VirtualBank Raises Rates On Four CDs

POSTED ON BY

Availability: Internet bank

There hasn’t been much occasion to write about any of VirtualBank’s products in almost 18 months. That changed over the weekend with the rate increases on its 12-month eCD (1.26% APY), 18-month eCD (1.31% APY), 2-year eCD (1.51% APY), and 3-year eCD (1.56% APY). These new rates are the highest for these eCDs in more than five years.

The minimum opening deposit for any of VirtualBank’s eCDs is $10k, with no stated balance cap. Interest is compounded and credited monthly.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.56%$10k-Virtual Bank3 Year eCD
1.51%$10k-Virtual Bank2 Year eCD
1.36%$10k-Virtual Bank18 Month eCD
1.31%$10k-Virtual Bank12 Month eCD
Accounts mentioned in this post. Rates as of December 5, 2016.

As stated in VirtualBank’s Terms and Conditions, the Early Withdrawal Penalty (EWP) reads as follows:

  • Term greater than 180 days, but less than or equal to one year, three months EWP
  • Term greater than one year, but less than or equal to two years, six months EWP
  • Term greater than two years, but less than or equal to four years, twelve months EWP
  • Availability

    Headquartered in Miami, VirtualBank is an internet only bank that offers it services and product line nationwide.

    As stated on the eCD page opening any VirtualBank eCD must be done online:

    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.

    Bank Overview

    VirtualBank (FDIC Certificate # 21837) has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 8.86%, based on June 24, 2016 data. In the past year, VirtualBank has increased its total deposits by $448.47 million, an excellent annual growth rate of 11.64%. Please refer to our financial overview of VirtualBank for more details.

    VirtualBank 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 maintains a high-level presence in South Florida with 24 branches and assets in excess of $5.4 billion.

    How the eCDs Compare

    Of the four eCDs with new APYs, the 12-month and 2-year eCDs are the most competitive.

    When compared to the 208 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, VirtualBank's 12-month eCD APY currently ranks fourth.

    When compared to the 28 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, VirtualBank's 2-year eCD APY currently ranks second.

    The above rates are accurate as of 10/24/2016.

    To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

    Comments
    Anonymous
    Anonymous   |     |   Comment #1
    Lousy rates regardless of where they rank. 

    Will anyone here admit to investing in one of these?
    Anonymous
    Anonymous   |     |   Comment #2
    Not many options for CDs. The rates for 5 year CDs are close to 2%
    Anonymous
    Anonymous   |     |   Comment #3
    Ken, I would like to share a very important info with your readers and hope you will not delete it.

    In the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is stated that the bail-in is another weapon in the government's arsenal of capital controls that allows the government to  bail-in (confiscate) our money while we sleep and will come upon us quickly, harshly, and with finality. The globalists count on it as a final blow to the middle class and to subdue all of the resistances to them. If Hillary comes in (a certified globalist), I will pull out all of the money from any US bank.
    Anonymous
    Anonymous   |     |   Comment #4
    Please start a Miscellaneous Forum Post
    Some of us need to have one central place where all your informative
    posts can be taken in context.
    I hope you vote or we're on our way to Hades
    #8 - This comment has been removed for violating our comment policy.
    Anonymous
    Anonymous   |     |   Comment #5
    2nd Amendment
    Anonymous
    Anonymous   |     |   Comment #6
    I opened a checking account some years ago, it pays no interest. I've had a hard time closing this account and getting my money back after several calls about how to close my account. Not so thrilled with the bank. 
    Anonymous
    Anonymous   |     |   Comment #7
    Embellishment is theft.  Tell them they're are to forthwith release your funds...if not, what are you going to do...no change?
    VirtualBank Offers Two Competitive Mid-Term Length CDs
    Availability: Nationwide

    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:



      Greater than

      180 days

      One year

      But less than or equal to

      One year

      Two years

      EWP

      3 months

      6 months

    Availability

    Headquartered in Miami, VirtualBank is an internet only...



    Continue Reading
    Several Competitive CD Rates at VirtualBank

    It has been awhile since we’ve seen noteworthy rates at VirtualBank. The bank is now offering a few very competitive CD rates. VirtualBank calls these eCDs. The two most competitive eCD rates include a 2.31% APY for a 5-year term and a 1.07% APY for a 1-year term. Minimum deposit is $10,000. Below is a list of the eCD rates as shown at VirtualBank’s eCD page as of 5/1/2014:

    The early withdrawal penalties are fair. Details are listed in the bank’s terms and conditions document (link at the bottom of...

    Continue Reading
    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...

    Continue Reading
    4.34% 12-Month / 4.13% 9-Month CD at VirtualBank
    VirtualBank increased yields on several of its certificates of deposit. The 12-month CD now has a yield of 4.34% APY. The 9-month CD is also very competitive with a yield of 4.13% APY. The minimum deposit is $10,000.

    This was going to be my first post for today, but WaMu's new 4.50% 12-month CD caused me to go with that first (see post). For those who may already be maxed out at WaMu or may prefer to stay away from them, a VirtualBank CD is another reasonable choice. With these two...

    Continue Reading
    5.55% 12-Month CD at VirtualBank - My Experiences with a VirtualBank CD
    Update 8/7/07: The 12-mo 5.55% CD has ended. It's now 5.13% APY.

    VirtualBank just increased the rate on its 12-month CD from 5.39% to 5.55% APY. The 5.55% APY is now the best yield for a one-year CD that's available nationally. The 6-month CD rate also increased by 5 basis points to 5.44% APY.

    VirtualBank CDs have the following features:
    • $10,000 minimum to open
    • Compounded daily and credited monthly
    • Joint and Trust accounts can be selected
    • A beneficiary can be included
    • Can be reinvested or deposited into a VirtualBank eMoney Market Account
    • Early withdrawal penalty equals: 1 month...





    Continue Reading

    More Past Offers