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Reviews

Review of VirtualBank CD Rates and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1887
Total Assets$30.7B
LEARN MORE Virtual Bank’s secure websiteMember FDIC
VirtualBank has been a division of IBERIABANK since July 31, 2017 when it was sold by Banco de Sabadell. IBERIABANK was founded in 1887 in New Iberia, La., and has a presence across the southeastern U.S. VirtualBank is an online-only bank. Internet banks are growing in popularity as their low overhead costs allow them to offer higher rates and lower fees to consumers than traditional brick-and-mortar institutions.

Although VirtualBank’s rates are higher than those offered by traditional brick-and-mortar banks, we found they don’t stack up against better offerings from other online banks. Not only are their rates lackluster but they they also make it harder to get the best deals by requiring higher minimum opening deposits and average daily balances in order to obtain their highest rates.

This VirtualBank review will cover their eCD, eMoney Market and Jumbo eMoney Market accounts, including features, interest rates, and which accounts may be the best option for you.
Virtual Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.80%

Savings

Virtual Bank eMoneyMarket

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.75%

CD Rates

Virtual Bank 12 Month eCD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.01%

CD Rates

Virtual Bank 36 Month eCD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

VirtualBank CD rates

VirtualBank offers guaranteed returns on their CDs, but you’ll need at least a $10,000 minimum deposit in order to open one.

Term

APY

1 Month

0.15%

2 Month

0.15%

3 Month

2.16%

6 Month

2.50%

9 Month

2.29%

12 Month

2.75%

18 Month

1.57%

24 Month

2.80%

36 Month

3.01%

48 Month

1.79%

60 Month

3.05%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty:
    • Penalty depends on the terms of CD
    • Longer terms have higher penalty interest rates

VirtualBank’s eCD is a more traditional CD that features a fixed term and interest rate until maturity. The CD term can be as short as one month or as long as 60 months, with varying APYs. To get the highest rate, you’ll need a minimum opening deposit of $10,000.

The eCD has an early withdrawal penalty, which is typical of CDs. The penalty depends on the terms of your CD, but usually longer terms have higher penalty interest rates. If you withdraw money from your eCD before the CD matures, you will lose the interest earned for the amount withdrawn.

CDs are similar to a savings account, but offer higher, fixed rates of return in exchange for a fixed investment term. These are generally a good option for investors who are looking for a relatively short-term way to grow their money with a guaranteed rate of return over a specified time period, and VirtualBank eCDs are no different.

How to get VirtualBank’s CDs

If you want to open a CD with VirtualBank, you will need to apply through the VirtualBank site or download the PDF application. You will need to provide basic details about yourself (name, address, phone number etc.) as well as details about the CD you would like to open, including the term and the minimum deposit.

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on Virtual Bank’s secure website

Member FDIC

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How VirtualBank’s CD rates compare

VirtualBank offers relatively high CD rates compared with other best CD options.

The biggest downside to VirtualBank’s eCDs is the $10,000 minimum deposit to open. Many other banks offer CDs with competitive interest rates and lower minimum opening deposits. If you have less than $10,000 to invest in a CD, it makes sense to look into these other CD options instead.

VirtualBank’s money market account options

VirtualBank offers two different money market accounts: the eMoney Market and the Jumbo eMoney Market. Each account has different requirements and benefits. Read on to find out more.

eMoney Market account

VirtualBank’s eMoney Market account offers a decent APY, but you can only withdraw or transfer from the account a maximum of six times per month.

APY

Minimum Balance Amount

2.36%

Any (1 year guarantee new money promo)

0.80%

Any

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

VirtualBank’s money market account rate isn’t as high as you can get — there are other money market accounts that offer rates as high as 3% APY.

Even so, this account isn’t the worst option and could still be a good fit depending on your needs. It offers a constant APY regardless of how much money you deposited in the account, however, you will need to deposit a minimum of $100 to open. You will also need to have a minimum daily balance of $100 in order for the eMoney Market’s $5 account maintenance fee to be waived.

A money market account is a good option for someone who doesn’t need to withdraw from the account more than six times per month. That’s because you’ll be charged an excessive withdrawal fee of $15 after six transactions per month. If you regularly withdraw from your account or transfer more than six times per month, your account could be converted to a checking account or closed.

While VirtualBank doesn’t offer the highest rates available for their eMoney Market account, they don’t require a high minimum deposit to earn the highest available rate for this account. In fact, no matter how much you have deposited, you’ll earn the same APY. You do have to keep a minimum daily balance to avoid the monthly fee, but it’s a pretty low requirement.

This account does not come with an ATM card, so if you want ATM access you will need to first transfer money from your eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your this account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s eMoney Market account

If you want to apply for VirtualBank’s eMoney Market account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit and funding source.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

Jumbo eMoney Market account

VirtualBank’s Jumbo eMoney Market account offers a higher APY than their eMoney Market account, but you’ll need to deposit a lot of cash to get that rate.

APY

Minimum Balance Amount

0.25%

$.01 - $249,999.99

0.90%

$250,000 or more

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

If you’re going to park a big chunk of cash into a money market account, you can probably do better than VirtualBank’s Jumbo eMoney Market account. There are other accounts that offer higher APYs without such a high minimum balance requirement. VirtualBank only requires a minimum opening balance of $100 for their Jumbo eMoney Market account, but you’ll need to have at least $250,000 in the account in order to qualify for the higher 0.90% APY.

If you plan to have less than $250,000 in your money market account, the eMoney Market will give you a higher APY than their Jumbo eMoney Market account.

Additionally, VirtualBank has a $5 monthly account maintenance fee, which is waived if you have a $100 minimum daily balance.

Remember that a money market account is a good option only if you won’t need frequent access to your funds. You’re only allowed to withdraw or transfer from a money market account six times per month.  Anything over that and you’ll be charged an excessive withdrawal fee of $15 per additional transaction. If you regularly withdraw from your account more than six times per month, your account could be converted to a checking account or closed.

This account also does not come with an ATM card, so if you want ATM access you will need to first transfer money from your Jumbo eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your the account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s Jumbo eMoney Market account

If you want to apply for this account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit, and funding source.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

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How VirtualBank’s money market accounts compare

VirtualBank’s money market accounts are okay, but they’re not stellar. There are other money market accounts out there offering higher rates with lower requirements to meet. Even if you have enough to qualify for the Jumbo eMoney Market account’s highest rate, you can still find higher APYs elsewhere.

Overall review of VirtualBank’s banking products

Overall, VirtualBank offers okay banking products. Regardless of the product, there are better options offered by other banks that offer higher APYs for less requirements.

That’s not to say you should rush to close your VirtualBank account if you already have one open, but it’s definitely worth shopping around to see if there are options that will work better for you.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Personal Loans

Personal Loans in Roanoke, Virginia

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Company
APR Range
Minimum Credit Requirement
Terms
Fees
Freedom First Credit Union

4.50%

None

Not Available

Origination fee

No fees

Apply Now Secured

on Freedom First Credit Union’s secure website

Roanoke Valley Community Credit Union

3.50%-18.00%

Subject to credit approval

24 to 60

months

Origination fee

No fees

Apply Now Secured

on Roanoke Valley Community Credit Union’s secure website

HomeTown Bank

11.00%

Varies

36

months

Origination fee

No fees

Apply Now Secured

on HomeTown Bank’s secure website

Member One FCU

8.24%-17.99%

Rates vary based on creditworthiness

60

months

Origination fee

No fees

Apply Now Secured

on Member One FCU ’s secure website

LendingTree

As low as 3.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

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Disclaimer

A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Freedom First Credit Union

Freedom First Credit Union provides a wide range of services with branch locations in Roanoke and New River Valleys. In order to become a member of Freedom First, you’ll need to live, work, worship, go to school, or own a business in one of the nine cities and counties that they have a footprint in. You are also eligible if you are part of an association in seven of these same areas (Montgomery County and the city of Radford do not apply), or have a family member who is already a member of the credit union. You must open a savings account with a minimum balance of $5 in order to join.

Roanoke Valley Community Credit Union

Roanoke Valley Community Credit Union was started in 1947 by a group of local teachers, under the name Roanoke City Teachers Credit Union. Since then, they’ve added more school systems and merged with the Roanoke County School Employees FCU and the Roanoke Virginia Firemen’s FCU. In order to join Roanoke Valley Community Credit Union, you need to live, work, go to school or worship in Roanoke City/County, Salem, Vinton, or Botetourt County and deposit at least $5 into a savings account.

HomeTown Bank

HomeTown Bank was founded in 2005 and now has six branches in Roanoke, Salem, Smith Mountain Lake and New River Valley. HomeTown Bank offers personal banking, business banking, private banking, investments, and mortgages. They offer both secured and unsecured lines of credit and personal loans. The nice thing about their offerings is that they offer a fixed APR for their loans. However, you’ll likely need good credit in order to qualify for their loan, especially if you do not have a previous relationship with the bank.

Member One Federal Credit Union

Member One FCU has 14 branches in Roanoke Valley, Lynchburg, New River Valley, and Franklin County. In order to become a member, you must live, work, worship, or attend school in a select number of counties, be employed by or retired from a large number of different area companies, or be a relative of an existing member of Member One FCU.

LendingTree

LendingTree, the parent company of MagnifyMoney, is an online loan-comparison marketplace. It does not issue loans directly but, rather, helps borrowers compare offers from multiple lenders online. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative affect your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

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How to compare and shop for personal loans online

Shopping online for a personal loan gives you the ability to quickly find available lenders in your community, compare their rates and terms with those of national and online lenders to get the best loan in the shortest amount of time, and make the best decision about what’s right for you.

When you’re applying for a loan, you’ll need to provide the lender with your basic personal information — name, address, birth date, Social Security number, contact information, etc. — as well as information about your income and its sources and a description of your assets and liabilities. If you have a co-borrower or cosigner, that person will need to provide this information too.

You’ll also be required to answer questions to help the bank evaluate your financial situation, such as whether you have a bankruptcy or foreclosure in the past seven years, whether you have any outstanding lawsuits or judgments against you and whether you have ongoing financial obligations, like alimony or child support. Keep in mind that some of this information is available on your credit report, so it’s best to be honest.

Lenders will ask whether you are on active duty with the armed forces or the dependent of an active duty member (special legal protections apply in this case). Federal law also requires lenders to ask demographic questions about race, ethnicity and sex, though these questions are optional.

Along with your application, you may be asked to provide supporting documentation for the information you have provided, like pay stubs or tax returns; if you are using property as collateral for a secured loan (such as a house or vehicle), you’ll also be asked to provide documentation of the value of the collateral, as well as proof of insurance.

Once you submit your application, a loan officer will review your information, contact you for any additional documents required and give you the details of what they can offer you.

Depending on the lender, you may be able to complete an application online and upload supporting documents, or you may have to print out an application and mail it in or deliver it to a branch.

Once you have received several offers from lenders, you’ll want to compare the interest rate, terms, and fees — typically, longer repayment terms means lower monthly payments but a higher overall cost, so you’ll need to decide what best fits your needs.

How you receive money will depend on the lender providing the funds – if you have a bank account with the lending institution, you’ll likely have the option to have funds deposited directly into your account; otherwise, you can expect to receive a cashier’s check or an electronic funds transfer into your account at another financial institution. This varies by institution.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Personal Loans

Personal Loans in Chicago, Illinois

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Business man with coins in handbank
Company
APR Range
Minimum Credit Requirement
Terms
Fees
Parkway Bank & Trust

2.50%

Varies

Not Available

Origination fee

Possible origination fee

Apply Now Secured

on Parkway Bank & Trust’s secure website

Illinois Lending Corporation

99.00%

No requirement

9

months

Origination fee

No fees other than returned payment fee of $25

Apply Now Secured

on Illinois Lending Corporation’s secure website

Amalgamated Bank of Chicago

5.00%-7.00%

None

24 to 60

months

Origination fee

$35 credit report fee, any fees depending on the collateral used for secured loans

Apply Now Secured

on Amalgamated Bank Of Chicago’s secure website

U.S. Employees Credit Union

9.40%

Varies

60

months

Origination fee

None

Apply Now Secured

on U.S. Employees Credit Union’s secure website

LendingTree

As low as 3.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure.

Disclaimer

A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details.

As of 28-Feb-2019, LendingTree Personal Loan consumers were seeing match rates as low as 3.99% (3.99% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected).

Parkway Bank & Trust

Parkway Bank & Trust was first opened in 1964 and has now expanded to 32 branches across both Illinois and Arizona. They offer a few standout services like Kasasa, which includes free checking and savings as well as ATM refunds, customized lending to help you reach your goals, time-saving account management tools and a variety of educational resources available to all customers. Parkway Bank & Trust offers personal loans to cover a wide variety of needs including family vacation, education expenses, personal projects and start-ups, debt consolidation, taxes, emergency fund and more.

Illinois Lending Corporation

Illinois Lending Corporation started with the mission to meet the needs of the borrowing community with access to fairly priced, easy to obtain installment loans. They have high APRs compared with traditional lenders, but they may be a better alternative to very high cost short-term borrowing options like a payday loan. Definitely get quotes from other banks in case you are able to secure a better rate elsewhere.

Illinois Lending Corp currently has six locations in the greater Chicago area. It’s possible to get a loan with Illinois Lending Corporation if you’re not a resident of Illinois, but you’ll still have to come into a branch to apply. Illinois Lending Corporation offers both Checkbook Loans and Installment Loans. Checkbook Loans are offered for nine months and payments are automatically withdrawn from your checking account every pay period. ILC’s Installment Loans are also nine-month loans where payments are deducted every pay period from your paycheck.

Amalgamated Bank of Chicago

Amalgamated Bank of Chicago has been around for nearly 100 years and they meet a wide variety of personal and business banking needs including loans, checking and savings accounts, credit cards, cash management and trust services. The Amalgamated Bank of Chicago was originally founded as the Amalgamated Clothing Workers Union, and still has a significant union ownership. The bank offers home equity lines of credit and automobile loans in addition to secured personal loans.

U.S. Employees Credit Union

The U.S. Employees Credit Union was founded in 1953 and currently has three branches in the Chicago area. Those that choose to bank with U.S. Employees Credit Union also have access to tens of thousands of surcharge-free ATMs. Being a credit union, you do have to be a member of USECU if you want to do business with them. In order to join, you must be an employee or retiree of the U.S. federal government or be an immediate family member of a government employee who is an existing member of USECU. USECU offers home equity loans, flex lines of credit and credit rebuilder loans.

LendingTree

LendingTree is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

Shopping for personal loans online

If you are looking for a loan, there’s a good chance that it will be easier and faster for you to shop for a loan online rather than shopping around at brick-and-mortar banks.

Shopping online for loans gives consumers the ability to find available lenders in their community, and quickly compare rates and terms to find the best loan.
You might be wondering where to start. There are a few well-established loan marketplaces to consider looking first. For example, LendingTree helps match borrowers with options for a variety of different products including personal loans, home mortgages, business loans and auto loans.

Your needs will determine where you should go to shop for an online loan. Firstly though, you should be aware of any fees associated with your loan options. There can be a 0.5%-8% origination fee for processing a new loan application. This is based on the total amount of the loan. Average origination fees are between 0.5% and 1%. You can compare origination fees for personal loans through MagnifyMoney’s personal loan marketplace.

You should also keep in mind that your FICO score will likely determine your interest rate. Many lenders will do a soft pull of your credit score in order to estimate your loan terms based on just a few pieces of personal information. Asking for quotes is a great way to compare rates between multiple lenders.

Once you have your loan, you’ll have a fixed time period to repay it. Sometimes, you can pay your loan off early and save yourself some interest, but some lenders have prepayment penalties too, so if this is something you think you might want to do, you should make sure you won’t be penalized!

Once you have decided on your loan and know about fees and rates, you can submit your application with your supporting documents. When your loan is approved, you can expect to receive funds either by a cashier’s check or direct deposit into your bank account. This varies by institution, and should be outlined in your contract.

The bottom line: Using online marketplaces to compare and contrast different lenders is a fast and convenient way to make the best decision for your financial needs.

Disclaimer: This article may contain links to MagnifyMoney, which is a subsidiary of LendingTree.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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