West Virginia Deposit Account Rates and Deals

Sovereign Bank has a new promotion in which you can earn $100 for a new checking and a savings account. The promotion page is located at sovereignbank.com/100. Here are the details:

• Open a Premier or Interest Checking Account along with a minimum $100 deposit by 10/31/2009
• Open any Sovereign savings or money market savings account with a minimum $100 deposit (or already have a savings account)
• Request a Sovereign CheckCard and make 2 check card purchases within 60 days of opening your account
• Enroll in Online Banking at account opening
• Whey you qualify, you will receive a $100 credit to your new checking account within 75 days after you open your checking account

Some important small print:

• Residential address must be located in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, WV, MD, DE, District of Columbia.
• Bonus will be reported to the IRS as interest
• Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 6 months are not eligible for this offer

An important note regarding the Interest Checking is that direct deposit is required to avoid a $10 monthly fee (fee used to be $5). On the plus side is that they provide free checks. The Premier Checking is even worse in terms of potential fees. A $15,000 combined balance is required to avoid a $30/month fee (used to be $25). For the savings accounts, the Statement Savings appears to be the best choice with only a $100 minimum balance to avoid a monthly fee. Note, the monthly fees and minimum balance vary considerably based on your state.

This promotion is similar to Sovereign's April promotion. This new one requires a savings account, but on the plus side it only requires 2 check card purchases with no minimum purchase requirement. A reader in that April post commented about his positive experience with Sovereign and a previous promotion:

I signed up for the very similar January promo. I live out-of-state (Southwest); online application worked flawlessly, no hard pull. I made six online purchases with the debit card and got my $100 bonus about a week before the due date. ACH push (e*trade) counts as direct deposit for me -- no monthly fee.

When I called Sovereign Bank in April 2008 regarding a similar promotion, I was told that there's no account closure fee if an account is closed after 90 days. Otherwise, it's $25. The CSR also said they don't perform a hard credit inquiry. They just use ChexSystem in the application.

There's an online application link in the promo page. However, the small print states that residential addresses must be located in the northeast states (see above).

Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is a FDIC member (Certificate # 29950).

Credit for this find goes to markber who posted it at iBankDesign.

Other Bank and Credit Union Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Update 1/18/2010: BB&T has extended this offer to 3/31/2010. The promotion code is now AFJAP.

BB&T is offering a $100 cash bonus for opening its free checking account and for either setting up direct deposit OR making 3 online bill payments. The promotion page is at www.bbt.com/cashoffer. Offer expires on 10/31/2009. Some important small print of the promotion includes:

• Must be a new client (no BB&T checking in last 6 months)
• Direct Deposit or 3 online bill payments must be completed within 60 days of account opening
• $100 bonus will be deposited directly into your account within 4 weeks of meeting requirements
• Bonus reported to IRS

You are required to either apply online or by phone. The promotion code is AFAAP. The online application allows ACH funding up to $1,500. You can also mail in a check or make a deposit at a branch. There's no credit card option.

The free checking account has a minimum opening deposit of $50. There are no minimum balance requirements or monthly fees. Online Bill Payment is free. I used the bank's online chat system to ask if they do a hard credit inquiry in the application. According to the CSR, they do not (CSRs are often wrong about this).

I was also told that this promotion is only for states with BB&T branches (not including Colonial Bank branches). BB&T branches are located in Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, Kentucky, Indiana, Virginia, West Virginia, Maryland and Washington DC.

BB&T is a member FDIC (FDIC Certificate # 9846).

Thanks to reader Atlanta Wolf who mentioned this promo in the blog hub post.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Community Bank of Parkersburg is offering a rewards checking account with the following rates and features if certain monthly requirements are met:

• 4.01% APY on balances up to $25,000
• 0.51% APY on the portion of the balance over $25,000
• 0.25% base rate if qualifications are not met
• ATM fee refunds nationwide of up to $50 per cycle

The monthly requirements include:

• 10 Visa check card purchases
• 1 direct deposit or automatic payment
• Receive e-Statements

Additional features of the account regardless of the monthly requirements include:

• $50 minimum opening deposit
• No minimum balance requirement
• No monthly service charge
• Multiple accounts can be opened, but requirements must be met for each

There's an online application at the bank's microwebsite. However, at the top of the application it states that you must come into a branch to complete the application process. Branches are located in the West Virginia cities of Parkersburg and Vienna.

The bank has been a FDIC member since 1967 (FDIC Certificate # 19681).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
Top rate recently fell from 4.51% to 4.01% APY.

Update 10/15/09: The top rate has fallen to 4.05% APY.

MVB Bank is offering a reward checking account called Most Valuable Checking. It has the following rates and features if certain monthly requirements are met:

• 4.05% APY on balances up to $25,000
• 1.01% APY on portion of balance over $25,000
• 0.20% base rate if monthly requirements are not met
• Refunds ATM fees nationwide of up to $50 per month

The monthly requirements include:

• 10 Visa check card purchases
• 1 automatic payment or direct deposit
• Receive e-statements

Additional features of the account regardless of the monthly requirements include:

• $50 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Mulitple accounts can be opened but requirements must be met for each to receive the top rate

There's an online application at the bank's micro-website, but it appears a branch visit is required to complete the application process. Branches are located in the West Virginia cities of Martinsburg, Bridgeport, Charles Town and Fairmont.

The bank has been a FDIC member since 1999 (FDIC Certificate # 34603).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
10/07/09: 4.05% APY up to $25K
06/28/09: 4.50% APY up to $25K; 1.01% over; 0.20% base

Capon Valley Bank is offering two competitive rates on its CD specials: 2.90% APY for 15 months and 3.25% APY for 28 months. Minimum deposit is $5,000. These CDs are also available in an IRA. The specials are listed on the bank's "Deposit & Loan Specials page" as of 4/30/09. The link is on the left side bar of the bank's front page.

It appears that a branch visit is required to open an account. Branches are located in the West Virginia cities of Wardensville, Moorefield and Baker and in Gore, Virginia.

Capon Valley Bank has strong ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 9998).

WesBanco is offering $100 for opening a new checking account and using your debit card 10 times in the first 90 days. According to the bank's promotion page, the offer ends 6/15/09. Here are the important details as listed in this promotion page:

• Earn $50 for opening a new checking account with a debit card
• Minimum initial deposit required for bonus is $50 (must not come from a WesBanco account)
• Current WesBanco checking account customers are not eligible
• $50 bonus will be credited to account 28 days after account is opened.
• Second $50 bonus requires that you make 10 debit card purchases within 90 days of account opening

WesBanco does offer a free checking account which has no minimum balance requirements or monthly fees. Online Bill Pay is free.

I've posted on similar deals from WesBanco over the last couple of years. The last one was in June 2008. Readers have commented that WesBanco does require a branch visit.

Branches are located in Ohio, West Virginia and Pennsylvania. The bank is FDIC insured (Certificate # 803).

Thanks to the reader who emailed me news of this promotion.

Other Bonuses: To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

SECU Credit Union is offering a checking account promotion in which you can earn up to $150. Offer is scheduled to last through 5/15/09. The offer doesn't seem to be listed at the credit union's website. It was mentioned on this FW thread with a link to this online ad (pdf). The ad's small print has the details. Here's a summary:

• Depositors must claim residency in MD, VA, PA, DE, WV or DC and not be a current or past SECU checking account customer
• $50 cash bonus for opening a new SECU checking account with Direct Deposit of at least $300 initiated by 6/15/09 (Payroll deduction, PayPal deposits and direct deposit of tax refunds do not qualify)
• $50 cash bonus for making 3 signature based purchases with your check card by 6/15/09
• $50 cash bonus for activating Online Banking Bill Pay and making 3 electronic Bill Pay transactions by 6/15/09
• $25 minimum opening deposit
• Cash bonus will be deposited in the checking account on 6/18/09
• Bonuses will be reported to the IRS on form 1099

Some readers may remember SECU for their 9-percent-plus 7-month CD special they offered in September 2007. It appeared SECU was overwhelmed with the demand for that special. This may have led them to have this state-residency restriction on their new promotions. Previous CD promotions also had this same restriction.

Credit union membership is open to alumni, full and part-time students, faculty and staff of several Maryland schools and universities. It's also open to Maryland state employees. You can also be eligible if your family member (not just immediate) is eligible to join. Please see the credit union's field of membership page for the full details. Membership requires a minimum $10 balance in the share savings account.

Branches are located in the Maryland cities of Baltimore, Annapolis, Berwyn Heights, Columbia, Glen Burnie, Hagerstown, LaVale, Rockville, Salisbury, Silver Spring and Towson.

The credit union is federally insured by the NCUA (Charter # 66330).

Credit for this find goes to FW member rawman1 who posted it at this FW thread.

Other Bank and Credit Union Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

First Peoples Community Federal Credit Union is offering a certificate special with two competitive rates: 3.75% APY for 39 months and 4.00% APY for 60 months. Minimum deposit is $5,000. These rates are listed in this promotions page (pdf) as of 3/24/09. This promotions page is linked at the credit union's home page. In addition to these certificate specials, the credit union also has some competitive standard rates including 2.50% APY for 6 months, 3.00% APY for 12 months and 3.20% APY for 24 months. Minimum deposit is $500, and all terms of 12 months and longer are also available in IRAs (the special CDs are not).

The credit union also has a reward checking account. There's an ad for this on the credit union's front page with a link to the promotions page (pdf). The top rate is only 2% APY for balances up to $25K which is a little disappointing since the average reward checking yield out of 357 accounts that I have listed in my reward checking table is 4.19% APY as of 3/24/09.

Membership is open to any persons who live or work in Allegany County, Maryland, Garrett County, Maryland, Somerset County, Pennsylvania or Mineral County, West Virginia. Please refer to the credit union's Eligibility Section for more details.

The credit union has some decent ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 12/31/08 data) and 3 stars (performing) at Bankrate.com (based on 9/30/08 data). The credit union is federally insured by the NCUA (Charter # 13345).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

Update 11/09/09: The top rate has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Fairmont FCU is offering a rewards checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and refunds ATM fees nationwide up to $20 per cycle if the following monthly requirements are met:

• 12 debit card purchases
• one direct deposit or automatic payment
• sign into Home Banking
• receive statement electronically

If these are not met, the rate falls to 0.15%. There is no minimum balance or monthly service charge.

Membership is open to those who live, work, worship, volunteer or go to school in one of the following West Virginia counties: Marion, Monongalia, Harrison and Taylor. Please refer to the credit union's Eligibility Requirements Page for the full details. Membership requires a minimum balance of $5 in the share savings account.

The credit union is federally insured by the NCUA (Charter # 3439).

Thanks to the reader who emailed me info on this rewards checking account.

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
11/01/09: 4.01% APY up to $25K
02/12/09: 5.01% APY up to $25K; 1.01% over; 0.15% base

Provident Bank has a $123 checking account promotion. The new checking account must be opened by 3/31/09, and the customer must have direct deposit and an active Provident MasterMoney debit card by 4/30/09. Here are some important details from the small print:

• Limit one per household
• Minimum opening deposit of $25
• Cash award will be deposited into checking accounts on or about 5/31/09
• Customers will be responsible for applicable taxes

The Totally Free Checking qualifies for this promotion. It has no minimum balance requirements and no monthly maintenance fees. Readers have reported that they did not receive hard credit pulls when applying for Provident checking accounts in the past.

From the promotion page it appears to be open to people in any state. When I posted on a similar Provident Bank checking bonus in September 2008, the promotion was limited to the bank's market area (DC, MD, PA, VA and WV). Update 2/4/09: A reader reported being told of a similar geographic restriction as before.

This is the same bank that operates Providentdirect with a high yield online savings account, APY currently at 2.82% (see post).

Another thing to note regarding Provident Bank is that it's in the process of being acquired by M&T Bank. The acquisition is expected to close late in the second quarter of 2009 (see press release).

Provident Bank has been FDIC insured since 1943 (Certificate # 15951).

Thanks to the reader who commented on this promotion in the Daily News & Deals post.