VirtualBank eMoney Market Now Earns 2.36% APY


Deal Summary: eMoney Market, 2.36% APY, $100 minimum deposit, no rate guarantee. 12-month eCD, 2.86% APY, $10k minimum deposit.

Availability: Internet bank

Yesterday, VirtualBank began to promote a 2.36% APY on its eMoney Market Special account. This variable rate account can be opened with a $100 minimum deposit.

5.00%$100-Virtual BankeMoney Market Special
Rates as of May 25, 2024.

According to the Truth-in-Savings disclosure, the eMoney Market has no checking writing privileges, making it more like a savings account than a money market account. If the eMoney Market’s balance falls below $100, there is a $5 monthly service fee. There is also a $15 excess transaction fee for each automatic transfer or payment beyond the six allowed per month.

DA readers may remember that VirtualBank introduced the eMoney Market in May, with a one-year guaranteed rate of 2.01% APY. According to CSR, if you opened a 2.01% APY eMoney Market, your account will automatically earn the new 2.36% APY, but the new rate is not guaranteed for any length of time. While the APY may change, the rate for an existing eMoney Market will never be lower than 2.01% APY during the one-year guarantee. No additional deposit is required for an existing eMoney Market account to earn 2.36% APY.

With no rate guarantee for the 2.36% APY, those who have existing eMoney Market accounts with the one-year rate guarantee will benefit the most from this new rate increase. The fine print on the eMoney Market landing page reads,

eMoney Market interest rates and APYs are variable, based on account balances, and subject to change daily without notice. Standard eMoney Market rates are disclosed on the Rates page.

The rates for both the non-promotional eMoney Market and Jumbo eMoney Market have been low for years. Currently, the eMoney Market earns 0.80% APY on all balances, while the Jumbo eMoney Market earns 0.90% APY balances above $250k. Caveat emptor, indeed.

Online Banking

VirtualBank launched a new Online Banking platform in early December. If you are an existing VirtualBank customer, the following applies to you.

BROWSERS: To have the best experience while using our new Online Banking platform, please be sure to download the latest version of one of these browsers: Chrome, Firefox, Microsoft Edge, or Safari. Internet Explorer no longer supports the minimum security measures required to keep your data safe when using our new Online Banking.

ALERTS: Clients using Online Banking alerts will need to reestablish alerts in the new Online Banking platform. After December 11, 2018 at 8AM ET, Online Banking clients will no longer receive alerts from the old Online Banking.

LOGIN: Your username and password will not change. There will be an initial multifactor authentication process when you log in for the first time. This is a security feature in place to help safeguard your account information.

VirtualBank’s website has also been revamped and reorganized quite nicely, except that the Live Chat feature (my favorite method of gathering information) is now only available for customers who are signed into their online banking accounts. The following Live Chat is from May 2018, but I confirmed the information is still correct in a phone call today.

Q – Do you have an ACH transfer service to initiate transfers to and from external accounts?

    A – Yes, you can add the external accounts through your online banking. You will need to verify the accounts though. It is not difficult and we are always here to assist you.

Q – Is it a free service?

    A – Yes, it is free.

Q – Are there any dollar amount limits for incoming and outgoing transfers?

    A – Outgoing is typically $3,000, however, that limit can be increase easily.

Q – Are there any limitations on ACH transfers that originate from another bank?

    A – Not that I am aware of. Let me confirm ... no limitations.

Thanks to DA reader, QED, for the Forum post about the new eMoney Market rate.


VirtualBank is also offering fairly competitive rates on three of its eCDs, with the 12-month eCD (2.86% APY) having the best rate . All Virtual Bank eCDs require a minimum opening deposit of $10k, with no stated balance cap.

3.87%$10k-Virtual Bank12 Month eCD
3.77%$10k-Virtual Bank24 Month eCD
3.35%$10k-Virtual Bank6 Month eCD
Rates as of May 25, 2024.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

Term is at least one year but less than two years: 1% of principal amount withdrawn.

Term is at least two years: 2% of principal amount withdrawn.

In my February blog post about VirtualBank, I wrote in some detail about accessing eCD maturing funds. VirtualBank’s default is issuing a paper check, but as DA reader, itserich, suggested, transferring maturity funds to an existing VirtualBank eMoney Market is a good work-around.


VirtualBank became an internet division of IBERIABANK in July 2017. Accounts at VirtualBank can be opened by U.S. citizens who maintain a U.S. residence and possess a valid Social Security number.

Opening an eMoney Market account and/or an eCD can be done online.

Since being acquired by IBERIABANK, VirtualBank has added PDF version of the account application for the eMoney Market and eCDs. Completed applications can be returned by snail mail or by fax.

Bank Overview

As an internet division of IBERIABANK, Virtual Bank operates under IBERIABANK’s FDIC Certificate and shares its financial history.

VirtualBank/IBERIABANK has an overall health grade of "A" at, with a Texas Ratio of 4.03% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $2.02 billion, an excellent annual growth rate of 9.99%. Please refer to our financial overview of VirtualBank/IBERIABANK (FDIC Certificate # 28100) for more details.

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.

IBERIABANK is currently Louisiana’s largest bank, with assets in excess of $30 billion and more than 450,000 customer accounts. The acquisition of Sabadell United Bank expanded IBERIABANK’s presence in South Florida and increased its asset base by more than $5 billion.

How the eMoney Market Compares

When compared to 184 Money Market Accounts tracked by that are nationally available, Virtual Bank's eMoney Market Special APY currently ranks first, regardless of minimum balance requirements.

To look for the best Money Market Account rates, either nationwide and state specific, please refer to our Money Market Account Rates Table page.

How the eCD Compares

When compared to 214 similar length-of-term CDs tracked by that are available nationally and require a minimum deposit of $10k or less, VirtualBank's 12-month eCD APY currently ranks third.

The above rates are accurate as of 12/22/2018.

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

Related Pages: Savannah money market accounts, Greensboro money market accounts, Atlanta money market accounts, Norfolk money market accounts, Raleigh money market accounts, Roanoke money market accounts, Nashville money market accounts, money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Previous Comments
  |     |   Comment #1
The details for the eMoney Market Special account has some errors. The paper application states that this account does not accept wire transfers (fees are listed in the details) and there is no check writing (details indicates that check writing is available).
  |     |   Comment #2
Where do you see that Ken says there is check writing?

"According to the Truth-in-Savings disclosure, the eMoney Market has no checking writing privileges, making it more like a savings account than a money market account."
  |     |   Comment #5
That notation is not in the article itself. If you click on the detail arrow on the right side of the account name title, the details for the account will be displayed. A graph of the historical interest rate of the account will also be shown. I am referring to the details that opens up as a new box when you click on the arrow to obtain more information about the particular account.
  |     |   Comment #9
Sorry, DCGuy. When you said "details", I read it as a generic, not the specific Details listed in the drop-down.
  |     |   Comment #3
I'm also looking at the PDF application (linked above by Ken) and see no such mention of
"details indicating check writing is available".
  |     |   Comment #4
Look at Ken Tumin's article, not at the application. Click on the yellow arrow on the right side, under the word "Details", near the beginning of the article. Doing so will reveal the purported details of the account, including this:
"Paper Checks Available Yes"
  |     |   Comment #6
This is the very first sentence on the PDF paper application.

"The eMoney Market account requires all transactions to be done electronically. Wire transfers will not be accepted for deposit. Checks and
debit cards will not be issued with this account."

Perhaps you need to magnify the writing?
  |     |   Comment #7
The PDF application states that there is no check writing. It conflicts with the details mentioned in the detail box that opens up when you click on the arrow.
  |     |   Comment #8
I get it, DCGuy, thanks;; you just clarified.

Usually I E-mail Ken about something like that because it can easily be misconstrued as some kind of error on the institution's part or their website; especially when you mention 'paper application' and 'details' in the same sentence. we know.
  |     |   Comment #10
E Money Market rate drop to 2.13% 9/25/19.
VirtualBank Pushes 12-Month eCD Rate Up
Deal Summary: 12-month eCD, 2.81% APY, $10k minimum deposit

Availability: Nationwide (internet bank)

It’s been a busy morning for short-term internet bank rates. I was in the process of writing about Live Oak Bank’s 1-year CD (2.80% APY) capturing the internet bank top spot, when VirtualBank swooped in and edged out Live Oak Bank by increasing the rate on its 12-month eCD to 2.81% APY. Since January, the 12-month eCD has had six rate increases, adding a total of 112 bps.

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VirtualBank Pushes 12-Month eCD Rate Upward
Deal Summary: 12-month eCD, 2.68% APY, $10k minimum deposit

Availability: Nationwide (internet bank)

VirtualBank has been a division of IBERIABANK for 15 months and for the six months following the acquisition, VirtualBank’s eCDs saw little rate activity. In January, the 12-month eCD gained 42 bps; that was the first of five rate increases in 2018, which have added a total of 99 bps.

To quote myself from my February 2018 VirtualBank blog post, “Watching the race to the top of the 1-year CD category is like watching the...

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VirtualBank Adds One-Year Rate Guarantee On eMoney Market
Deal Summary: eMoney Market, 2.01% APY, $100 minimum deposit, new money, one year rate guarantee. 12-month eCD, 2.27% APY, $10k minimum deposit.

Availability: Internet bank

VirtualBank has just added a fixed, one year introductory 2.01% APY on new eMoney Markets opened with new money, which is defined as funds “not currently held by VirtualBank". The minimum opening deposit is $100.

As stated on the Rates page,

The next sentence on the Rates page should not be overlooked:

The rates for both the non-promotional eMoney Market and Jumbo eMoney...

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VirtualBank's 24-Month CD Rate Moves Upward
Deal Summary: 12-month eCD (2.05% APY), 24-month eCD (2.36% APY), $10k minimum deposit.

Availability: Internet bank

In the months following IBERIABANK’s July 2017 acquisition of VirtualBank, there was little rate activity for the eCDs. That changed in mid-January when the 12- and 24- eCD APYs gained 42 bps and 49 bps, respectively. Following that rate increase, the 12-month eCD was the top 1-year CD, albeit by a margin of only one basis point. The 12-month eCD’s 2.11% APY lasted about two weeks: last weekend, the...

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VirtualBank Leads With 12-Month And 24-Month eCDs
Deal Summary: 12-month eCD (2.11% APY), 24-month eCD (2.33% APY), $10k minimum deposit.

Availability: Internet bank

VirtualBank, an internet division of IBERIABANK, has just become a leader in the rates race by raising the rates on its 12-month eCD (2.11% APY) and 24-month eCD (2.33% APY). The minimum opening deposit for any VirtualBank eCD is $10k, with no stated balance cap.

In the months following IBERIABANK’s August 2017 acquisition of VirtualBank, there was little rate activity for the eCDs. That changed yesterday when the 12- and...

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