Founded in 1999, MVB Bank has $2 billion in assets and deposits totaling $1 billion, making it a large bank. MVB Bank, whose headquarters are in Fairmont, West Virginia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 out of 5 stars, MVB Bank should be solidly in contention for your choice of bank. MVB Bank provides customers with a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly maintenance charge. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for accruing the most income from your deposits while having easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
MVB Bank has a savings rate of 0.01%, which is fair compared to other U.S. banks. Its one-year CD earns at a rate of 1.99% and the five-year CD has a rate of 2.43%, while its highest-yielding money market account has an APY of 0.40%. Given MVB Bank's poor savings rate, you should think about other options to earn more on your deposits.
How MVB Bank's Savings Rates Compare
MVB Bank charges customers average fees compared to the average U.S. bank. MVB Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who use cash often, it is not ideal because it charges an out-of-network ATM fee of $2.50, which is not great compared to the national average. MVB Bank doesn't reimburse out-of-network ATM charges, which means you will be required to find a MVB Bank ATM or pay the ATM charge.
MVB Bank is a brick-and-mortar bank, with 13 total branches in Virginia and West Virginia. With mobile and web apps, MVB Bank makes mobile banking convenient, even on the go. MVB Bank's online and mobile banking platforms receive great feedback from customers. With 380 ratings across iOS and Android platforms, the MVB Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). MVB Bank's mobile app allows you to manage your finances by checking current statements, sending and receiving money and accessing customer service. MVB Bank gets an outstanding consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
MVB Bank ranks as a large bank with $2 billion in assets and deposits totaling $1 billion. MVB Bank has a strong Texas Ratio of 5.98%, signifying a tiny likelihood of failure. Additionally, MVB Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.Back to Overview
Compare MVB Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.01% APY||$50|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Account||0.4% APY||$10000|
MVB Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. MVB Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. MVB Bank's CD rates are fair compared to the average U.S. bank.Back to Overview
Find a MVB Bank Near Me
MVB Bank has 13 branches across the U.S.Back to Overview