion refers to complete ownership of a particular piece of land or territory. Because he considered the Virginians "the best of his distant children," sometime around 1663, King Charles II of England elevated Virginia to the position of dominion along with England, Scotland, Ireland, and France.
The citizens of Virginia were pleased with this elevated status because they considered themselves the most faithful of the King's settlements in America. Since their settlement was the oldest of King Charles' settlements in America, they adopted the name "The Old Dominion."
How the 12-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union have a higher rate than currently offered on the Old Dominion National Bank 12-Month CD Special. The following table compares the 12-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/13/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.