Bridgeport
1000 Johnson Avenue
Bridgeport, WV 26330
Grow your savings with a short-term CD
Take advantage of a 3.75% APY for a limited time when you open a 5-month CD account.
Why open a certificate of deposit?
- Rate is locked in and guaranteed for the length of your term.
- Terms available between 6 months and 60 months.
- Interest is compounded quarterly and deposited quarterly.
- Access to MVB’s online and mobile banking platform.
- Complimentary personal financial management through Digital Banking.
Banking Locations
Frequently asked questions
What is a Certificate of Deposit?
A Certificate of Deposit (CD)is a term deposit account offered by banks and credit unions. This type of account lets you deposit a certain amount of money for a set term at a fixed interest rate.
How does a CD work?
When you agree to leave your money in a Certificate of Deposit account for a specific term (e.g. 7-months, 12 months, 3 years). In return the bank pays you a fixed interest rate, also referred to as an Annual Percentage Rate, or APY.
How safe are CDs?
CDs are insured by the FDIC up to $250,000 per depositor.
Can I withdraw money early and what penalties apply?
Early withdrawal of funds from the account before the maturity date (when the term ends), will incur a penalty that can reduce interest earned.
How should I choose the right CD term?
CDs are a good choice for both near and long-term goals, your personal savings goals will help you determine the best length for CD terms. Here are some examples.
- A short-term CD, are a few months to a year in length and might be suitable when saving for an upcoming vacation or a car.
- Midrange CDs are 1 to 3 years and could be a good option if you want to save for something like home renovation, a wedding or having a baby.
- Long-term CDs are anything longer than 3 years in length and could be a great savings tool for funding future major purchases such as a down payment on a house or as income generation in retirement.