VirtualBank Raises Rates On Short-Term eCDs

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Deal Summary: 6-month eCD, 1.11% APY; 9-month eCD, 1.16% APY; 12-month eCD, 1.34% APY; $10k minimum deposit.

Availability: Internet bank

Over the weekend VirtualBank raised the rates on its shorter-term eCDs: 6-month eCD (1.11% APY), 9-month eCD (1.16% APY), and 12-month eCD (1.34% APY). These new rates are the highest since the eCDs were first offered in September 2011.

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

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.34%$10k-Virtual Bank12 Month eCD
1.16%$10k-Virtual Bank9 Month eCD
1.11%$10k-Virtual Bank6 Month eCD
Accounts mentioned in this post. Rates as of February 21, 2017.

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

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 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 operating under Sabadell United Bank’s FDIC Certificate. Sabadell United Bank maintains a high-level presence in South Florida with 24 branches and assets in excess of $5.5 billion.

VirtualBank/Sabadell United Bank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 7.98%, based on September 30, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $397.32 million, an excellent annual growth rate of 9.88%. Please refer to our financial overview of VirtualBank/Sabadell United Bank (FDIC Certificate # 21837) for more details.

How the eCDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, VirtualBank's 9-month eCD APY currently ranks first, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.16% APY9-Month eCD ($10k min)VirtualBank
1.00% APY9-Month CD ($500 min)Chevron Federal Credit Union
0.95% APY9-Month Yield Pledge CD ($5k min)EverBank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, VirtualBank's 6-month eCD APY currently ranks first, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.11% APY6-Month eCD ($10k min)VirtualBank
1.10% APY6-Month iGOCD ($1k min)iGObanking
0.90% APY6-Month CD ($5k min)Colorado Federal Savings Bank

When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, VirtualBank's 12-month eCD APY currently ranks fifth, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.45% APY12-Month Jumbo Share Certificate ($10k min)Andrews Federal Credit Union
1.41% APY1-Year Share Certificate ($5k min)Melrose Credit Union
1.34% APY12-Month eCD ($10k min)VirtualBank

The above rates are accurate as of 2/6/2017.

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
VirtualBank Raises Rates On Four CDs
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.

As stated in VirtualBank’s Terms...

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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...



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

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