MVB Bank was founded in 1999 with headquarters located in Fairmont, West Virginia. It handles $2 billion in assets along with deposits totaling $1 billion, which makes it a large bank. MVB Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 stars out of 5, MVB Bank should be solidly in contention for your choice of bank. MVB Bank provides customers with the complete selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. MVB Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, MVB Bank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for getting the most income on your deposits while having convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
MVB Bank features a savings rate of 0.01%, which is fair as compared against the national average. MVB Bank's CDs feature a rate of 1.99% and 2.43% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 2.25%. Given MVB Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.
How MVB Bank's Savings Rates Compare
On average, MVB Bank charges customers average fees as compared against the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is not the best option because it has an out-of-network ATM fee of $2.50, which is less than ideal compared to other U.S. banks. MVB Bank doesn't reimburse out-of-network ATM charges, meaning you will need to locate a MVB Bank ATM or eat the ATM charge.
MVB Bank is a brick-and-mortar bank, with 13 total branches in Virginia and West Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. MVB Bank receives great feedback from customers for its online presence. The MVB Bank mobile app scored a 4.6 out of 5 (with 380 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize MVB Bank's app to manage your funds by checking monthly statements, transferring money and reaching support representatives. MVB Bank receives an exceptional consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
MVB Bank is currently a large bank with assets totaling $2 billion as well as $1 billion in deposits. MVB Bank has a strong Texas Ratio of 5.98%, suggesting that the bank is in good financial well-being and far from 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 Accounts||2.25% APY 2.25% APY||$10000 $15000|
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 think about 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 in comparison to other U.S. banks.Back to Overview
Find a MVB Bank Near Me
MVB Bank has 13 physical locations across the U.S.Back to Overview