Burke & Herbert Bank & Trust Company (Burke & Herbert B&T) has account options designed for convenience. To find out if Burke & Herbert Bank & Trust Company is right for you, continue reading the review below.
They have pretty standard checking and savings, but they offer a bit more extra benefits for Kid’s Savings such as a rewards program and eligibility to earn competitive interest rates.
Burke & Herbert also offers two high interest earning CDs with a large range of terms as well, so their savings are designed to maximize your earnings!
Checking Account Options
Burke & Herbert Bank & Trust Company has a few selection of checking accounts that comes with various benefits and are easily accessible.
You can open this checking account with just $25!
This account is designed for everyday use so there are no monthly fees nor minimum balance requirements to worry about.
An interest bearing checking account that can be opened with $100.
There is a small fee of $5, but you can reduce it to $2 as long as you maintain a daily balance of $1,500.
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Savings Account Options
Burke & Herbert Bank & Trust Company has two savings accounts that both earn competitive interest rates and vary in opening deposits and balance requirements.
A general savings account that will need at least $50 to open.
To waive the $2 monthly fee, you will only need to keep a daily balance of $100!
Other ways to waive the monthly fee is by signing up for a monthly direct deposit.
This savings account is designed for kids 17 and under to help them start saving for future expenses such as college tuition and other expenses.
They can open this account with just $10 and start earning interest right away! Upon account opening, kids will automatically be enrolled in Burke & Herbert’s Kid’s Savings Club.
Club members are eligible to be entered for Quarterly Rewards Drawing where they can win cash prizes or electronics.
For every $25 deposited, they will gain one entry into the drawing.
There are also no monthly fees nor minimum balance requirements.
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With the American Express® High Yield Savings Account:
• Earn 4.35% APY as of 12/14/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover® Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB124 by 3/14/2024
• Earn high interest rate of 4.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB124 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Burke & Herbert Bank & Trust Company has two money market accounts that earn competitive, tiered interest rates.
This is the standard money market that requires an opening deposit of at least $2,500.
You can watch your money grow exponentially and not have to worry about any monthly fees.
This is a higher interest earning money market that will need a larger balance of $25,000 to open.
You will earn tiered interest rates and not have to pay any monthly fees as your balance grows.
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• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover® Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 4.20% APY balances $100,000 and over
• Earn 4.15% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
Burke & Herbert Bank & Trust Company offers CDs that earn competitive interest rates.
They currently offer two kinds of CDs that vary in terms and rates.
This CD has a wide range of terms to choose from and you can open one starting from $500.
As the CD term matures, it will increase after the first 10 months and so on.
There is currently a 30-month Stepped Rate CD that is exclusive to Burk & Herbert’s checking accounts.
This CD allows you to earn tiered interest rates. You can bump the term to a higher rate one time after your account has been opened for six months at least.
The current options that they have to offer are:
- 25-Month CD
- 35-Month CD
You can open a CD starting from $500, but they will increase as the terms expand.
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• Available online nationwide
• Earn up to 5.00% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.90% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
• Available nationwide online, Discover® offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.90% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
Reasons to Bank with Burke & Herbert B&T
- Their savings and money market accounts earn a pretty high APY.
- All their accounts are tiered, so interest grows overtime.
- They offer rewards for their Kid’s Savings account.
- Provides two money market accounts that earn competitive interest rates.
- Has two kinds of CDs with longer terms.
- Conduct all your banking online or with the Burke & Herbert Bank & Trust Company mobile app.
- Offers a 24-hour banking service line.
Reasons Not to Bank with Burke & Herbert B&T
- They are only located in Virginia with 25 branches in total.
- Really small selection of both checking and savings accounts.
- The monthly fee on their Convenient Checking with Interest account is not completely waiveable.
- Some of their checking accounts have unavoidable monthly fees to compensate for all the other benefits offered.
- Lacking a senior, health, etc. checking and savings account.
Burke & Herbert B&T Routing Number
The routing number for Burke & Herbert Bank & Trust Company varies based on regions or locations. To find your routing number, check the lower left hand corner of your Burke & Herbert Bank & Trust Company check.
Contact Customer Service
You can reach Burke & Herbert Bank & Trust Company at 703-684-1655.
To speak to a customer representative, their business hours are:
- Monday to Thursday at 9:00 a.m. – 5:00 p.m.
- Friday at 9:00 a.m. – 6:00 p.m.
- Saturday at 9:00 a.m. – 1:00 p.m.
They also have a 24-hour banking service line that you can call at 703-751-7701.
How Burke & Herbert B&T Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
Looking for a bank that has convenient accounts with average opening deposits and balance requirements? Burke & Herbert Bank & Trust Company may have the answers you’re searching for!
It would be ideal to invest in one of their CDs or money market accounts more than the standard savings accounts if you tend to save more than you spend.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Burke & Herbert Bank & Trust Company has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!