The Best CD Rates in West Virginia for 2025

West Virginia residents may look to CDs to fund their short and long-term financial goals. The question is, which bank offers the best CD rates for your money? We researched West Virginia Banks to find the highest interest rates for CD savers. 

United Bank

United Bank offers standard CDs with terms of 1 to 60 months, and special CDs with terms from 5 to 50 months. All CDs require a $500 minimum deposit to open and renew automatically at maturity. United Bank pays the highest rates with its special CD products, though rates for all CD accounts are above-average. 

Fifth Third Bank

Fifth Third Bank has plenty of variety, with standard CD terms that range from 7 days to 84 months, and special CDs that have 4-, 8- and 24-month terms. You'll need $500 to $5,000 to open a standard CD; the minimum deposit for special CDs is $5,000. That's a little on the higher side, but it may be worth it to earn a competitive rate on your savings. 

Chase

If you want to save with an established national bank, Chase might have what you're looking for. Standard CDs are available with terms from 1 to 120 months; you can also choose from CD ladder accounts or IRA CDs. Rates are tiered by balance, with the highest APY reserved for savers who deposit $100,000 or more.

Lock In The Highest CD Rates Before Interest Rates Crash Again

The Federal Reserve plans to continue dropping interest rates. To ensure that you continue to generate reliable returns for years to come, consider a CD now to lock in the highest available rates:

Methodology

To choose the best CD rates in West Virginia, the MyBankTracker team surveyed the certificate of deposit accounts offered by the top 50 retail banks by deposit market share in West Virginia (based on FDIC June 2024 data) with more than 10 locations in the state--includes coverage and availability in major cities including Charleston, Morgantown and Wheeling. 

The top recommendations are the results of analyzing the CDs based on the following criteria:

• Annual percentage yield (APY) for each CD’s corresponding maturity term
• The number of CD maturity terms available from the bank with which their corresponding APYs are competitive
• Minimum opening deposit requirements

How Do CDs Work?

A certificate of deposit account, or CD, is a type of time deposit account. When you open a CD it's with the understanding that you'll leave your savings in the account for a set period. During that time, the bank pays you interest.

At the end of the term, your CD matures and you can:

• Roll your savings over to a new CD with the same bank
• Withdraw the interest and deposit the rest of your savings into a new CD
• Close your CD and do whatever you like with the money

A CD term can be anywhere from 7 days to 10 years; banks decide what to offer. Your bank can also decide whether to charge an early withdrawal penalty for taking money out of your CD early. 

CDs offer an alternative to savings accounts and money market accounts. The biggest difference is that a CD locks in your money for a set period, at a set rate. Savings and money market accounts allow you to make withdrawals at any time, but your rate can also change at any time. 

How to Choose a CD

Which CD is right for you? It depends on your goals and needs. Here are some of the most important factors to consider as you compare West Virginia CD accounts. 

Interest rate

It's natural to focus on CD rates first. The higher the rate, the more interest you could earn. 

CD rates can vary widely from bank to bank. Here are a few things to remember as you compare them. 

• Special CDs may offer higher rates than standard CDs. 
• CD rates may be tiered, with higher balances earning a higher APY.
• You may need to meet a minimum balance requirement to earn the highest advertised rate. 

You can use a CD calculator to estimate how much interest you could earn with different CDs from different banks. 

When is a good time to open a CD? It depends on what's happening with CD rates in general. 

CD rates follow a benchmark rate, which is typically the federal funds rate. If the Fed raises rates, then CD rates go up too. If the Fed cuts rates, then CD rates drop. 

Tracking CD rate trends can give you a better idea of whether the time is right to open a CD, or look elsewhere to save. 

Maturity term

Your CD term is how long you'll leave your savings in the account. Maturity terms may be short and last just a few days, or they can extend several years.

Here's a quick overview of what banks may offer. 

• Short-term CDs typically mature in 1 to 12 months, though some mature in less than 30 days. 
• Mid-term CDs have terms starting at 12 months and going up to 36 months. 
• Long-term CDs can have terms that start at 36 months and last up to 120 months. 

As you choose a CD, think about how soon you expect to need the money. You could also consider building a CD ladder. 

Laddering means you open multiple CDs with different terms, so a maturity date is always on the horizon. You can decide whether to roll each CD over as it matures or withdraw the money, depending on your needs. 

Minimum opening deposit

You'll need to have some cash on hand to open a CD account. Minimum deposit requirements can vary by bank, CD term and type of CD. 

Here are some tips to know.

• Standard CDs may have a minimum deposit of $100 to $1,000
• Special CDs may require $2,500 to $5,000 to open. 
• Jumbo CDs can have opening deposit requirements of $10,000 to $100,000.

Deposit requirements for IRA CDs, which help you save for retirement, are usually lower. For example, you may only need $25 to get started. 

Early withdrawal penalty

Early withdrawal penalties can act as an incentive to leave your CD savings alone until maturity. You might pay a flat fee or forfeit some of the interest earned if you need to pull money out early. These fees are common, though it's possible to find banks that don't charge them. 

Are these fees unavoidable? Not necessarily. Here are some ways to get around them. 

• Choose a bank that doesn't charge an early withdrawal fee
• Take time to pick a CD term that reflects when you'll need your savings
• Build a CD ladder with staggered maturity dates
• Open a no-penalty CD, which allows you to make early withdrawals without a fee

It also makes sense to park some of your savings in a different account if you think you'll need it. For example, a high-yield savings account is a secure, accessible place to keep your emergency fund. 

Flexibility options

CDs aren't all the same, and some of them offer more flexibility than others. As you compare West Virginia banks, look for these CD options. 

• No penalty CDs
• Bump up or raise your rate CDs
• Add-on or step-up CDs
• Jumbo CDs 
• IRA CDs
• Special or promotional CDs

Bump up and raise your rate CDs let you increase your CD rate once or twice during the maturity term. Add-on and step-up CDs allow you to make monthly deposits after opening your account. 

Thinking about your goals and what you need a CD to do for you can help you decide which type of account to open. 

Make Sure to Compare with Online Banks

Online banks offer some advantages to CD savers, including higher rates, lower opening deposit requirements and fewer fees. The trade-off is that you don't get branch banking access, but you can still stay connected to your money through online and mobile banking. 

If you're interested in an online bank, look for one that offers:

• Multiple CD terms, and/or multiple types of CDs
• Minimum deposit and minimum balance requirements that align with your budget
• Competitive CD rates
• A user-friendly mobile banking app
• Excellent customer service

Reading reviews can help you narrow down which banks are a cut above the rest. Learn more about the best online banks for savers. 

FDIC Insurance

Any time you open a new bank account, you should know whether the bank is FDIC-insured. FDIC insurance protects depositors up to $250,000 if a bank fails. 

That doesn't happen often, but if it does, the FDIC helps you get your money back, up to the full coverage limit. Most traditional banks and online banks are FDIC-insured, which you can verify through their website or at a branch. 

Credit union accounts are insured by the National Credit Union Administration (NCUA). If you plan to join a credit union to open a CD, you don't have to worry about your savings being left out in the cold. 

FAQs

Is CD interest taxable? 

CD interest is treated as taxable income by the IRS and in states that have a personal income tax. You should get a 1099 from your bank at the end of the year that shows how much CD interest you earned. You'll need this to fill out your federal and state tax returns. 

Can anyone open a CD?

Generally, adults 18 and older can open a CD. You'll need to have an approved form of identification and provide some personal information to the bank. You'll also need money for your opening deposit. Minors can open a CD with the help of a parent or legal guardian. 

Can you lose money in a CD?

There's virtually zero risk of losing money with a CD, since you're keeping your money at a bank or credit union, not investing it in the market. Remember that the FDIC and NCUA insure your CD deposits up to $250,000 at member banks and credit unions. Brokered CDs, which are issued by banks and sold through brokerages, are investments in which you could lose money. 

How much money can you put in a CD?

Banks can set limits on how much money you can save in a CD. A typical limit is $250,000, which is the same as the FDIC coverage limit. However, it's possible to find banks that allow you to stash $5 million or more in a CD account.