The Best Savings Accounts in West Virginia for 2024
A savings account is a safe place to keep your money while earning a little interest. If you live in West Virginia, you might be wondering which banks offer the best savings accounts.
West Virginia is home to numerous local banks and credit unions. You’ll also find branches of big banks located here, too.
Comparing options, rates, and more, and find the right savings account to meet your needs.
The Best Savings Accounts in West Virginia
- American Express®, Member FDIC
- Marcus by Goldman Sachs
- CIT Bank
- Synchrony Bank
- Barclays
- Pioneer Community Bank
- Capon Valley Bank
Find Banks With the Best Savings Account Rates
Explore savings accounts at online and traditional banks and find the best rate and terms for you.
Compare savings accounts and find the best rates being offered today.
Online Savings Accounts Available in West Virginia
Opening an online savings account in West Virginia could make sense if you’re hoping to earn a higher rate on savings while paying minimal fees.
While you may not have branch banking access, online savings accounts can still offer convenience and flexibility through online and mobile banking.
American Express®, Member FDIC
American Express®, member FDIC, is recognizable as an issuer of credit cards and charge cards but also offers online savings accounts.
Key Features
- Earn a competitive rate across all balances with no tiers
- No monthly maintenance fees
- $0 to open
- Link up to three accounts for easy external transfers
- Online and mobile banking access for added convenience
- Customer service is available 24/7
- FDIC-insured savings
What We Like
West Virginia residents who have an American Express credit card or charge card might enjoy the added convenience of keeping their savings in the same place.
American Express also offers CD accounts and individual retirement accounts (IRAs) to help you reach your savings goals.
Pros
- Highly competitive interest rate for savers
- Easy online account opening
- No monthly fees
- $0 to open
Cons
- No ATM or debit cards are offered with savings accounts
- American Express doesn’t offer checking accounts
Marcus by Goldman Sachs Savings
Marcus is the online banking brand of Goldman Sachs. It’s become a standout among the best savings accounts in West Virginia thanks to its competitive rates and low fees.
Key Features
- No fees and no minimum balance requirements of any kind
- Earn a competitive rate on all savings balances
- Schedule same-day transfers of up to $100,000 from other banks
- Customer support is available 24/7 if you need help
- No minimum deposit requirement
- FDIC-insured savings
What We Like
Marcus offers multiple ways to save, including high-yield savings accounts and CDs. You can also open an investment account if you’d like to start building wealth.
Pros
- Competitive interest rates for savers
- Multiple savings account options, which is great if you have different financial goals
- No monthly maintenance fee
Cons
- No mobile check deposit, which may be inconvenient
- No ATM access for withdrawing or depositing cash
CIT Bank
CIT Bank is an online banking division of First Citizens Bank.
The two companies merged in early 2022. CIT offers high-yield savings accounts as well as CD accounts to West Virginia savers.
Key Features
- Competitive rates across all balance tiers
- Mobile check deposit
- Online and mobile banking access
- No monthly service fees of any kind
- FDIC-insured savings
What We Like
CIT offers some of the best rates to savers of any online bank nationwide. There are multiple account options available, so you can easily do all of your banking in one convenient place.
Pros
- Competitive APY
- Low minimum balance requirements
- No monthly maintenance fee
Cons
- No ATM access for savings account holders
- Online banking only, no branches
Synchrony Bank
Synchrony Bank is a Fortune 500 company with a lengthy track record of providing excellent service and quality banking products to its customers.
West Virginia savers can open both high-yield savings accounts and CDs, as well as money market accounts.
Key Features
- Competitive interest rates
- No monthly fees
- No minimum deposit or balance requirements
- FDIC-insured savings
What We Like
Synchrony Bank has an edge over other online savings accounts since you can get an ATM card to access your savings upon request. There are no ATM fees either, so you don’t have to worry about them eating into your savings.
Pros
- Better-than-average APY
- ATM cards upon request, with no ATM fees
- Low minimum deposit requirement
- Multiple account options
Cons
- No branch banking access
- Minimum balance to earn interest on account
Barclays
Barclays is a Wilmington, Delaware-based bank that offers savings accounts nationwide, including in West Virginia.
Key Features
- Savers earn a competitive APY on deposits
- Direct deposit allows you to save automatically
- No minimum balance to open an account
- No monthly maintenance fees
- FDIC-insured savings
What We Like
Opening a Barclays savings account online is quick and easy, and the Barclays Savings Assistant can help you see whether you’re on track with your goals.
You can also open CD accounts online with the bank.
Pros
- Top rates for savers
- No minimum balance requirement
- No monthly maintenance fee
Cons
- No ATM access
- No checking accounts
A Look at Local West Virginia Banks
Local banks and credit unions are also worth a look if you’d prefer to keep your savings at an institution that offers branch access.
Here are two notable banks to consider when looking for the best savings account in West Virginia.
Pioneer Community Bank
Pioneer Community Bank serves customers in Beckley, Iaeger, Sophia, War, and Welch, West Virginia.
Account options include savings accounts, checking accounts, CD accounts, and club savings.
Key Features
- Multiple branch locations
- Online and mobile banking access
- Competitive rates for a brick-and-mortar bank
- Free online bill pay and mobile check deposit
- Low $50 minimum deposit
- FDIC-insured savings
What We Like
Pioneer Community Bank offers a solid rate to savers who are interested in keeping their money at a traditional bank. You can also save for specific goals with Christmas Club and Vacation Club accounts.
Pros
- Above-average APY for a traditional bank
- Low opening deposit requirement
- Open savings and checking in one place
Cons
- Monthly service fee when the balance falls below $20
- Limited branch locations
Capon Valley Bank
Capon Valley Bank offers banking services at branches in Baker, Moorefield, Gore, and Stephens City, West Virginia.
It’s a full-service bank providing personal and business services, including savings accounts.
Key Features
- Low opening deposit requirement
- Online banking and bill pay
- Christmas Club savings option
- Above-average rates
- FDIC-insured savings
What We Like
Capon Valley Bank offers statement savings accounts as well as Christmas Club and money market savings accounts, so you have different ways to save toward various goals.
Pros
- Above-average APY for savers
- Low opening deposit requirement
- Open savings and checking in one place
Cons
- No paper statements for Christmas Club savings
- Limited branch locations
How We Picked: Methodology
MoneyRates chose the best savings accounts in West Virginia by analyzing savings accounts offered by online, national, regional, and local banks serving major cities in the state, including Charleston, Huntington, and Parkersburg.
We focused our search on savings accounts with low monthly maintenance fees, fee waivers, ATM network availability, excess withdrawal fees, ease of online and in-app banking, interest rates, and more.
The best savings accounts reflect market conditions and bank APYs at the time of our analysis.
Banks can and do change their rates and terms on a regular basis, so you should check with West Virginia banks directly to see what savings accounts they currently offer.
How to Choose a Savings Account in West Virginia
There are lots of savings account options to choose from, and it’s important to consider what you need most from yours.
Here are some of the key things to weigh when comparing savings accounts in West Virginia.
Interest Rate
Of course, you’ll want to start your comparison by checking the interest rate. The higher the rate a savings account offers, the more room your money has to grow.
Fees
Savings accounts can have monthly fees or maintenance fees, and they can also charge excess withdrawal fees if you have more than six withdrawal transactions per month. Understanding the fees is important so you know what you might pay to have a particular savings account.
Opening Deposit
Some savings accounts can be opened with as little as $1. Others might require you to deposit $50, $100, or more. Checking the minimum deposit requirements can help you find a savings account that fits your budget and situation.
Other Accounts Available
In addition to a savings account, you might also be interested in opening other accounts like checking, CDs, or a money market account.
So it’s helpful to look at what else you might be able to get with a specific bank before opening a savings account.
Access
You’ll want to know how you’ll be able to access your savings should you need to. So consider whether a bank offers branch access, ATM access, electronic transfers to external accounts, online banking, and mobile banking.
Customer Service
When you need help or have questions, you don’t want to have to chase down customer support.
It’s essential to look at what type of support a bank provides and when that support is available each day.
Account Management
Finally, consider the different ways you’ll have to manage your account.
That can include a mobile banking app or online banking, mobile check deposits, ATMs, or branches.
You may also be interested in features like direct deposit or online bill pay if you’re planning to open checking and savings accounts in the same place.
Where Can You Open a Savings Account in West Virginia?
West Virginia residents have several options for opening a savings account.
You might consider online banks, traditional banks, and credit unions when deciding where to keep your money.
Online Banks
Online banks offer banking services online and typically don’t have branches, though some may offer ATM access.
The upside of saving at an online bank is that you may be able to qualify for much higher rates and pay less in fees compared to a traditional bank.
Traditional Banks
Traditional banks can offer savings accounts, checking accounts, CD accounts, loans, and credit cards.
You can bank online, from your mobile device, at an ATM, or at a branch.
The trade-off, however, is that you may earn a much lower interest rate on savings balances.
Credit Unions
Credit unions are member-owned financial institutions that can offer share savings accounts and share certificate accounts, which are similar to CDs.
You’ll need to meet membership requirements to join a credit union generally, but you could earn a great rate on savings.
West Virginia Savings Accounts vs. CDs
A savings account can help you fund your short or long-term goals, but there are some instances where you might prefer a certificate of deposit account instead.
CDs earn interest over a set maturity term, and while they can offer higher rates than savings accounts, they’re less flexible when it comes to accessing your money.
Minimum Deposit
Savings accounts may have low minimum deposit requirements, as mentioned.
You might be able to open your account with $100 or less. A CD account, on the other hand, may require $500 or more to open, depending on the bank.
Withdrawals
Traditionally, federal rules limit withdrawals from savings accounts to six per month. The federal government lifted that restriction, but banks can still charge a fee for going over six withdrawal transactions each month.
With a CD, your money is locked in for a set maturity term which can range from 30 days up to five years.
Taking money from a CD before maturity can trigger an early withdrawal penalty and cost you some or all of the interest earned.
Interest Rates
Savings accounts usually have variable interest rates, and interest may compound daily and then be credited monthly.
CDs, meanwhile, typically have fixed rates that don’t change over the maturity term.
Best Uses
Savings accounts can be a great place to keep the money you plan to use for short-, mid-, or long-term goals.
For example, you might keep your emergency fund in a high-yield savings account and set up a separate savings account for a vacation fund.
With CDs, you’re better off saving money that you know you won’t need right away. Otherwise, you could end up facing an early withdrawal penalty if you need to cash out a CD before it matures.
Minimum Balance
Some savings accounts have no minimum balance requirement or a low minimum balance requirement to earn interest and avoid fees.
CDs, on the other hand, typically have some type of minimum deposit requirement you need to meet before you can earn interest.
Frequently Asked Questions (FAQs)
The best savings account in West Virginia is the one that meets your needs and offers the best combination of high rates and low fees. That being said, you may find that online banks offer the best savings account rates in West Virginia while also charging the fewest fees.
There are many online banks that offer savings accounts to West Virginia residents. To open a savings account online in West Virginia, you’ll generally need to provide your name, date of birth, Social Security number, government ID number, and address. You’ll also need to link an external bank account to make your initial deposit.
Banks and credit unions can both offer savings accounts, though whether it makes sense to choose one over the other depends on what you need. If you’re simply looking for a basic savings account, then you might choose a West Virginia bank. On the other hand, if you want to enjoy some additional perks, like loan discounts or relationship rates, and you meet the membership requirements, then you might consider a credit union instead.
