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VirtualBank's Money Market Account Referral System is Back Up


As I mentioned in this previous post, VirtualBank was upgrading their referral system and this took it down since late Friday. I'm happy to report that it's back up and running. I've just sent out referrals to all those who've requested them since Friday. Please let me know if you haven't received them.

Several people have asked good questions about VirtualBank and this eMoney Market Account. So I thought it would be useful to provide some more important details (both the good and the bad):
  • 4.60% APY for any balance
  • $100 minimum to open
  • To open an account at VirtualBank, you must be a U.S. citizen or resident alien with a valid social security number.
  • There are no monthly fees if you go under $100. It seems from their disclosure that you can go as low as $0.01 in balance without account closure or monthly fees.
  • It really should be called a savings account since it doesn't have check writing. It's intended to be linked to an external checking account in which you use to deposit or withdraw money.
  • After the first account linkage, you do need to send in a check to create an additional link. They allow up to 4 linked checking accounts.
  • There's a $50 fee if you close the account within 90 days. There doesn't seem to be any closure fee after that.
  • VirtualBank places a 10 business day hold on deposits made in the first 30 days. So you cannot withdraw during this time. After these 30 days, the hold is 3 business days.
  • After 12 months of inactivity, VirtualBank starts charging a $5/month fee.
  • CDs can be funded with money from the eMoney Market account. Current 1-year CD rate is 5.10% APY. See this post for more info on opening VirtualBank CDs.

Sign-Up Bonus Referral Program

Here are the details about the referral program:
  • You can refer up to 50 friends to open eMoney Market accounts.
  • Each friend that opens an eMoney Market account earns $20.
  • You then earn $20 for each friend who opens an account.
  • You can earn up to $1000.

If you would like a referral, please email me your first and last name to bankdeals@gmail.com

For more information, refer to VirtualBank's eMoney Market page, the FAQ page and the Rate and Fee Schedule at the Forms and Disclosures page.

Banking Guy
Banking Guy (anonymous)   |     |   Comment #1
A reader just commented here about some problems experienced in trying to fund the eMoney Market account by initiating an ACH transfer from another bank.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Here is the some clarification from the commenter about this ACH transfer issue:

You can push in unlimited number of ACH into Virtual Bank as long as the ACH is structured to go into a CHECKING account, i.e. eMoney Market is classified as regular checking account and not a saving or money market as per Virtual Bank employee and or supervisor I spoke with.

If anyone else has problems or tips about VB, comments are much appreciated.
InformedBanker (anonymous)   |     |   Comment #3
I just applied for an account at Virtual Bank with your referral link, thanks so much!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
informedbanker, Thanks!
CaspianXI (anonymous)   |     |   Comment #5
Presently, I already have a CD with VirtualBank. Will I qualify for the eMoneyMarket promotion -- or is this for new clients only?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
The refer-a-friend rules do say: "must not be an existing VirtualBank or Lydian Private Bank accountholder." So it appears that you would not qualify for the $20 referral bonus.
Anonymous   |     |   Comment #7

For a referral, skip to the bottom.

Why should you go through the hastle of changing banks? You've had the same bank for years now, and they've always been there to help you, be it on the phone or at your local branch. Well, if you were like I was, you weren't getting a thing for that money that's sitting in your local checking account. Even if you are earning interest for having your hard-earned money sitting in their bank, the rates just don't compare. You might have heard about some banks that are strictly online. These banks are often separate branches of other well-established banks (brick and mortar). There are a variety of banks that are online only and thus are able to save money from not having to pay rent, utilities, and tellers for multiple branches. They can pass this savings on to you, their valued customers. Opening and having an account is easy, and there is no need to switch banks. You can simply link your existing checking account to your new online account and transfer money back and forth. You can leave your money to accumulate interest and then transfer money back to your checking as you need it for other things such as paying your credit cards.

There are many online only banks with competing rates, many of which are higher than virtual bank's 4.6% APY. So why should you choose a bank that's rates fall short? Virtual bank has great customer service. Their phone operators are there until 9pm EST during the week. They are very helpful in answering your questions and prove to you why they should get your service. If you're like me and don't have tens or thousands of dollars to play with, then the .1 or .15% difference between Virtual Bank's rates and other, higher rates will mean a mere $10 or $15 dollars a year on your $10000. If you sign up for Virtualbank using my referral (see below) you'll get $20 for opening an account. If you refer other people you'll get $20 for each new account opened, up to 50 people. So you could potentially make $1020 in referrals.

I read reviews on various banking sites about experiences with online banks. I saw that Virtualbank got good reviews and that it was fairly easy to use. I read on a forum somewhere that you could get a free $20 for signing up, all you had to do was get referred. I sent emails to a few people that posted on forums to try and find a working link, but that took awhile. This account is nice because it doesn't require you to fill out anything and mail it in like other banks. They'll send your other account 2 small deposits (less than a dollar) and then you verify your account like that. The form was very simple and the entire sign-up process was a breeze. I could login right away and check the current status of my account and everything. My free $20 showed up very quickly, I would definitely recommend it and I'm transferring the rest of my money into this savings account to earn the high interest.


Virtual bank has the best referral system around. You can refer up to 50 people. If you refer someone, they get a $20 bonus for opening an account and you get $20 for referring them. If you happen to use all of your referrals, that's $1000! Email me at jov_sheriff@hotmail.com if you'd like a referral and I'll get back to you within a day. If you get referred when you open your account, that's $1020. Referrals bonuses show up as interest on your account.

Customer Service:
Excellent; very helpful, lightning quick response time

Web Site Experience:
Excellent; easy to navigate and fast serving

Web Site Load Time:
Loads faster than usual

$20 referral makes 4.6 APY Virtualbank better than other online banks

No online bill payer, but you can transfer to your checking to do that

The Bottom Line:
If you're looking for great interest rates and good customer service or even just a free $20 choose Virtual Bank.

Overall Product Rating:

Anonymous   |     |   Comment #8
As of 8-31-06 Virtual Bank's website has nothing about a $20 account opening bonus. Is there a special link one has to use, and if so, what is it?
hannah_casper (anonymous)   |     |   Comment #9
To receive the $20 opening bonus, you need to have an existing account holder "refer" you. Once you open an account with them, you can then refer up to 50 people and receive $20 everytime your referee opens an account. When you apply, be sure to go through the referred link; otherwise, the $20 bonus will not be applied.

I still have lots of Virtual Bank referrals left, so if you need one, just email me with your first and last name, and your preferred email address. I'll send you a referral within 24 hours. My email is hannah_casper@yahoo.com. Thanks!
hannah_casper@yahoo.com (anonymous)   |     |   Comment #13
I've had a CD account with Virtual Bank sine March of 2006, but didn't know about their $1000 referral bonus opportunity until November of 2006.

Since then, I've made about $500 just on the referral bonuses alone. I also have an ING Direct MM account, and have made about $100 on referral bonuses (not including the initial $25 sign-up bonus).

In all, then, I've made over $600 just on referral bonuses since last November. This has been an easy and fun way to make some extra cash.

I highly recommend that you open an account with both ING and Virtual Bank, because not only will you collect $45 on sign-up bonuses, but you'll also get an opportunity to earn easy $1250 thereafter on referring others. Nothing quite feels as good as doing just about nothing while money gets deposited into your account!

Finally, referring others takes literally no more than 10 seconds. All you do is enter the referree's first and last name, and their email address. The application link with the directions comes directly from the bank, so you don't have to do anything.

I still have lots of referrals left for both ING and Virtual, so let me know if you need one and I'll send you a referral within 14 hours. My email address is

Thanks for reading.

Chris (anonymous)   |     |   Comment #19
I have lots of Virtual Bank Referrals, if you would like one just send me an e-mail at clh288@gmail.com and check it every night and morning. Make sure to include your name and e-mail.

Anonymous   |     |   Comment #22
VirtualBank $20 referrals available. Email hiev2006@hotmail.com