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Higher CD and Savings Account Rates at VirtualBank


Virtual Bank has recently increased the rates on its eCDs and its eMoney Market. VirtualBank now offers both Regular CDs and these eCDs. The eCDs have rates up to 15 basis points higher than the Regular CDs. The most competitive CD rates are for terms of 2 years and under. These include a 4.08% APY 6-month CD, a 4.13% APY 9-month CD and a 4.45% APY 12-month CD. The minimum deposit is $10,000.

I have more details about VirtualBank's CDs in my August post. A commenter in that post noted that the CD rate does not lock when you submit your application, but when you verify the trial deposits. Trial deposits can take up to 3 days to show up in your funding account.

The eMoney Market Account also had some rate bumps. Most of the higher rates were on the top tiers. For balances of $50K to $100K, the yield is now 3.72% APY. The current rate tiers are listed below:

eMoney Market rates as of 9/24/08:

Balance Rate APY
Under $10K 2.50% 2.53%
$10K-$25K 3.25% 3.30%
$25K-$50K 3.50% 3.56%
$50K-$100K 3.65% 3.72%
$100K+ 3.75% 3.82%

More details about this eMoney Market account are available in my August post.

VirtualBank is a division of Lydian Private Bank which is based in Florida. Lydian Private Bank has been FDIC insured since 2000 (FDIC Certificate # 35356). The bank has a 2-star rating (below peer group) at based on 6/30/08 data. This is down from 3 stars a year ago. BauerFinancial gives the bank 3 stars (adequate) based on 6/30/08 data.

  Tags: CD rates, savings account

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Comment #1 by Anonymous posted on
Forget it, not worth the trouble or time wasted just to apply or fund. ACH not available or if available, it takes forever.

Be weary when you consider the good rates @ EverBank, Corus Bank, VirtualBank, Pacific Mercantile Bank

Comment #2 by Anonymous posted on
I have had Virtual Bank for a few years now with no issues. I don't like having to mail in to get linked, but once done ACH is easy. There is zero balance required so I kept it empty for some time while they had puny rates. No worry about fees or other requirements.

Comment #3 by Anonymous posted on
VirtualBank savings is the way to go.
Click here to get your $20 sign-up bonus from Sign-up and then get $20 for each friend you sign up, plus they get $20.