West Virginia Banking Rates and News

We are still seeing checking account bonuses from the big banks. Those who are careful may be able to profit from these, but the banks know that they will most likely profit in the end. The latest big bank offering a checking account bonus is M&T Bank which is offering a $100 cash bonus for customers who add direct deposit to a MyChoice Checking account. M&T Bank has this promotion advertised on its home page and on its special website raisethegreenflag.com/mychoice.

Those who try to qualify for this bonus should be aware of the potential...

WesBanco has a new checking account promotion that's scheduled to last until November 21, 2011. Unlike most checking promos, this one doesn't require direct deposit. However, you'll have to make a lot of debit card purchases to qualify for the full bonus. The bonus is listed at this WesBanco promotions page. There are three levels of bonus amounts with different number of debit card purchases that are required. These requirements must be met within 90 days of account opening:

• $50 for 10 purchases
• $75 for 30 purchases
• $100 for 50 purchases

The bank still offers a free...

Huntington Bank has been offering a very competitive rate on its Premier Plus Money Market Account. It has a 1.25% APY for balances from $20K to $2M. No interest is paid on balances under $20K. This is listed in the bank's rate finder page as of 9/29/2011.

One worrisome issue for money market accounts is the question about how long the competitive rates will last. I contacted the CSR via the online chat, and I was told the typical reply that the rate could change at any time. We do have the rate history of this account. You...

WesBanco is offering a new checking account promotion that’s scheduled to last until July 1, 2011. On WesBanco’s promotions page, it states that you can earn up to $179. However, $50 of that bonus requires referring a friend. I don’t usually include refer-a-friend bonuses in new-account bonuses. Even without this refer-a-friend bonus, it’s still a pretty good deal. You can earn up to $129 without too much work. Here’s what is listed in the promotions page to qualify for the full $179 bonus:

• $50 for opening the account with an initial minimum balance of $50
• $50 after your...

SunTrust Bank continues to offer its special CD package with the competitive 2.40% APY. I first reported on this special in January. The special requires that you open both a 39-month CD and a 63-month CD with a $2K minimum deposit in both. Both CDs have a 2.40% APY. I have the full details in my SunTrust CD review.

SunTrust just came out with a new CD/IRA special with a higher rate. It's offering a 2.70% APY on a 66-month CD. Minimum deposit is $2K. This is listed at SunTrust's CD page as of...

First Peoples Community Federal Credit Union continues to offer very competitive CD, savings and money market rates. The long-term CD special rates have gone down since my October post, but they remain a good deal: 2.40% APY for 39 months and 2.80% APY for 5 years. Minimum deposit is $5,000. These rates are listed in the credit union's promo page as of 4/13/2011.

Short-Term CD Rates

The credit union also has several competitive rates on its standard CD rates, especially on the shorter terms. The best ones include a 1.70% APY 18-month CD, a 1.60% APY 12-month CD...

I hope this isn't an April's Fools joke, but Bayer Heritage Federal Credit Union has just increased some of its CD rates which were already very competitive. The best rates are 3.56% APY for a 5-year term and 3.30% APY for a 4-year term. These rates are up by about 40 basis points since February. The shorter term CD rates also went up, but they're not quite as competitive. These include a 2.02% APY 3-year CD and a 1.51% APY 2-year CD. Minimum deposit is $500, and these are also available in an IRA. These rates are listed in...

Huntington Bank is again offering a checking account promotion that makes it easy to qualify for a $100 bonus. It's very similar to what they were offering in December, and like that one, the promo is scheduled to end soon. The checking account must be opened by February 27, 2011. The promo page is listed at www.huntington.com/100dollars. To qualify for the $100, you must open a checking account with a $25 deposit and either set up an automatic direct deposit OR make 5 debit card purchases in 60 days.

Unlike the December promo, there's...

Bayer Heritage FCU continues to offer two very competitive long-term CD and IRA CD rates: 3.17% APY 5-year and 2.91% APY for terms of 48 to 59 months. Minimum deposit is $500. The shorter terms are not nearly as competitive. These rates are listed in the credit union's dividends page as of 2/15/2011.

As compared to banks that offer nationally available CDs, the best 5-year CD rate is 3.00% APY at Sovereign Bank as of 2/15/2011.

In addition to employees of the Bayer Corporation that are specifically named in the BHFCU Charter, membership...

Update 3/2/2011: The 1-year CD rate has fallen. If they offer deals in the future, this reader's review may change your mind about trying to join.

Justice Federal Credit Union is offering two very competitive rates on its 1-year CDs and IRA CDs: 2.00% APY for a $500 minimum and 2.10% APY for a $100,000 minimum. These rates are listed in the credit union's deposit rates page as of 2/13/2011.

As a comparison to internet banks on 2/13/2011, the best 1-year CD rate is 1.45% APY at Incredible Bank. For other easy-to-join credit unions,...

SunTrust Bank has brought back its special CD package. As you might expect, it's not as nice as what they were offering last year. Nevertheless, the current offer is competitive. The unusual feature is that it's actually two CDs: one with a 39-month term and one with a 63-month term. Both have a 2.40% APY. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD must be funded with an equal amount. The special also requires that you have a SunTrust checking account. This can be opened at...

Fifth Third is one of the large regional banks in the nation, and as you might expect, they're not offering any deposit rates to get excited about. However, like several of the large banks, they are offering a savings account with some perks. The main perk for this Fifth Third account is an interest rate that's comparable to internet banks. However, unlike internet banks, it has some requirements, and you have to be careful to avoid monthly service fees.

The account is called the Relationship Savings Account. To qualify for the top interest rate, a...