The Best Fixed Annuity and CD Rates in West Virginia (September 2023)

Shawn Plummer

CEO, The Annuity Expert

Welcome to the ultimate guide for those looking to grow their money in the scenic Mountain State – West Virginia (WV). This resource has been meticulously put together for residents seeking to leverage the highest bank CD rates, find banks with high-interest rates for savings, and take advantage of competitive money market account rates. We will also provide detailed information on the fixed annuity rates banks and credit unions offer in your region. In this digital age, the power of online banking cannot be understated, and we aim to navigate you through the online realm to help you find the best interest rates. So, let’s join hands as we embark on this financial journey together, aiming to capitalize on West Virginia’s most competitive savings and investment opportunities.

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Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.

TermInsurance CompanyAPY
N/AMoney Market Account – Optimum Bank5.26%
N/AMoney Market Account – FVC Bank5.26%
N/ASavings Account – CloudBank 24/7 5.26%
12 MonthsBread Savings CD5.50%
48 MonthsClear Spring Fixed Annuity5.15%
5 YearsAthene Fixed Annuity5.30%
10 YearsEquitrust Fixed Annuity6.00%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this guide.

Find And Compare The Highest Interest Rates

Find the highest interest rates for your savings, ranging from 3 months to 10 years, all in one place.

The Best Fixed Annuity Rates In West Virginia

A fixed annuity is a contract between you and an insurance company where you give the company a lump sum of money. In return, the company agrees to pay you a fixed interest rate for a specified period or the rest of your life. Fixed annuities are a popular choice for investors who want to ensure a steady income stream in retirement.

Disclaimer: Products are subject to state availability. Please inquire below for details.

Advantages of Fixed Annuity

  • Guaranteed income: The most significant advantage of a fixed annuity is that it offers a guaranteed income stream, which can provide peace of mind for investors approaching retirement.
  • Tax deferral: With a fixed annuity, your investment grows tax-deferred, meaning you don’t have to pay taxes on your gains until you start withdrawing.
  • Safety: Fixed annuities are considered a safe investment, as the insurance company’s financial strength backs them.
  • Customizable options: Fixed annuities offer a range of options, including the length of the payout period, the frequency of payments, and the rate of return.

Disadvantages of Fixed Annuity

  • Lack of liquidity: One of the main disadvantages of a fixed annuity is that it is not a liquid investment. If you need to access your funds before the end of the payout period, you may be subject to surrender charges or penalties.
  • Low returns: Fixed annuities generally offer lower returns than other investments, such as stocks and bonds.
  • Complexity: Fixed annuities can be complex, and it can be challenging to understand all of the terms and conditions.

The Best CD Rates In West Virginia

A CD, or Certificate of Deposit, is a savings account offered by banks and credit unions. With a CD, you deposit a lump sum of money for a specified period, usually three months to five years. In return, the bank agrees to pay you a fixed interest rate for the term of the CD. CDs are popular for investors who want a low-risk investment option with a guaranteed return.

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
Ponce Bank5.30% APY3 Months$1.00
Oklahoma State Bank5.35% APY3 Months$1.00
Western Alliance Bank5.21% APY3 Months$1.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Western Alliance Bank5.41% APY6 Months$1.00
Oklahoma State Bank5.40% APY6 Months$1.00
Generations Bank5.41% APY6 Months$1.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
Western Alliance Bank5.51% APY12 Months$1.00
Bread Savings5.50% APY12 Months$1,500.00
Connexus Credit Union5.50% APY12 Months$1.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Connexus Credit Union4.95% APY24 Months$1.00
Idabel National Bank4.90% APY24 Months$1.00
Bread Savings5.00% APY24 Months$1,500.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Valley Bank5.60% APY36 Months$500.00
Bread Savings4.75% APY36 Months$1,500.00
The State Exchange Bank4.70% APY36 Months$1.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Bread Savings4.50% APY48 Months$1,500.00
The State Exchange Bank4.50% APY48 Months$1.00
Barclays4.45% APY48 Months$0.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
Bread Savings4.50% APY60 Months$1,500.00
Barclays4.50% APY60 Months$0.00
The State Exchange Bank4.35% APY60 Months$1.00

Advantages of CD

  • Guaranteed return: One of the main advantages of a CD is that it offers a guaranteed return on your investment. The interest rate on a CD is fixed, so you know exactly what your return will be.
  • FDIC insured: CDs are FDIC insured, meaning your investment is protected up to $250,000 per depositor, per bank, in the event of a bank failure.
  • Short-term investment: CDs are ideal for short-term investments, as they usually have a term of three months to five years.

Disadvantages of CD

  • Lack of liquidity: CDs are not as liquid as fixed annuities. You may be penalized if you need to access your funds before the end of the term.
  • Low returns: CDs generally offer lower returns than other investments, such as stocks and bonds.

Next Steps

In conclusion, fixed annuities and CDs are excellent low-risk investments. While both can help you reach your financial goals, they differ. Fixed annuities typically provide higher yields but require you to commit your funds for a long period. CD rates are more flexible and have no surrender period, so it gives you the opportunity for quicker access to your money. Comparing the best-fixed annuity and CD rates in West Virginia can make the decision easier.

Our website provides a convenient comparison tool to make your job even more accessible. We hope this guide has given you helpful information to help you make an educated decision about investing your hard-earned money. If you need additional assistance with finding a suitable investment, please contact us for a quote today!

The Best Fixed Annuity Rates In Virginia. The Best Cd Rates In West Virginia.

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Disclaimer: I may receive a small referral fee if you purchase something using a link in this guide.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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