VirtualBank is an online banking brand owned by IBERIABANK. Internet banks are a great choice for everybody, since their low overhead lets them offer higher rates and lower fees than traditional brick-and-mortar institutions.
Although VirtualBankâ€™s rates are higher than those offered by traditional banks, it only takes a cursory search to see that their rates â€” annual percentage yield (APY) â€” are lower than those at many other competing online banks. VirtualBank requires somewhat high daily balances and minimum opening deposit amounts to lock in its offered rates.
Despite these apparent disadvantages, VirtualBank remains competitive if you are looking for an online-only bank with a good reputation that offers comparable rates. If you have no problem coming up with the minimum required deposit amounts, VirtualBank could be worth looking into.
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 isnâ€™t worth consideration simply because it isnâ€™t possible.
VirtualBank offers two money market accounts: the eMoney Market and the Jumbo eMoney Market. Each account has different requirements and benefits.
VirtualBankâ€™s money market accounts are OK, but theyâ€™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 accountâ€™s highest rate, you can find higher rates elsewhere that donâ€™t require such a sizeable commitment.
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