Best Certificates of Deposit (CDs) in West Virginia for 2025
- Citizens Bank of West Virginia and The Bank of Romney have CDs with terms up to 60 months long.
- Element FCU has a low opening CD deposit requirement of $100.
- The interest on the CDs offered by FNB Bank is compounded quarterly.
- Vio Bank, an online bank, offers a CD with a 10-year term and a competitive interest rate.
Certificates of deposit (CDs) are a good vehicle to reach your financial goals because they have all the safety of the best savings accounts in West Virginia without the risks associated with other types of investments. As a result, CDs allow you to earn a higher interest rate on your balance as long as you keep the money in your account for a specified length of time.
To find out more about how CDs work and how you can benefit from them, continue reading this guide. You will find information about the best CD interest rates around the state, the West Virginia financial institutions that offer them, and the pros and cons of opening this kind of account.
Top CD Rates in West Virginia
Popular Banks and Credit Unions in West Virginia
Whether you’re looking for a CD or the best checking accounts in West Virginia, there are several options around the state where you can get some, or even all, of your banking needs met. Here is a sample of some of the banks and credit unions West Virginians can do business with.
Citizens Bank of West Virginia: Citizens Bank of West Virginia has CDs that compound interest either quarterly or at maturity. The regular CDs can be opened with a $500 deposit, but there are also special CDs that can require a $10,000 minimum opening deposit.
Element FCU: Element FCU offers CD terms ranging from six months to five years. All CDs require a minimum opening deposit of $100.
FNB Bank: FNB Bank has short-term CDs with terms of less than a year, as well as terms that are three years. Interest on these accounts is compounded quarterly.
Online Banks: Online banks also offer CDs to West Virginia residents, and they are an option worth considering because they often provide higher interest rates than local banks.
Online Banks Offering CDs
If you have not considered online banks before, you may want to give them a look. Virtual banking is becoming increasingly common, and the following are some of the reasons why.
Safety
If you think that online banks are nothing more than fly-by-night operations that will steal your money, think again. Just like traditional banks, online ones are protected by the Federal Deposit Insurance Corporation (FDIC), so you can rest assured that your money will be safe.
Interest rates
As you shop around for CD rates, obviously you want to find the ones that will give you the best return on your investment. One of the main benefits of online banks offering CDs is that you can earn a higher interest rate than you will with brick-and-mortar options.
Fees
Some banks may charge high fees that can really reduce the amount you have in your accounts. With online banks, the fees tend to be lower and, in some cases, you may not be charged fees at all. For example, traditional banks usually charge fees when you withdraw money from a CD, but online banks often don’t.
Minimum deposits
Minimum deposits for CDs vary and can be hundreds or even thousands of dollars. Online banks have lower minimum deposits, and some banks don’t have a minimum at all.
Convenience
You can conveniently open a CD at an online bank by transferring the money for your opening deposit. If you need help, customer service is often available for longer hours than you may find at traditional banks. Although you won’t be able to speak to someone in person, you can generally get customer service at more convenient times for your schedule. Some banks have customer service agents available 24/7.
Apps
Online banks have robust mobile apps that add to the convenience of the services they provide. You may be able to get information about your account and make transactions through an app, as well as use helpful financial tools. These apps may give you access to budgeting tools, for instance, so you can easily manage your finances.
As you can see, online banks are very competitive with brick-and-mortar choices. Now that you have seen some of the benefits, let’s take a look at some specific banks that offer CDs.
Bank5 Connect: The bank’s CDs, which have terms ranging from three months to three years, can be opened with a $500 deposit. The bank also offers an add-on two-year CD, which allows you to make deposits throughout the term.
Bread Savings: Bread Savings has three-month, six-month, and one-year CDs. Customers are not charged monthly maintenance fees.
American Express: In addition to CDs with various terms, including 18-month CDs, you can open a high-yield savings account at American Express.
Ally Bank: Customers save money when they open accounts at Ally Bank because they are not charged any maintenance fees. Also, there are no penalties for withdrawals from your CD account.
Online banks provide a wide range of CDs, so chances are you’ll be able to find one that fits your needs. Now that you have an idea of what’s out there, you can best decide which option is right for you.
Factors to Consider When Choosing a CD in West Virginia
When searching for the best savings and checking accounts in West Virginia, there are several factors you’d consider because you know what to look for. The same should be true as you shop around for a certificate of deposit. Here are some of the things people generally think about when looking for a CD.
Special rates
Sometimes banks and credit unions will offer CDs with special rates, which will be higher than they usually have. In order to ensure that you can take advantage of these rates, it’s a good idea to periodically check a bank’s website to find out what deals they’re running.
Minimum deposit requirements
The minimum CD deposit requirements vary, so you may be able to open an account with $100 or over $1,000. For example, Citizens Bank of West Virginia has some CDs that can be opened with $500, while others require $10,000.
Similarly, the Bank of Romney has minimum opening requirements ranging from $500 to $5,000. Some banks, like Ally Bank, don’t have a minimum requirement, so you have the flexibility to open an account with the amount of money you see fit.
Terms
You may be wondering whether a long-term or short-term CD is better for your needs. The good news is that the banks and credit unions offering the best CDs in West Virginia have both. Some may have terms as short as three months, while other banks have CDs with terms of five years or longer.
Pros and Cons of CDs
Knowing the pros and cons before purchasing any product is always a good idea, and CDs are no exception. The following are some advantages and disadvantages of opening a CD.
Pros
- A CD account can be opened easily.
- The interest rates are higher than what banks offer for regular savings accounts.
- The interest rate is locked in, so you always know what the return on your investment will be.
- The terms options vary, so you can get a short- or long-term product based on your financial goals.
- Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
Cons
- Fees are generally charged if you withdraw money from your account before the term ends.
- Interest rates are lower than what you would receive from other types of investments.
- Inflation may negatively impact your earnings since the interest rates are fixed.
Find the Best CD Rates in West Virginia Today
Whether you want an investment that will help you pay for your next vacation or contribute to your long-term financial well-being, the best CDs in West Virginia are a good way to reach these goals.
Compare rates today so you can find the products that allow you to get the most out of your investment.
FAQ
West Virginia does have state income tax, and interest earned on bank accounts is considered taxable income.
The CD rates in West Virginia range from less than 1% to over 4%. The Bank of Romney, for example, has CDs with interest rates of 2.79% to 4.22%.
CD terms for West Virginians can be three months to 60 months. If you want a CD that is even longer, the online company Vio Bank offers a 120-month term.
