VirtualBank Raises Money Market Account Rate
Sep 27, 2005 - 1:29 PM by Ken Tumin
Following the lead of the other online banks, Virtual Bank raised its eMoney Market Account by 0.15, from 3.40% to 3.55% APY. They seem to be consistently just ahead of ING Direct's rates, but never ahead of EmigrantDirect.
One thing a little unique about this money market account is that the rate drops by 0.10% for deposits over $50K. And unlike ING Direct and EmigrantDirect, there is a $100 minimum required deposit.
Even though VirtualBank hasn't come close to matching EmigrantDirect's savings rate, it does have some advantages:
The only problem is its name. In my opinion, it doesn't give an image of a reputable bank. However, it has been online for a long time. As described by the FDIC, the bank was established on April 6, 2000 as VirtualBank. It then changed its official name to Lydian Private Bank in June 28, 2002, and is now registered under the FDIC by this name. I bet VirtualBank didn't sound too good to many folks who got burned by dotcom companies in 2000.
One thing a little unique about this money market account is that the rate drops by 0.10% for deposits over $50K. And unlike ING Direct and EmigrantDirect, there is a $100 minimum required deposit.
Even though VirtualBank hasn't come close to matching EmigrantDirect's savings rate, it does have some advantages:
- Checking account available
- CDs with decent rates (6-month: 4.15%, 12-month: 4.35% APY, require $10K minimum deposit)
- $20 referral bonus for both referrer and referee (up to 50 referrals can be given)
The only problem is its name. In my opinion, it doesn't give an image of a reputable bank. However, it has been online for a long time. As described by the FDIC, the bank was established on April 6, 2000 as VirtualBank. It then changed its official name to Lydian Private Bank in June 28, 2002, and is now registered under the FDIC by this name. I bet VirtualBank didn't sound too good to many folks who got burned by dotcom companies in 2000.
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Anonymous - #1, Tuesday, September 27, 2005 - 2:46 PM
Another account that's been consistently lapped by Emigrant since January 2005.
Like my ING account, I only keep this open just in case someone needs a referral. Talking of which, I can send you one if you e-mail me your first & last name to enterprise15 at Hotmail dotcom. $20 signup bonus.
Anonymous - #2, Saturday, October 15, 2005 - 7:19 PM
True, there are other money market and savings accounts that offer better interest rates, but many of these have steep minimum opening balances, and I've yet to see a better referral program.
If you'd like a referral for a VirtualBank eMoney Market account, email me at vbreferral@gmail.com or visit:
http://www.ardamis.com/virtualbank/
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