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.
|1.81%||$10k||-||Virtual Bank||2 Year eCD|
|1.56%||$10k||-||Virtual Bank||12 Month eCD|
|1.37%||$10k||-||Virtual Bank||9 Month eCD|
|1.36%||$10k||-||Virtual Bank||6 Month eCD|
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.
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.
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.