Deposit Rates

Burke & Herbert Bank offers a variety of deposit accounts to meet the needs of individuals and businesses – from checking and savings accounts to money market accounts and certificates of deposit (CDs). Many accounts earn interest to help you meet your savings and investment goals. To find a rate for the account type in which you’re interested, simply click on the corresponding section below.

Interest Rates and Annual Percentage Yields are effective as of 03/06/2021

Personal Checking Accounts
Account Type Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
Convenient Checking with Interest
Balances to $1,499.99
Balances $1,500.00 and over
$100
$100
$0.01
$1,500
0.03%
0.03%
0.03%
0.03%
Private Banking Interest Checking** $100 $0.01 0.03% 0.03%
* The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings on the account.
** Please see the opens in a new windowBurke & Herbert Bank Private Banking Client Agreementopens PDF file  for more information about Private Banking eligibility requirements and benefits.
Personal Savings and Money Market Accounts
Account Type Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
Statement Savings $50 $0.01 0.03% 0.03%
Kids’ Savings $10 $0.01 0.03% 0.03%
Regular Money Market
Balances to $2,499.99
$2,500 to $24,999.99
$25,000 to $99,999.99
Balances $100,000 and over
$1,000
$1,000
$1,000
$1,000
$0.01
$2,500
$25,000
$100,000
0.03%
0.03%
0.05%
0.05%
0.03%
0.03%
0.05%
0.05%
Super Money Market
Balances to $24,999.99
$25,000 to $99,999.99
$100,000 to $249,999.99
$250,000 to $499,999.99
$500,000 to $999,999.99
$1,000,000 and over
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$0.01
$25,000
$100,000
$250,000
$500,000
$1,000,000
0.03%
0.07%
0.10%
0.15%
0.25%
0.30%
0.03%
0.07%
0.10%
0.15%
0.25%
0.30%
Private Banking Super Money Market** $1,000 $0.01 0.30% 0.30%
* The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings on the account.
** Please see the opens in a new windowBurke & Herbert Bank Private Banking Client Agreementopens PDF file  for more information about Private Banking eligibility requirements and benefits.
Business Checking Accounts
Account Type Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
Non-Profit Interest Checking $100 $25,000 0.10% 0.10%
Interest on Lawyer Trust Acct (IOLTA)
Balances to $1,499.99
Balances $1,500.00 and over
$100
$100
$0.01
$1,500
0.15%
0.15%
0.15%
0.15%
* The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings on the account.
Business Savings and Money Market Accounts
Account Type Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
Business Savings $50 $0.01 0.03% 0.03%
Business Money Market
Balances to $2,499.99
$2,500 to $24,999.99
$25,000 to $99,999.99
Balances $100,000 and over
$1,000
$1,000
$1,000
$1,000
$0.01
$2,500
$25,000
$100,000
0.03%
0.03%
0.05%
0.05%
0.03%
0.03%
0.05%
0.05%
Business Super Money Market
Balances $24,999.99
$25,000 to $99,999.99
$100,000 to $249,999.99
$250,000 to $499,999.99
$500,000 to $999,999.99
$1,000,000 and over
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$0.01
$25,000
$100,000
$250,000
$500,000
$1,000,000
0.03%
0.07%
0.10%
0.15%
0.25%
0.30%
0.03%
0.07%
0.10%
0.15%
0.25%
0.30%
* The interest rate and annual percentage yield may change after account opening. Fees may reduce earnings on the account.
Certificate of Deposit Accounts
Term Interest
Compounds
Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
7-Month CD Monthly $1,000 N/A 0.30% 0.30%
11-Month CD Monthly $1,000 N/A 0.40% 0.40%
a) Substantial penalty for early withdrawal outside of grace period

 

Term Interest
Compounds
Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
30 Days At Maturity $500 N/A 0.10% 0.10%
60 Days At Maturity $500 N/A 0.10% 0.10%
90 Days At Maturity $500 N/A 0.15% 0.15%
6-Months Monthly $500 N/A 0.15% 0.15%
12-Months Monthly $500 N/A 0.25% 0.25%
18-Months Monthly $500 N/A 0.25% 0.25%
24-Months Monthly $500 N/A 0.30% 0.30%
30-Months Monthly $500 N/A 0.30% 0.30%
36-Months Monthly $500 N/A 0.40% 0.40%
48-Months Monthly $500 N/A 0.40% 0.40%
60-Months Monthly $500 N/A 0.40% 0.40%
a) Substantial penalty for early withdrawal outside of grace period

 

Term Interest
Compounds
Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
25-Monthsb -Discontinued 8/4/2020 Monthly No Longer Offered N/A 0.50% 0.50%
35-Monthsb -Discontinued 8/4/2020 Monthly No Longer Offered N/A 0.70% 0.70%
a) Substantial penalty for early withdrawal outside of grace period
b) This CD comes with a “Bump Up” feature that allows you to request a one-time rate adjustment after the account has bee opened for at least six months. The rate will be adjusted to the then-current rate for this CD product and the new rate will apply for the remainder of the term.
Individual Retirement Accounts (IRAs)
Term Interest
Compounds
Minimum
Opening
Deposit
Minimum Balance
To Obtain Annual
Percentage Yield
Interest
Rate
Annual
Percentage
Yield
18-Monthsb – Variable Quarterly $100 N/A 0.25% 0.25%
25-Monthsc – Fixed Monthly $100 N/A 0.30% 0.30%
36-Months – Fixed Quarterly $100 N/A 0.40% 0.40%
60-Months – Fixed Quarterly $100 N/A 0.40% 0.40%
a) Substantial penalty for early withdrawal outside of grace period
b) The interest rate and annual percentage yield may change after account opening
c) This CD comes with a “Bump Up” feature that allows you to request a one-time rate adjustment after the account has bee opened for at least six months. The rate will be adjusted to the then-current rate for this CD product and the new rate will apply for the remainder of the term.

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