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.
APY | Account Type | Account Name | Compare Rates from Similar Accounts | ||
|---|---|---|---|---|---|
0.80% | Savings | Virtual Bank eMoneyMarket | 1.90% | 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 | 2.55% | 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 | 2.85% | Synchrony Bank 36 Month CD | on Synchrony Bank’s secure website Member FDIC |
3.05% | CD Rates | Virtual Bank 60 Month eCD | 3.10% | Goldman Sachs Bank USA High-yield 5 Year CD | on Goldman Sachs Bank USA’s secure website Member FDIC |
In this review, we’ll cover:
VirtualBank CD rates
Term | APY |
|---|---|
1 Month | 0.15% |
2 Month | 0.15% |
3 Month | 1.77% |
6 Month | 2.21% |
9 Month | 2.18% |
12 Month | 2.75% |
18 Month | 1.57% |
24 Month | 2.96% |
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 If you withdraw money from your eCD before the CD matures, you will lose the interest earned for the amount withdrawn.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.
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
APY | Minimum Balance Amount |
|---|---|
2.01% | 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.
Jumbo eMoney Market account
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.
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.
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