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United Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
United Bank Savings
0.05% APY

United Bank serves several communities in the Southern United States, including West Virginia, where it was founded more than 100 years ago. Today, the bank offers a full-suite of personal banking products, wealth management support and services aimed at small businesses. 

You can find a range of deposit options at United Bank, including checking, money market, savings and certificate of deposit (CD) accounts. However, you may not find the best savings accounts here. Nonetheless, United Bank stands out for its certificate options, which currently boast very high interest rates. 

And if you prefer to manage your accounts online, United deploys various digital banking tools. But if you want face-to-face customer support, you have access to more than 2,400 employees in six states.

Products Offered

Product Key Features
Savings Account
  • One basic savings account with no monthly service fee or minimum balance requirement
  • Low interest rate
Money Market Accounts
  • One money market account
  • Tiered interest rates
CD
  • Terms range from 7 months to 36 months (Five years)
  • High interest rates
  • Even higher promotional rates offered on occasion
IRA
  • Choose from traditional and Roth IRA CDs
  • High interest rates
Checking Accounts
  • Three options
  • One account with no monthly fee
  • One rewards option available

United Bank Interest Rate Comparison

United Bank Overview

United Bank emerged in 1839 within the city of Charleston, West Virginia. It still calls the state home. But it currently operates more than 142 branches throughout Virginia, West Virginia, Maryland, Ohio, Pennsylvania and D.C. 

Bank Account Features 

United Bank offers an extensive list of deposit account products. Those looking for a simple savings account with no monthly fee should look into the bank’s Platinum Savings account with no monthly service fee. United’s Super Money Market account earns interest on a tiered basis, so it can climb in line with your balance. But if you’re seeking a strong return from United Bank, you should park a sizable amount in one of the bank’s high-yield CDs. In fact, United Bank’s CDs can compete with some of the best CD rates we’ve examined. 

The longer you keep your deposit in one of these options, the more interest you’d generate. But regardless of which type of account you open with United Bank, you’d have access to the institution’s online and mobile banking features such as photo check deposit. 

Compare United Bank to Other Competitive Offers

Platinum Savings

Key Features Details
Minimum Deposit  $50
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • No monthly maintenance fee
  • $5 fee for each withdrawal after your sixth one in a month (Includes withdrawals via telephone, computer, ACH, wire, or any pre authorized or automatic ones)
Current Terms and Rates
  • For balances of $0 - $24,999.99: 0.05% APY
  • For balances of $25,000+: 0.10% APY

The Platinum Savings account by United Bank offers several perks. For instance, you don’t have to maintain a minimum balance to keep your account open. And United Bank won’t charge you a monthly service fee. You also have the option to get an ATM card linked to this account. 

The card allows unlimited access to your funds. However, the bank will charge you a per-transaction fee of $5 for each withdrawal after the sixth in a month. This fee applies to most types of withdrawals, including those done via computer, telephone and automatic transfers from another bank. 

Nonetheless, the account’s peak APY of 0.10% stands far below the national average interest rate for savings accounts. Still, it’s very inexpensive and simple to manage. It can serve as a great introductory savings option for those who want to start building a rainy day fund. 

Super Money Market

Key Features Details
Minimum Deposit   $15,000
Access to Your Money Market Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees  $10 monthly service fee unless you maintain a minimum balance of $15,000
Current Terms and Rates
  • $0 - $14,999.99: 0.50% APY
  • $15,000 - $49,999.99: 0.75% APY
  • $50,000+: 1%

Despite its name, the Super Money Market account won’t save you much in the form of interest. The minimum opening deposit will earn you a 0.50% APY. It smashes the national average for savings accounts. But that rate can’t compete with the best online high-yield savings accounts

Its peak APY of 1% is solid for a money market account. But you’d need a balance of at least $50,000 to earn it. 

Christmas Club

Key Features Details
Minimum Deposit $5 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly maintenance fee, but you will face an early withdrawal penalty if you withdrawal funds before the term ends (typically early October in any given year)
Current Terms and Rates 0.05% APY 

To help you save for holiday shopping, United Bank designed the Christmas Club savings account. Think of it as a short-term certificate of deposit (CD) account that you can keep putting money into. But you can’t take money out of the account until the end of its term (usually around early October). Otherwise, you’d face a penalty based on how much you take out. 

So, it might be best to open this account as early in the year as you can. But its current 0.05% APY is still quite low. You may want to compare savings accounts to find better rates and dedicate a portion to holiday savings. 

Certificates of Deposit (CD)

Key Features Details
Minimum Deposit $500 
Access to Your CD Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly fee, but early withdrawal penalties will apply
Current Terms and Rates  
  • 7 Months: 0.80% APY
  • 13 Months: 1.51%  APY
  • 19 Months: 1.76% APY
  • 25 Months: 2.02% APY
  • 30 Months: 2.12% APY
  • 37 Months: 2.22% APY
  • 43 Months: 2.37% APY
  • 49 Months: 2.52% APY
  • 55 Months: 2.63% APY
  • 60 Months: 2.75% APY
  •  

United Bank CDs allow you to sock away a specific amount of money for a set period of time in exchange for a fixed-interest rate that typically climbs high above APYs tied to traditional savings and money market accounts. 

And the longer you invest, the better. For example, you can earn a current APY of 2.75% if you open a CD for a 60-month (five-year) term at United Bank. 

However, you have to lock up your cash until the term ends. Otherwise, you’d face a severe early withdrawal penalty. The following details the extent of this penalty. 

  • For CDs with terms of 1 year or less: 1% of your withdrawal + $25
  • For CDs with terms of more than 1 year: 3% of your withdrawal  + $55

As you can see, you can lose a serious portion of your earnings if you dip your hand in the cookie jar too soon. So invest in a CD with a term you can handle.  

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit $500 
Access to Your IRA Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly service charges, but the IRS can impose severe early withdrawal penalties 
Current Terms and Rates
  • 7 Months: 0.80% APY
  • 13 Months: 1.51%  APY
  • 19 Months: 1.76% APY
  • 25 Months: 2.02% APY
  • 30 Months: 2.12% APY
  • 37 Months: 2.22% APY
  • 43 Months: 2.37% APY
  • 49 Months: 2.52% APY
  • 55 Months: 2.63% APY
  • 60 Months: 2.75% APY

United Bank offers IRA CDs that mix the tax advantages of IRAs with the fixed-interest rates of their CDs. You also have the option to choose from a traditional IRA CD or a Roth IRA CD. By investing in a traditional IRA CD, you can make tax-deductible contributions and your interest grows tax free until you make qualified withdrawals. With a Roth IRA CD, your qualified withdrawals will be tax-free as long as you’ve held the account for at least five years. 

But as beneficial as these savings vehicles are for your retirement, they can be complex too. You might want to find a financial advisor and tax professional. These individuals can help you build a unique retirement planning and IRA strategy based on your circumstances and savings goals. 

United Free Checking 

Key Features Details
Minimum Deposit  $50 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly service charge 

In terms of simplicity and affordability, the United Free Checking account by United Bank ranks among the best checking accounts we’ve analyzed. You can open one with a low $50 minimum deposit. Afterward, you won’t have to worry about seeing your account eaten away by burdensome monthly fees. Plus, you won’t have to maintain a minimum balance to keep the account open. 

In addition, the bank gives you access to digital features such as mobile banking with check deposit. The following also come free of charge: 

  • United VISA check card
  • eStatements
  • Access to online banking with bill pay 

Platinum Checking 

Key Features Details
Minimum Deposit $50 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees $10 monthly service fee or $8 fee with eStatements. Both can be waived if you maintain a minimum balance of $2,500 
Current Terms and Rates 0.10% APY

Platinum Checking by United Bank comes with all the features of the United free Checking account. However, this one earns interest. And although its current APY doesn’t hit any home runs, it’s a nice addition to a checking account with several features such as mobile banking capabilities. But keep in mind that you have to maintain a minimum balance of $2,500 to avoid $10 monthly service fees. So it may be a good step-up checking account. 

United Rewards Checking 

Key Features Details
Minimum Deposit $100 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees $10 monthly fee or $8 with eStatements. Waived if you use your United Visa® check card for 15 transactions or set up a monthly direct deposit of at least $500 

If you’re looking for a rewards-card without the commitment tied to a credit card, United Bank has you covered with the United Rewards Checking account. By using your card, you can earn points toward shopping, movie and theme park discounts. Furthermore, you’d get the following services: 

  • Prescription drug discount plan
  • Identity fraud expense reimbursement coverage with resolution services (not FDIC-insured)
  • $5,000 accidental death & dismemberment insurance (not FDIC-insured)

As you can see, United Bank goes a few steps further than your average bank. But some of these rewards services have specific terms and conditions you’re going to want to pay close attention to. The best step to take is to discuss this product with a United banker. 

Where Can I Find United Bank? 

You can find United Bank at more than 140 branches throughout Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. Hundreds of ATM machines are also scattered throughout this area. In addition, you can access your accounts 24/7 online. 

Customer support is available Monday through Friday from 8:30 a.m. to 5:00 p.m. and Saturday from 9:00 a.m. to 1:00 p.m. You can access personal banking 24/7. However, both call centers are closed during federal holidays. 

What Can You Do Online With United Bank?

United Bank provides its customers with all the latest online and mobile banking features you’d expect from a major bank. You can access your accounts online 24/7. There, you can do the following: 

  • Check balances
  • Transfer funds
  • Review transaction history
  • Order checks
  • Place stop payments
  • Review answers to frequently asked questions 

However, the Bank With United mobile app earned a somewhat decent score of 3 stars out of 5 on the Google Play store as of this writing. It faired a bit less favorably at the Apple App Store with a score of 1.7. So United Bank may have a few bugs to fix. Nonetheless, the app gives you access to the following features: 

  • Mobile check deposit
  • Text banking list of commands
  • Answers to mobile banking frequently asked questions
  • Mobile wallet: compatible with Apple Pay, Samsung Pay and Android Pay

How Do I Access My Money?

You can access your funds at more than a hundred branches and ATMs throughout Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. 

How Can I Save More Money With a United Bank Account?

When it comes to savings and money market accounts, United Bank doesn’t gain on its competitors. However, it scores a touchdown with its CDs. As long as you’re willing to lock up a good amount of money for a certain period of time, you can expect a decent return. 

What’s the Process for Opening an Account With United Bank?

The simplest way to open an account with United Bank is by completing the process online. You’d need basic information like your Social Security number, driver’s license or state-issue ID. It’s also a good idea to have recent addresses written down. Of course, you can also stop by a United Bank Branch and discuss their products with a professional. 

What’s the Catch? 

The catch with United Bank is you won’t find inexpensive savings accounts with the best rates. However, the bank is more generous with its CDs. In addition, you can find various checking options designed for different kinds of customers. Plus, United Bank gives you a few opportunities to avoid monthly fees on your checking and savings accounts. 

Bottom Line 

United Bank prides itself on customer service. It also offers a full-suite of banking products from checking accounts to mortgages and options specifically designed for local businesses. Overall, you’re likely to find something here that will suit your banking needs. 

The preceding rates were gathered following a call to United Bank in Charlottesville, West Virginia. They are current as of August 2018.

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