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Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
Updated
2024-01-16T16:10:59Z
- Overall bank rating
- Pros and cons
- Savings
- Checking
- CD
- Money market account
- How United Bank works
- Is United Bank trustworthy?
- How United Bank compares
- Frequently asked questions (FAQ)
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Overall bank rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| CD | 3.75 |
| Money market account | 2.75 |
| Trustworthiness | 4.5 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
|
|
Savings
United Bank Platinum Savings Account
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.05% to 0.10%
Pros
- No monthly service fees
Cons
- $50 minimum opening deposit
- Low interest rate
Product Details
- 211 locations and 20 loan offices in Virginia, West Virginia, Maryland, Pennsylvania, Ohio, North Carolina, South Carolina, and Washington, DC
- 440 fee-free ATMs
- Earn a higher interest rate if you keep at least $2,500 in your account daily
- Interest compounded and deposited monthly
- Member FDIC
The United Bank Platinum Savings Account is a good option if you don't want to deal with monthly service fees. However, if you'd like to earn a competitive interest rate on a savings account, our best savings accounts guidehasstronger contenders.
Checking
United Bank Free Checking Account
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$50
Pros
- No monthly service fees
- Overdraft protection
Cons
- $50 minimum opening deposit
- $36 overdraft fee
- $11 overdraft protection transfer fee
- $2 out-of-network ATM fee
Product Details
- 211 locations and 20 loan offices in Virginia, West Virginia, Maryland, Pennsylvania, Ohio, North Carolina, South Carolina, and Washington, DC
- 440 fee-free ATMs
- You may link your checking account with another United bank account as overdraft protection
- Member FDIC
If you want to avoid bank fees, the United Bank Free Checking Account might be a decent choice. It doesn't charge monthly service fees, and it includes overdraft protection.
You'll want to be mindful of out-of-network ATM fees, though, since the bank's ATM network isn't as big as other brick-and-mortar banks' networks.
CD
United Bank CD
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
3.00% to 5.00%
Minimum Opening Deposit
$500
Pros
- Solid interest rates
- $500 minimum opening deposit
- Standard CD terms
Cons
- Standard-to-high early withdrawal penalties
- Interest compounded quarterly
Product Details
- 211 locations and 20 loan offices in Virginia, West Virginia, Maryland, Pennsylvania, Ohio, North Carolina, South Carolina, and Washington, DC
- Over 440 fee-free ATMs
- Terms range from 5 months to 4 years
- Early withdrawal penalties: For terms up to 31 days, the penalty will be all interest earned; For terms between 32 days and 1 year, the penalty will be $25 AND 1% of the amount withdrawn; For terms longer than 1 year, the penalty is $25 AND 3% of the amount withdrawn
- Interest compounded and deposited quarterly
- Member FDIC
United Bank pays solid interest rates on CDs. They could also be worth exploring if you'd like to open a CD with a low initial deposit.
Money market account
United Bank Super Money Market Account
Insider’s Rating
2.75/5
Fees
$10 monthly service fee
Annual Percentage Yield (APY)
0.65%
Minimum Opening Deposit
$15,000
Pros
- Possible to waive the monthly service fee
- Check writing included
Cons
- $15,000 minimum opening deposit
- Low interest rate compared to online banks
- $10 monthly service fee
- No ATM card
The United Bank Super Money Market Account has a high minimum opening deposit and charges a $10 monthly service fee if you don't maintain at least $15,000 in your account.
Our best money market accounts guide has better accounts if you'd prefer to earn a high interest rate or avoid monthly service fees.
How United Bank works
United Bank is a brick-and-mortar financial institution with over 211 locations and 20 loan offices in Virginia, West Virginia, Maryland, Pennsylvania, Ohio, North Carolina, South Carolina, and Washington, DC. United Bank has over 440 fee-free ATMs.
Customer service representatives are available over the phone from 8:30 a.m. to 6 p.m. on weekdays.
The bank's mobile app is rated 3.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
United Bank is also FDIC insured, so up to $250,000 is secure in an individual bank account.
Is United Bank trustworthy?
The Better Business Bureau rates businesses according to how they are likely to interact with customers. United Bank has received an A- rating from the BBB because it hasn't responded to two customer complaints.
United Bank hasn't been involved in any recent public controversies.
How United Bank compares
We compared United Bank to two other regional banks on the East Coast: TD Bank and Fifth Third Bank.
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Locations VA, WV, MD, PA, OH, NC, SC, and Washington, DC | Locations CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA, and Washington, DC | Locations FL, GA, IL, IN, KY, MI, NC, SC, OH, SC, TN, WV |
Standout feature Free checking and savings account | Standout feature 24/7 customer support | Standout feature Free checking account |
| Open an account | Open an account | Open an account |
If one of your goals is to find an account that doesn't charge monthly service fees, United Bank of Fifth Third Bank will be your best bets.
United Bank has free savings and checking accounts with $50 minimum opening deposits. At Fifth Third Bank, you can get a free checking account with early direct deposit and free overdraft protection.
TD Bank is worth considering if typical banking hours don't work for you. The bank offers 24/7 customer support, and many branches are open seven days per week. United Bank and Fifth Third Bank have limited customer support hours during the week.
None of these banks are great options if your priority is to earn high interest rates. You'll want to go through our best high-yield savings accounts or high-yield checking accounts guides.
Frequently asked questions (FAQ)
Is United Bank good?
You may like United Bank if you don't want to deal with monthly service fees, because it has free savings and checking accounts. It also might be appealing if you'd like to open a CD with a low minimum opening deposit.
If your priority is to earn a high interest rate on savings accounts, an online bank will be a better option.
What is the minimum balance at United Bank?
Minimum balance requirements vary depending on which United Bank account you plan to open. You don't need to maintain a minimum balance for a United Bank Platinum Savings Account and United Bank Free Checking Account.
United Bank also has rewards checking accounts, interest-earning checking accounts, and money market accounts. The Platinum Checking Account requires a minimum balance of at least $2,500 to waive monthly service fees, and the Super Money Market Account requires a minimum balance of at least $15,000 to waive monthly service fees.
Is United Bank FDIC insured?
Yes, United Bank is FDIC insured. When a bank is federally insured, this means money deposited into your bank account is secure. Even if a bank shuts down, your money will still be protected.
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
- Are banks open today? Here's a list of US bank holidays for 2023
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- Four reasons why your debit card might be denied even when you have money
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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