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Review of VirtualBank CD Rates and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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VirtualBank CD rates

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

Term

APY

1 Month

0.10%

2 Months

0.15%

3 Months

0.20%

6 Months

0.30%

9 Months

0.30%

12 Months

0.30%

18 Months

0.30%

24 Months

0.40%

36 Months

0.45%

48 Months

0.50%

60 Months

0.60%

  • 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 rates

VirtualBank’s eCD is a more traditional certificate of deposit (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, which is considerably higher than rates of competitors.

What is also interesting about VirtualBank’s CD page is that all its CD APYs are listed as the sum of what you would earn for the entire year, not necessarily just for the CD term. Keep this in mind while searching the page.

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 If you withdraw money from your eCD before the CD matures, you will lose the interest earned for the amount withdrawn. All of VirtualBank’s CDs are set to automatically renew, and can credit the amount back to your account or replenish your existing account with your earned interest and principal.

How to get VirtualBank’s CDs

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

You can open an account with a transfer from an internal (VirtualBank) checking or savings account, or by mailing a personal check to the bank.

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How VirtualBank’s CD rates compare

VirtualBank offers relatively high CD APYs compared to other best CD options. This makes them desirable, but the barrier to entry is high, which is a major disadvantage. A $10,000 minimum deposit to five or more times higher than the requirement at banks that offer similar rates. If you have less than $10,000 to invest in a CD, this option isn’t worth consideration simply because it isn’t possible.

VirtualBank’s money market account options

VirtualBank offers two money market accounts: the eMoney Market and the Jumbo eMoney Market. Each account has different requirements and benefits.

eMoney Market account

VirtualBank’s eMoney Market account offers a decent APY and a low minimum opening deposit.

APY

Minimum Opening Deposit

0.50%

$100

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5

VirtualBank’s rate isn’t as high as you can get elsewhere, but it can be a solid money market account to round out your portfolio. It offers a strong (but variable) APY regardless of how much money you deposit in the account. However, you will need to deposit a minimum of $100 to open.

Working in the account’s favor are its competitive APY and low minimum deposit amount. Despite these advantages, the monthly maintenance fee can be a hindrance to returns. However, maintaining the minimum daily balance of $100 to get the fee waived shouldn’t be hard for most savers.

A money market account is a good option for someone who doesn’t need to make more than six withdrawals per month, as per Federal Regulation D. Federal law mandates certain types of telephone and electronic withdrawals, including transfers from savings accounts up to 6 per statement cycle. If you make more than what Federal Law mandates, you’ll be charged an excessive withdrawal fee of $15 for each transaction. 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 at the bank’s discretion.

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. The overdraft fees are something to always keep in the back of your head if you want to preserve your returns.

How to get VirtualBank’s eMoney Market account

If you want to apply for VirtualBank’s eMoney Market account, you’ll need to visit the website. The application will require your personal information, minimum opening deposit and funding source. You can also mail in an application, but be aware you can only open this account with a personal check or transfer from an internal account.

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Jumbo eMoney Market account

VirtualBank’s Jumbo eMoney Market account offers a higher APY than the bank’s eMoney Market account, but you’ll need to make a large deposit to eclipse the standard APY.
Checking AccountsSavings Accounts
Main purpose
Routine deposits and withdrawals, used to meet day-to-day cash needsTo save money for the future and earn interest on the balance, minimal access
Withdrawal limits
Unlimited withdrawals*6 convenient withdrawals per month
Interest earned
Average APY of 0.06% as of February 2020 — much higher rates are available if you shop around. Average APY of 0.09% as of February 2020 — much higher rates are available if you shop around.
Minimum balance requirements
Generally zero, but some accounts may require a minimum balance to avoid feesFrom $100 to as much as $2,500. A few accounts can require much more.
Common features
  • High liquidity: Unlimited withdrawals
  • Lower interest rates
  • Debit cards and checks
  • Low liquidity: Limited withdrawals
  • Higher interest rates
  • Some offer debit cards and checks
Fees
There may be fees for monthly maintenance, overdrafts, paper statements, inactivity, returned items, card replacements, account closure, international withdrawals, third-party ATM withdrawalsSeldom charge fees, although some accounts will charge you if you fall below a required minimum balance
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5

If you’re going to park a big chunk of cash into a money market account, you can arguably do better than VirtualBank’s Jumbo eMoney Market account. There are other accounts that offer higher APYs without such a high minimum balance requirement. To achieve even a halfway decent APY at VirtualBank, you’ll need to pony up a quarter-million dollars, which is a steep requirement considering the low yield.

If you plan to have less than $250,000 in your money market account, the eMoney Market will give you a higher APY than the Jumbo eMoney Market account. Also, remember that a money market account is a good option only if you don’t need frequent access to your funds.

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. Also, be careful when withdrawing from your 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 go to the bank’s website. The application will require your personal information, minimum opening deposit and a funding source. You can fill out the online application there, or mail in a physical copy with either a personal check or the details of your internal bank account from which you would transfer the funds.

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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 OK, but they’re not stellar. There are other money market accounts offering higher APYs with lower requirements to meet. Even if you have enough to qualify for the Jumbo eMoney Market account’s highest rate, you can find higher rates elsewhere that don’t require such a sizeable commitment.

Overall review of VirtualBank’s banking products

VirtualBank offers decent banking products, but they aren’t blockbusters. Regardless of the product offered by VirtualBank, there are better options out there that offer higher APYs and with lower minimum requirements.

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.

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Personal Loans

Personal Loans in Roanoke, Virginia

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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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

8.00% - 18.00%

Subject to credit approval

24 to 60

months

Origination fee

No origination fees

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

on Roanoke Valley Community Credit Union’s secure website

HomeTown Bank

11.00%

Varies

36

months

Origination fee

No origination fees

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

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 origination fees

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

on Member One FCU ’s secure website

LendingTree

As low as 2.49%

Minimum 500 FICO®

24 to 60

months

Origination fee

Varies

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

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on LendingTree’s secure website

LendingTree is our parent company

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Disclaimer


As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 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). Terms Apply. NMLS #1136

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 from up to five different lenders based on your creditworthiness 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.

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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 your best loan offer 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.

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Personal Loans

Personal Loans in Chicago, Illinois

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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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

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

on Parkway Bank & Trust’s secure website

Illinois Lending

99.00%

No credit check required

9

months

Origination fee

No origination fee

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

on Illinois Lending’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

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

on Amalgamated Bank Of Chicago’s secure website

U.S. Employees Credit Union

9.40%

Varies

60

months

Origination fee

No origination fees

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

Apply Now Secured

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

LendingTree

As low as 2.49%

Minimum 500 FICO®

24 to 60

months

Origination fee

Varies

Check payment fee

Not Specified

Late payment fee

Not Specified

Insufficient funds fee

Not Specified

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Advertiser Disclosure

Disclaimer


As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 2.49% (2.49% APR) on a $20,000 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). Terms Apply. NMLS #1136

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 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 from up to five different lenders based on your creditworthiness 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 your 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.

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.

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