Wednesday, 25 November 2020

Review of VirtualBank CD Rates and Money Market Accounts

Review of VirtualBank CD Rates and Money Market Accounts
24 Nov
1:19

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 VirtualBank’s rates are higher than those offered by traditional banks, it only takes a cursory search to see that their rates — annual percentage yield (APY) — 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.

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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.

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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.

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

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Source: https://www.magnifymoney.com/blog/reviews/virtualbank/

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