Yesterday, internet bank VirtualBank raised the rates on two of its mid-term eCDs: 12-month eCD (1.16% APY) and 18-month eCD (1.21% APY). The minimum opening deposit for any of these eCDs is $10K, with no maximum balance cap.
As stated in VirtualBank’s Terms and Conditions, the Early Withdrawal Penalty (EWP) reads as follows:
But less than or equal to
|1.31%||$10k||-||Virtual Bank||18 Month eCD|
|1.26%||$10k||-||Virtual Bank||12 Month eCD|
Headquartered in Miami, VirtualBank is an internet only bank that offers it services and product line nationwide.
Opening an eCD at VirtualBank can be done online, and the procedure as described by VirtualBank is as follows:
Step 1: Complete our online certificate of deposit application and provide certain information about yourself and any joint owner. To fund the eCD quickly and electronically, we will need your personal checking account number, bank name and routing number. You can choose to connect the eCD to any checking account, including one at VirtualBank.
Step 2: We'll send two small deposit amounts to your personal checking account. You then review your checking account transactions to verify these deposits.
Step 3: Let us know you received both deposits and verify the amounts online.
Step 4: Then we'll electronically transfer the opening deposit from your connected checking account.
Credit Union Overview
VirtualBank has an overall health grade of "A" at DepositAccounts.com, with an average Texas ratio of 18.31%, based on September 30, 2014 data. In the past year, VirtualBank has increased its total deposits by $554.27 Million, an excellent annual growth rate of 18.35%. Please refer to our financial overview of VirtualBank for more details.
VirtualBank (FDIC Certificate # 21837) was originally the internet branch of Lydian Private Bank. When Lydian failed in 2011, Sabadell United Bank assumed all deposits, and VIrtualBank has continued to operate as an internet bank solely. Sabadell United Bank’s maintains a high level presence in South Florida with 27 branches and assets in excess of $4.5 Billion.
How the CDs Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available nationally, VirtualBank's 12-month eCD and 18-month eCD are competitive, with the 18-month eCD most attractive.
The above rates are accurate as of 2/6/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.