Several people have asked good questions about VirtualBank and this eMoney Market Account. So I thought it would be useful to provide some more important details (both the good and the bad):
- 4.60% APY for any balance
- $100 minimum to open
- To open an account at VirtualBank, you must be a U.S. citizen or resident alien with a valid social security number.
- There are no monthly fees if you go under $100. It seems from their disclosure that you can go as low as $0.01 in balance without account closure or monthly fees.
- It really should be called a savings account since it doesn't have check writing. It's intended to be linked to an external checking account in which you use to deposit or withdraw money.
- After the first account linkage, you do need to send in a check to create an additional link. They allow up to 4 linked checking accounts.
- There's a $50 fee if you close the account within 90 days. There doesn't seem to be any closure fee after that.
- VirtualBank places a 10 business day hold on deposits made in the first 30 days. So you cannot withdraw during this time. After these 30 days, the hold is 3 business days.
- After 12 months of inactivity, VirtualBank starts charging a $5/month fee.
- CDs can be funded with money from the eMoney Market account. Current 1-year CD rate is 5.10% APY. See this post for more info on opening VirtualBank CDs.
Sign-Up Bonus Referral Program
Here are the details about the referral program:
- You can refer up to 50 friends to open eMoney Market accounts.
- Each friend that opens an eMoney Market account earns $20.
- You then earn $20 for each friend who opens an account.
- You can earn up to $1000.
If you would like a referral, please email me your first and last name to firstname.lastname@example.org
For more information, refer to VirtualBank's eMoney Market page, the FAQ page and the Rate and Fee Schedule at the Forms and Disclosures page.