Contact Us

C&F Bank Savings Accounts: Regular, High-Yield and Youth Savings for Virginia Families

C&F Bank offers three savings account options to help Virginia families grow their money. Regular Savings starts with just $25 and earns a standard variable APY. High-Yield Savings delivers a significantly higher rate on balances of $10,000 or more. Youth Savings rewards savers under 18 with a bonus interest rate and no monthly fees. All accounts are FDIC insured up to $250,000, integrate with CFFC online banking and link to checking for overdraft protection. Citizens and Farmers Bank — growing Virginia savings since 1927. Member FDIC. NMLS #399805.

Open a Savings Account Log In to Banking
C&F Bank savings account growth chart displayed on the CFFC online banking platform

Compare C&F Bank Savings Accounts

From starter emergency funds to high-balance growth vehicles, C&F Bank has a savings account for every stage of life.

Feature Regular Savings High-Yield Savings Youth Savings
Monthly Fee$0 with $300 balance$0 with $10,000 balance$0 (under 18)
Minimum Opening Deposit$25$10,000$5
Interest RateStandard variable APYEnhanced variable APYBonus variable APY
Interest CompoundingDailyDailyDaily
Interest CreditedMonthlyMonthlyMonthly
Online & Mobile AccessYesYesYes (with parent)
ATM WithdrawalsUnlimitedUnlimitedUnlimited
Overdraft Protection LinkYesYesNo
Automatic TransfersYesYesYes
eStatementsFreeFreeFree
FDIC InsuredYes — up to $250,000Yes — up to $250,000Yes — up to $250,000

Regular Savings: The Foundation of Financial Health

A straightforward savings account that makes starting easy and staying consistent even easier.

C&F Bank Regular Savings is designed for customers who want a safe, interest-bearing place to set aside money for emergencies, short-term goals or general reserves. Open with just $25 and maintain a $300 average daily balance to avoid the small monthly service charge. Interest compounds daily and is credited to your account at the end of each month.

The account integrates seamlessly with CFFC online banking. Set up automatic transfers from your checking account on any schedule — weekly, biweekly or monthly — so your savings grows without any manual effort. You can also link Regular Savings to your checking as overdraft protection, ensuring that a short-term checking shortfall is covered by your savings rather than triggering overdraft fees.

For customers building an emergency fund, financial advisors typically recommend three to six months of living expenses. With automatic transfers of even $50 per pay period, a C&F Bank Regular Savings account can reach that target within one to three years, depending on your household costs. Every dollar is FDIC insured up to $250,000, so your emergency fund carries zero market risk.

Regular Savings Benefits

  • $25 minimum opening deposit — one of the lowest in Virginia
  • $0 monthly fee with $300 average daily balance
  • Daily compounding for maximum growth
  • Unlimited ATM withdrawals at 30 C&F Bank locations
  • Automatic recurring transfers from checking
  • Overdraft protection link available
  • Free eStatements and online access
  • FDIC insured up to $250,000

High-Yield Savings: Maximise Returns on Larger Balances

When your savings surpass $10,000, your money should work harder. High-Yield Savings delivers.

C&F Bank High-Yield Savings offers a significantly higher annual percentage yield than our standard savings product. The enhanced rate applies to balances of $10,000 and above, making it ideal for customers who have already built a solid emergency fund and want to grow excess cash without locking it into a certificate of deposit.

Unlike CDs, High-Yield Savings maintains full liquidity. You can withdraw funds at any time through a branch visit, ATM transaction or electronic transfer via CFFC online banking. There are no early withdrawal penalties and no lock-in periods. Interest compounds daily and credits monthly, so your earnings generate their own earnings every single day.

This account is particularly effective as a holding vehicle for clients who are saving for a home down payment, planning a major purchase within the next 12 to 24 months, or maintaining operating reserves that need to remain accessible. The monthly fee is waived as long as you maintain the $10,000 minimum balance, and the rate remains competitive with online-only bank offerings — with the added benefit of 30 local branches and a Virginia-based customer service team.

High-Yield Savings Advantages

  • Enhanced APY on balances of $10,000 or more
  • No lock-in period — full liquidity at all times
  • Daily compounding, monthly crediting
  • $0 monthly fee with $10,000 minimum balance
  • Ideal for down payment savings and large reserve funds
  • Seamless transfers to checking and money market
  • FDIC insured up to $250,000

Youth Savings: Building Financial Habits Early

For account holders under 18, C&F Bank Youth Savings teaches saving while rewarding consistency.

C&F Bank Youth Savings is available to any Virginia resident under the age of 18, with a parent or guardian as joint account holder. Open with as little as $5 — we believe the barrier to a child's first savings account should be as low as possible. There is no monthly maintenance fee for account holders under 18, and the account earns a bonus interest rate that exceeds our standard Regular Savings APY.

The account is designed to build good financial habits. Parents can set up automatic transfers from their own C&F Bank accounts to their child's Youth Savings, creating a structure for allowance deposits, birthday money or chore earnings. Children can view their balance and transaction history through CFFC online banking with parental oversight, learning to track their progress toward savings goals.

When the account holder turns 18, Youth Savings automatically converts to a Regular Savings account. At that point, the account holder can upgrade to High-Yield Savings if their balance qualifies, or open a checking account and link the savings for overdraft protection — setting them up for independent financial management as they enter adulthood.

Youth Savings Features

  • Open with just $5
  • $0 monthly fee for account holders under 18
  • Bonus interest rate above standard savings APY
  • Joint account with parent or guardian
  • Online access with parental oversight
  • Automatic transfer capability for allowance and gifts
  • Converts to Regular Savings at age 18
  • FDIC insured up to $250,000

How C&F Bank Savings Accounts Work with Your Financial Plan

Savings should not exist in isolation. Here is how to integrate your C&F Bank savings into a broader strategy.

The most effective savings strategy combines liquidity with yield. Start with a Regular Savings account linked to your checking for overdraft protection and emergency access. As your balance grows past $10,000, consider moving excess funds into High-Yield Savings to earn a better rate without sacrificing accessibility.

For funds you know you will not need for six months or longer, a certificate of deposit locks in a guaranteed rate that typically exceeds even High-Yield Savings. A laddering strategy — spreading deposits across multiple CD terms — ensures that a portion of your savings matures regularly, giving you periodic access without penalty.

If you need cheque-writing capability on your savings, a C&F Bank money market account provides tiered interest rates with the flexibility to write cheques directly from the account. This can be useful for customers who use savings to pay quarterly tax estimates or annual insurance premiums.

C&F Bank personal bankers are available at all 30 Virginia branches to help you structure your deposit accounts for maximum efficiency. Whether you are building your first emergency fund or optimising a six-figure savings portfolio, we tailor recommendations to your timeline, risk tolerance and cash flow needs.

All C&F Bank savings products are protected by FDIC insurance up to $250,000 per depositor, per ownership category. Joint accounts receive $250,000 in coverage per co-owner, effectively doubling protection for married couples. For deposits exceeding FDIC limits, speak with a C&F Bank advisor about structuring accounts across ownership categories to maximise your insured coverage.

Access your savings anytime through CFFC online banking, the C&F Bank mobile app or any of our 30 branch locations. Transfers between C&F Bank accounts are instant. External transfers to other institutions process within one to two business days via ACH.

People Also Ask

What is the interest rate on C&F Bank savings accounts?
C&F Bank offers tiered interest rates across its savings products. Regular Savings earns a standard variable APY. High-Yield Savings earns a significantly higher rate for balances of $10,000 or more. Youth Savings earns a bonus rate for account holders under 18. All rates compound daily. Contact 804-843-2360 or visit any branch for current rates.
How much do I need to open a C&F Bank savings account?
Regular Savings requires a $25 minimum opening deposit. High-Yield Savings requires $10,000 to open and earn the posted APY. Youth Savings can be opened with as little as $5 for account holders under 18. All savings accounts are FDIC insured up to $250,000.
Can I link my savings to checking for overdraft protection?
Yes. C&F Bank allows you to link your savings account to any personal checking account for automatic overdraft protection. Funds transfer automatically when checking falls below zero, with a small transfer fee that is significantly less than a standard overdraft charge.
Is there a limit on savings account withdrawals at C&F Bank?
Federal Regulation D withdrawal limits were suspended in 2020 and C&F Bank currently allows unlimited electronic transfers from savings accounts. In-branch and ATM withdrawals have no limits. Excessive withdrawals may result in a request to convert the account to checking. Contact your branch for current policy details.

Related Personal Banking Services

Complement your savings with these C&F Bank products.

Checking Accounts

Pair your savings with a C&F Bank checking account for everyday spending, bill pay and debit card access — with overdraft protection from your linked savings.

Money Market

Earn tiered rates with cheque-writing flexibility. A C&F Bank money market account offers higher yields for larger balances with on-demand access.

Certificates of Deposit

Lock in guaranteed rates for 3 to 60 months. C&F Bank CDs are ideal for funds you will not need short-term, with FDIC insurance on every dollar.