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Sonabank CD Rates

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Sonabank 12-Month CD
1.81% APY

Sonabank, headquartered in McLean, Virginia, is one of the newest banks in operation, having opened its doors in just 2004. It owns and operates 20 branches across Virginia and Maryland, providing various banking products and services to individuals, families and small- and medium-sized businesses. It offers checking accounts, savings accounts, money market accounts, retirement accounts and certificates of deposit (CDs), as well as a long list of loans. Sonabank does not list its standard CD rates publicly, instead prompting you to visit a local branch or call its toll-free number to connect with a banker who will explain the terms and limits to you.

In order to open a CD account at Sonabank, you as a customer must make a $1,000 minimum deposit. This is a typical starting deposit for many banks, though for many people it could be difficult to put away. Unfortunately, for a sizable starting deposit, Sonabank’s rates aren't so high, especially when compared to the best CD rates out there.

The reason for its fairly low rates are likely the result of the costs they must pay to maintain its vast physical presence of its branches in the DMV region. Sonabank’s nearly two dozen storefronts must be paid for in order to maintain customer loyalty. But even so, you can find many CD account options to choose from with Sonabank, with a range of term lengths and a list of various benefits.

It’s best to decide on a CD account based on factors like when you’ll need to tap into your savings, how much you can afford to stow away in the present and how long you’re able to wait for your investment to mature.

You can open a CD at Sonabank from anywhere as short as one year to as long as five years. You can fine-tune which term works best for you based on the rate. But take heed: Sonabank updates its CD rates quite regularly. Ensure that you stay on top of them.

CD Term Minimum Deposit APY  
12-Month $1,000 1.81% Compare CD Rates
13-Month* $5,000 2.32% Compare CD Rates
19-Month* $5,000 2.42% Compare CD Rates
24-Month $1,000 2.12% Compare CD Rates
36-Month $1,000 2.32% Compare CD Rates
48-Month $1,000 2.43% Compare CD Rates
60-Month $1,000 2.68% Compare CD Rates

*Promotional offers, available for limited time

12-Month CD Interest Rate Comparison

Overview of Sonabank National Bank CDs

For a chain of its size, Sonabank’s standard CD rates do not offer especially impressive APY rates. Before you sign up, take the time to compare Sonabank CD rates with some of the best CD rates in the country. As is, Sonabank will typically recommend making an appointment for an in-person consultation with one of its bankers before opening an account. This way, an expert can help pair you with a CD account that best fits your financial goals, even if its APYs don’t quite entice you.

How Much You Earn With Sonabank CDs Over Time

Simply put, the more money you invest in a CD account, the more you’ll earn. But given the pretty low interest rates that Sonabank offers, even if you store away a large amount of money, the payoff will still be underwhelming when compared to what you may get in the same time span at similar banks. Either way, here’s a breakdown of some of Sonabank’s most common starting deposits and most-used CD terms, listed by initial deposit amount, rounded up to the nearest dollar:

Initial Deposit 12-Month CD 36-Month CD 5-Year CD
$1,000 $1,002 $1,018 $1,051
$5,000 $5,010 $5,091 $5,256
$10,000 $10,020 $10,182 $10,512

How Sonabank CD Rates Compare to Other Banks’

Overall, Sonabank CDs tend to fall short when you compare CD rates to its much larger competitors like as Ally Bank and Goldman Sachs. But don’t forget that Sonabank’s range is limited: it only operates in two smaller states, and as such, its client count and total assets come out to much lower than at those nationwide competitors. In fact, there aren’t any Sonabanks beyond Maryland and Virginia, making its business operation quite locally focused.

This small-scale business plan can indeed offer unique benefits that its much larger competitors cannot, such as quick customer service and ability to tailor your account preferences to your individual needs. All that said, here’s how Sonabank APYs compare to those of Ally Bank and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:

CD Term Sonabank Ally Bank Marcus by Goldman Sachs Chase
6-Month not currently offered 1.00% 0.60% 0.01%
1-Year 1.81% 2.20% 2.20% 0.01%
3-Year 2.32% 2.55% 2.35% 0.05%
5-Year 2.68% 2.65% 2.80% 0.25%

Compare Sonabank to Other Competitive Offers

Should You get a Sonabank CD Account?

If you live in Maryland or Virginia and have at least $1,000 to put away without strife, opening a CD account with Sonabank may be a perfectly reasonable choice. But unless you’re able to financially bear the burden of a very gradual accrual of interest as compared to what you may get at a competing bank, it may be best to keep looking. That said, it is easy to make an appointment to speak with a bank teller at Sonabank, and perhaps you’ll find that among the variety of accounts they offer is the perfect fit for you and your future prospects.

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