Best CD rates in West Virginia: Top 3

August 11, 2009 No Comments »

Below are the highest yielding CD rates available to the residents of West Virginia. These come in the form of 6 month CDs, 15 month CDs, and 24 month CDs. After digging through dozens of rate pages by dozens of banks and credit unions serving the state of West Virginia, we found that in some cases you can receive more competitive rates offered by national institutions rather than local ones. (Compare CD rates).

Although the financial institutions we’ve listed below do the majority of their business in West Virginia, they still may have eligibility requirements which may prevent you from joining (even if you live in WV). Contact a representative to see if you can take advantage of their products.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates: West Virginia

(clicking on the institution will bring you to their homepage)

  • Mercer County Teachers Federal Credit Union: Bluefield, WV. 6 month CD yielding 2.17% APY with a minimum deposit of $1,000. The current national average for 6 month CDs sits at roughly 1.30% APY. They also have a noteworthy 12 month CD with an interest rate of 2.25% and an 18 month CD with an interest rate of 2.50%. The Mercer County WV Teachers Federal Credit Union was chartered on April 8, 1954 by the Bureau of Federal Credit Unions. Their field of membership now includes any employee working for the Mercer County Board of Education, Bluefield State College, Bluefield College, Ceres Elementary School K-5th and any immediate family member of these employees.
  • Alloy Federal Credit Union: Fayetteville, WV. 24 month CD yielding 2.75% APY with a minimum deposit of $1,000. The national average is currently 2.00% APY. They also have 36 month CD yielding a respectable 3.0% APY and a 60 month CD yielding 3.25% APY. To join you must pretty much live, work or worship in Fayette county or have a family member whom fits that criteria. If you are an individual eligible for membership and would like to join, you must come into their office and provide a state issued picture ID.  If you are not a resident of Fayette County, as verified by your ID, you must also bring some form of verification of other membership eligibility, for example, a pay stub showing you are employed in Fayette County, or a school/college ID showing you are currently attending school in Fayette County, or verification of church membership within Fayette County, etc.
  • Capon Valley Bank: Wardensville, WV. Two promotions – the first is a 15 month CD yielding 2.25% APY and the second is a 28 month CD yielding 2.75% APY. Both come with a minimum deposit of $5,000 and compound monthly. Capon Valley Bank is a subsidiary of Highlands Bankshares and has been in business since 1918. They primarily serve the communities of eastern Hardy county and the neighboring Hampshire County. They also have a new Stevenson branch which should be open this fall.

Compare with today’s top CD rates nationwide below:

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