Virtual Bank

Deposits held and insured by IBERIABANK

Overview / Commentary
1111 Brickell Avenue
Miami, FL 33131
Deposits held and insured by IBERIABANK

Related Posts

Rate Drop To 1.24% 3/24/20 - 3/25/2020

Virtual Bank is no longer competitive in any respect. If you plan on keeping your account open I suggest maintaining only a minimal $100 balance.

Rate Drop To 1.39% 3/6/20 - 3/6/2020

Prior rate was 1.78%. I was about to send them funds from another bank that had slashed their rate. Oh well.

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Great Rates!!

Posted by: |

I found out about VirtualBank by searching for CD rates. I decided to open an account since they offered me better rates than my main bank was offering.

Overall, I've had a great experience with them. Opening my account was pretty easy. I linked my primary bank account to make my initial deposit and the rest was taken care of. I really like the fact that I can quickly transfer funds between my VirtualBank account and my main bank without any issues.

I haven't really considered VirtualBank as a primary bank, but to earn a bit of extra cash, why not.

Top-Tier Rate, But ...

Attractive promotional rate with one-year guarantee, but that's about it. Spartan website, not up to the competition, unpredictably inaccessible. Primitive e-messaging system accepts sent messages, but doesn't retain them. Doesn't matter actually since so far all ignored. CSR's willing, but information often unreliable. No weekend telephone support. Quick ACH, then annoying 3-day hold.

Uncomfortable, moving on.

Terrible Account Opening Process And Customer SVC!!!!!!!!!!!!!

Posted by: |

The ordeal with VirtualBank continues! Yesterday I wrote that my application for the 2.01% money market account was denied due to a report issued by ChexSystems. Apparently, ChexSystems monitors the number of accounts an individual opens or applies for. I tried calling them but they don't talk to consumers. I had to file a complaint online.

I'd like to state here that being denied because I chase rates in this still ridiculously low interest rate environment is infuriating. We savers have had to bail out these banks for their criminal activities last decade, and we are still being screwed with these pathetic rates so these banks can repair their balance sheets and now simply exploit us.

Having said that, I reapplied for the account yesterday, and I was ACCEPTED this time.

However, in order to fund the account I had to verify the 2 test ACH payments into my linked external account. I assume you readers know what I'm talking about.

This is where the next problem arose. I tried to verify the test ACH's and their system would NOT verify the deposits. So, I called their CS, waited on hold for 20 minutes, had them reset the system and still could NOT verify the deposits.

They told me that they could not reset the system again and I would have to mail them the check to open the account!

Their incompetence is mind boggling. VirtualBank is the online subsidiary of Iberia Bank, a $25 billion bank. Although that is not a huge bank by assets, it is still a mid-sized bank that should be able to handle a simple account opening. Tiny credit unions are more competent that these idiots.

I am fed up with this bank. Beware, fellow savers!

If The High Rate Only For The 1St Year

Posted by: |

If the high rate only for the 1st year



Data as of Q4 2019

Data displayed below is for insuring bank: IBERIABANK
Learn why bank health matters

Health Grade Components

FDIC Certificate #28100
Year Established1887
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.24%
Return on Equity - YTD9.46%
Annual Interest Income$1.31B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$31.61B$30.74B
LoansQ4 2019vs Q4 2018$24.09B$22.49B
DepositsQ4 2019vs Q4 2018$25.39B$23.95B
Equity CapitalQ4 2019vs Q4 2018$4.25B$3.95B
Loan Loss AllowanceQ4 2019vs Q4 2018$146.6MM$140.6MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$139.0MM$134.4MM
Real Estate OwnedQ4 2019vs Q4 2018$28.0MM$30.4MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Rate Drop To 1.24% 3/24/20

Virtual Bank is no longer competitive in any respect. If you plan on keeping your account open I suggest maintaining only a minimal $100 balance.

Rate Drop To 1.39% 3/6/20

Prior rate was 1.78%. I was about to send them funds from another bank that had slashed their rate. Oh well.

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Always verify rates and promotions with the bank or credit union. We are not Virtual Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Virtual Bank Money Market Rates

1.25%$100-eMoney Market Special

Virtual Bank CD Rates

1.05%$10k-24 Month eCD
1.05%$10k-36 Month eCD
1.01%$10k-48 Month eCD
1.01%$10k-60 Month eCD
0.96%$10k-18 Month eCD
0.91%$10k-12 Month eCD
0.81%$10k-6 Month eCD
0.81%$10k-9 Month eCD
0.65%$10k-1 Month eCD
0.65%$10k-2 Month eCD
0.65%$10k-3 Month eCD

Virtual Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1111 Brickell Avenue - Miami, FL 33131

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.