VirtualBank Ups eCD Rates

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Deal Summary: 12-month eCD, 1.56% APY; 2-year eCD, 1.81% APY; $10k minimum deposit.

Availability: Internet bank

Over the weekend, VirtualBank raised the rates on several of its eCDs, including the 6-, 9-, and 12-month eCDs, and the 2-year eCD. Of the four, the 12-month (1.56% APY) and 2-year (1.81% APY) are the most competitive. The minimum deposit is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.81%$10k-Virtual Bank2 Year eCD
1.56%$10k-Virtual Bank12 Month eCD
1.37%$10k-Virtual Bank9 Month eCD
1.36%$10k-Virtual Bank6 Month eCD
Accounts mentioned in this post. Rates as of October 17, 2017.

As stated in the Terms and Conditions, the Early Withdrawal Penalty reads as follows:

Term greater than 180 days, but less than or equal to one year, three months simple interest.

Term greater than one year, but less than or equal to two years, six months simple interest.

Availability

Currently headquartered in Miami, VirtualBank is an internet bank that offers it services and product line nationwide. VirtualBank was originally the internet branch of Lydian Private Bank. When Lydian failed in 2011, Sabadell United Bank assumed all deposits, as well as the VirtualBank division. On July 31, 2017, IBERIABANK Corporation finalized its acquisition of Sabadell United Bank, including VirtualBank.

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

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.

Bank Overview

IBERIABANK/VirtualBank has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 7.70% (excellent), based on March 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $1.79 billion, an excellent annual growth rate of 12%. Please refer to our financial overview of IBERIABANK/VirtualBank (FDIC Certificate # 28100) for more details.

In late July, a DA reader forwarded an email she had received from Virtual Bank concerning the acquisition of Sabadell United Bank, the parent company of Virtual Bank. The following is a portion of that email.

VirtualBank will continue to operate under the same name. On August 1, 2017, VirtualBank will become a division of IBERIABANK. At this time, your banking services will not be affected by this change. You may continue to conduct your banking transactions just as you do now. In September, you will receive a comprehensive Client Information Guide as well as other pertinent details as we transition our internal systems to the IBERIABANK platform.

IBERIABANK is Louisiana’s largest bank, with assets in excess of $21.9 billion and more than 408,000 customer accounts. The acquisition of Sabadell United Bank will expand IBERIABANK’s presence in South Florida and will increase its asset base by more than $5 billion.

How the eCDs Compare

When compared to the 209 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, VirtualBank's 12-month eCD APY currently ranks second, regardless of minimum deposit.

When compared to the 199 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, VirtualBank's 2-Year eCD APY currently ranks second, regardless of minimum deposit.

The above rates are accurate as of 8/28/2017.

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

Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

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VirtualBank Increases Short-Term CD Rates

Deal Summary: 12-month eCD, 1.46% APY; 18-month eCD, 1.51% APY; $10k minimum deposit

Availability: Internet bank

The first weekend in April produced a spate of rate increases (possibly affected by the Fed's March rate hike), including VirtualBank’s 12-month eCD (1.46% APY) and 18-month eCD (1.51% 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.

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VirtualBank Raises Rates On Short-Term eCDs

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.

As stated in VirtualBank’s Terms and Conditions, the...

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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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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...

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