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.

2.01%--Virtual BankeMoney Market 1 Yr Guarantee New Money Promo
Rates as of September 20, 2018.

As stated on the Rates page,

Accounts opened and initially funded with money transferred from an existing
VirtualBank account are not eligible for the 1-year introductory period APY.

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

After the 1-year introductory period, interest rates and APYs
will be adjusted to the standard eMoney Market rates in effect.

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 up to $250k. Caveat emptor, indeed.

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.

Not surprisingly, there was no information on VirtualBank’s website concerning ACH transfers. I did a Live Chat and CSR was able to answer my questions fairly easily.

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, IvoryMale, for his timely Forum post about the new eMoney Market promotion.


As DA reader, alan1, noted in a Forum post today, VirtualBank raised the rate on its 12-month eCD (2.27% APY), adding 17 bps. The 24-month eCD also has a new rate (2.55% APY), following an increase of 35 bps. All Virtual Bank eCDs require a minimum opening deposit of $10k, with no stated balance cap.

2.81%$10k-Virtual Bank24 Month eCD
2.52%$10k-Virtual Bank12 Month eCD
Rates as of September 20, 2018.

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 with valid Social Security numbers.

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

Since being acquired by IBERIABANK, VirtualBank has added a PDF version of its account application, which 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 4.49% (excellent), based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $4.17 billion, an excellent annual growth rate of 25.71%. 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 $27.8 billion and more than 446,000 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 the 180 Money Market Accounts tracked by that are nationally available, Virtual Bank's eMoney Market introductory APY currently ranks first. The one year guarantee only enhances the eMoney Market’s competitiveness.

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

How the eCD Compares

When compared to the 208 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 5/8/2018.

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

Related Pages: money market accounts, 1-year CD rates, nationwide deals, Internet banks

whatever   |     |   Comment #1
They don't allow charities for POD's - only natural persons.
pwj7050   |     |   Comment #2
I attempted to open this 2.01% money market account but was DENIED. After being on hold for 45 minutes checking into why I was denied, the rep could only tell me that I had "too many credit inquiries" on my SS#. I explained that I open many bank accounts looking for the best rates as I'm certain many of the readers do, and I have STELLAR credit. That didn't make any difference to the rep and she could not forward me to speak to anyone to explain my situation. I have accounts with over 25 banks and credit unions and have only run into this same issue ONCE before. Apparently, VirtualBank and this one other bank cannot distinguish between a customer searching for debt (not ME) and one simply opening bank accounts to invest in. If anyone has any suggestions, I'd appreciate them since this is the best rate going and I've hit a wall.
deplorable 1
deplorable 1   |     |   Comment #3
They probably want to push credit cards and loans to their customers. I would call and ask to speak with a supervisor. This is getting insane where banks and credit unions want to do a credit check when we are loaning them money.
DCGuy   |     |   Comment #4
I had a similar incident with trying to open an account with SFGI Direct several years ago. I have zero debt, so apparently having too many bank accounts flags you as "suspect". I have been able to open bank accounts after having been denied by SFGI Direct, so some banks use different criteria to process any new account applications.

I also saw a very peculiar requirement to link accounts to a Fidelity Brokerage account. According to their FAQ response, you have to provide your sign on information for the linked bank account (that is you logon credentials to Fidelity - user ID and password). They will use it to verify that you have an actual account with the bank. I have never heard of any bank nor brokerage asking for User ID and passwords to a third party company site. This is akin to a security violation and what hackers try to steal from you. I hope that I read it wrong on the Fidelity site, but it read like to set up EFT transfer option, you had to give them your password.
Brokered CDs
Brokered CDs   |     |   Comment #5
Some banks provide that "service" so that you can do "instant" ACH transactions to a new financial institution. This way you don't have to do the test transactions that take a few days to complete.

Of course, they stated that the user id and password wouldn't be stored on their system. However, giving a third-party that sort of information is just totally nuts.

This is especially true since Fidelity brokerage accounts aren't covered under Regulation E for banking fraud. That's sort of cooled my jets about purchasing brokered CDs.
waldipup   |     |   Comment #25
usually you have two verification options :

the traditional "two small deposits" to verify ,

or the "give us your login info" , as an "instant option" .

using the second is ok as long as you CHANGE YOUR LOGIN INFO as soon as verified .
Sylvia   |     |   Comment #7
pwj7050 (#2), if you live near an Iberiabank location, you might get more responsive service there. Knowing little about VirtualBank or its parent, I just think associates at a retail location are generally more relationship oriented than those at a call center. I’m guessing, with access to the VirtualBank phone directory, they would minimally be able to suggest avenues for appeal.

The situation you described sucks. I have heard that neither creditors nor scorers look favorably upon a large # of hard inquiries as they’re identified with debt, not savings. But since you’re not applying for credit, that shouldn’t matter. To add insult to injury, VirtualBank piles on with their own hard pull. It seems the last few accounts I’ve opened, all for CDs, have each resulted in hard inquiries, which I find very annoying.
Robb   |     |   Comment #14
@Sylvia yes I had a major delay at Sharonview because they did a hard pull and it showed my residence as commercial versus residential which was the furthest thing from the truth. Long story short that caused a MAJOR delay until I got it straightened out by requesting to speak to a loan officer who finally got the ball rolling which only allowed me to transfer in about 50% of what I was looking to deposit before the deal closed. That was the first time I'd ever had to go through a hard pull to deposit money into a CD. Seems unfortunately a trend.
Sylvia   |     |   Comment #15
Robb (#14), did you correct underlying credit info to prevent recurrence of faulty denials? I'm assuming commercial address was cause for Sharonview's denial because offer was limited to personal, not business, accounts? I agree with your read that what we're perceiving as indiscriminate hard pulling is on the rise.
The Mighty Sven
The Mighty Sven   |     |   Comment #20
Sylvia #7

When I inquired, VirtualBank told me they only do a soft pull. Did they tell me a fib? Are you certain they do a hard pull?
Sylvia   |     |   Comment #21
The Mighty Sven #20

I had assumed a hard pull based on preceding discussion. On 2nd reading, my assumption may have been unwarranted.
The Mighty Sven
The Mighty Sven   |     |   Comment #22
Thank you, Sylvia, for responding. Without pulling a copy of my credit report (and which one do you pull?) I cannot say with certainty what they do . . . one way or the other. I only know what they told me, which obviously could be what they thought I would want to hear. I hope they do not perform a hard pull; but surely other financial institutions do so with inadequate cause.
Sylvia   |     |   Comment #23
The Mighty Sven, I hear you on CSRs giving misleading info. On more than one occasion, they’ve assured me it’s a soft pull, only to find otherwise later on my credit report. As for how you can tell short of pulling yours, credit monitoring would help. Back to your original question: I did a quick search now and found others on Doctor of Credit who say it’s a soft pull (see comments,
The Mighty Sven
The Mighty Sven   |     |   Comment #24
Thank you, Sylvia. That is very good news indeed.
RJM   |     |   Comment #9
Exact same thing happened to me about 15+ years ago. And to make it even crazier, I had previously had an account at the very same bank and closed it in good standing. They told me that they were unable to make exceptions regardless of the reason. The rep even remembered me and assured me it was nothing I did, just too inquirers were enough to reject ANYONE.

I have a number of fairly new accounts...Id guess 4 in the last 3 months. So, I was fearful that I might be rejected at BOA for a simply checking account which I was contemplating as part of an Edge brokerage account. (I later decided against Edge for now but they told me I could open the brokerage account first, and then the checking and then if I got rejected for either, I would not have to follow thru.)

Same thing happened 15+ years ago when I applied for a brokerage account. Except they did not tell me why except that it was not related to too many bank accounts or inquiries. I chose a different broker way back when and have been using that firm ever since.

So, I suspect I could be rejected for another bank account anytime within the next few months anyway. I do not plan on opening any more for hopefully 6+ months.

Heritage CU Local 3% RCA
All American 1.75% mma
Popular Direct 2.00% savings
Heritage Bank 3.33% RCA

Interestingly, so far, not one of the above has caused a hard pull as far as I can tell as my score has not dropped even 10 points.
RJM   |     |   Comment #12
are you trolling? why?
deplorable 1
deplorable 1   |     |   Comment #6
This just in................Over at Doctor of Credit it is reported that Virtual Bank does credit card funding at least up to $2,000 and possibly higher. I need to call them and find out the limit and if it is coded as a purchase. If anyone knows please post it here. This would be over a 4% APY yield on liquid cash if you use the Citibank 2% cash card because credit card rewards are not taxable. This would beat any CD available while not locking up any funds. Subject to your credit card limit that is.
Call and verify first
Call and verify first   |     |   Comment #8
Most of the info at the "doctor of c. " is hearsay info, nothing is verified nor written in stone. Be careful with gullibilities posted there.
The hard or soft pulls are related to the info supplied by the credit bureaus and not the banks (depending on the individual FICO score and number of credit cards opened) and is not related to Chexsystems.
deplorable 1
deplorable 1   |     |   Comment #13
I'm still waiting for some more data points on credit card funding. One poster said they did about $10,000 and it is pending with Citibank double cash. This would be the highest CC funding I have seen if it's true. I find the DoC site to be pretty informative right up there with DA.
Call and verify first
Call and verify first   |     |   Comment #16
#13, the $10k credit card will not go through or they will charge the applicant hefty cash advance fee. Like I said, the gullibility is to big of an ego to ignore it.
deplorable 1
deplorable 1   |     |   Comment #17
#16: You may be right. Another poster said that they called customer service and they said there is no limit for credit card funding. No data points yet on whether anyone has been successful or if these will get coded as purchases or cash advances. So far Citibank seems to be coding these as purchases but that is dependent on how Virtual Bank codes them on their end.
MoneyMan   |     |   Comment #19
I think you overestimate this 'gullibility' you speak of. The vast majority of those who would try to fund this account with a credit card know enough to have their cash advance limit set to zero or very low so that if it's coded as a cash advance, it won't go through.
AK!   |     |   Comment #10
I just applied for the emoney market account. My account is PENDING.
I wonder how long it'll take for them to give me a decision. Meanwhile my funds are in a checking account earning no interest -_-
larryhouston   |     |   Comment #26
"the eMoney Market has no checking writing privileges, making it more like a savings account than a money market account. " - After talking with the Rep, they confirm it is a money market checking account instead of saving account. And it is match with what is shown on the monthly statement.

I initiated an online withdrawal transfer from Ally bank but failed. After several back and forth phone calls with both 2 banks, finally figured it out that failure was categorized as saving account.
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Availability: Internet bank

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Availability: Internet bank

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


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