The Best Fixed Annuity and CD Rates in West Virginia (June 2024)

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

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.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountPrism Bank5.25%
N/ASavings AccountNexBank5.26%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.15%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

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
America First Credit Union5.25% APY3 Months$500.00
Total Direct Bank5.51% APY3 Months$25,000.00
Banc of California5.34% 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
Inova Federal Credit Union5.50% APY6 Months$200.00
My eBanc5.51% APY6 Months$50,000.00
Total Direct Bank5.51% APY6 Months$25,00.00

1-Year CD Rates

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

Best 12-Month CD RatesRateTermMinimum
NexBank5.40% APY12 Months$250,000.00
State Bank of Texas5.40% APY12 Months$50,000.00
My eBanc5.41% APY12 Months$50,000.00

2-Year CD Rates

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

Best 2-Year CD RatesRateTermMinimum
Crescent Bank5.00% APY24 Months$1,000.00
Eastman Credit Union5.40% APY24 Months$100,000.00
NexBank4.80% APY24 Months$10,00.00

3-Year CD Rates

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

Best 3-Year CD RatesRateTermMinimum
Credit Human4.65% APY36 Months$500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Crescent Bank4.60% APY36 Months$1,000.00

4-Year CD Rates

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

Best 4-Year CD RatesRateTermMinimum
Eastman Credit Union4.65% APY48 Months$1,000.00
NexBank4.45% APY48 Months$10,000.00
Credit Human4.65% APY48 Months$500.00

5-Year CD Rates

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

Best 5-Year CD RatesRateTermMinimum
First National Bank of America4.50% APY60 Months$1,000.00
Eastman Credit Union4.75% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

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, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

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

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