Our Virtual Bank review helps you understand the type of accounts offered and why they call themselves Virtual bank . The first thing you see on their website is “Banking for Your Lifestyle.”  Virtual Bank knows people are busy, so they offer the convenient banking, guaranteed to be safe and FDIC Insured.

About Virtual Bank

Virtual Bank is based in Palm Beach County, Florida, and is the Internet subsidiary of Lydian Trust Company.  This bank was built on the grounds of security and easiness for the customer, as well as the employees, providing all the information they need right at their fingertips.  Virtual Bank operates through electronic and ATM transactions.  Since Virtual Bank is an online bank they have fewer fees and charges, since they don’t have to maintain branches.  Each account holder is provided a dedicated personal banker, someone personally responsible for your satisfaction.  Each employee is dedicated to saving customers more of their own money by offering competitive rates on their accounts.

CD Accounts by Virtual Bank

Virtual Bank offers a variety of CD accounts including online, regular and institutional CDs.  The minimum balance for each of these accounts is $10,000 and the terms of these accounts varies between one month to five years.  As with any account, the longer the term, the higher the interest rate and the APY of the account.  The best CD option offered through Virtual Bank is the eCD.  The interest rates and the APY range from 0.30 percent for the one month term and get as high as 2.22 percent for the five year term.  The other CDs have great rates, but are slightly less than the eCDs APY.  There is a fee if you withdraw the money before the account has matured and rates are subject to change without notice.  According to BankTruth.org, the best APY offered with a CD is through Ally Bank, with an APY of  2.37 percent for a five year CD.  Virtual Banks CDs are at 2.22 percent, which is close to the best rate available.

Virtual Bank Savings and Checking Accounts

Virtual Bank also offers savings and checking accounts.  The minimum balance to open a savings account is $5,000, with an exception of one savings account that only requires $1,000 to open the account.  They offer a savings account for children which features no monthly fees or a minimum balance.  Virtual Banks other money market accounts offers a free ATM card,  free ATM withdrawals and free online statements and deposit envelopes.  The APY of the accounts varies between 0.30 percent to 0.90 percent depending on how much money you have deposited in the account.

Money Markets through Virtual Bank

Virtual Bank also offers an Online Money Market account.  This account is different than the other savings accounts in that it only requires $100 to open the account.  The APY of the account ranges between 0.80 percent and can get up to 1.01 percent depending on how much money you can deposit.  There are no monthly fees with an eMoney Market account, free online statements and free transfers from your existing personal checking account.  This account also offers free electronic deposits and withdrawals.

Virtual Banks checking accounts requires a minimum deposit of $500.  The benefits of the account includes free online statements, unlimited check writing and you gain interest on the entire balance in your account.  Each account also comes with a Visa Debit Card/ATM card.  As with Virtual Banks CDs, the rates can change without notice at any time.  There might be fees attached to any of Virtual Banks accounts, but they weren’t listed on the website.

Why Choose Virtual Bank?

There are many banks to choose from, so what sets Virtual Bank apart from the rest.  Virtual Bank offers convenience and security in all their banking accounts.  Part of the security they offer is called PhoneGuardian.  Through PhoneGuardian your accounts are protected by an authentication process that calls you when a verification is needed on your account.  Other security features include layered security to prevent unauthorized access and special usernames and passwords so you don’t have to give out your real username.  Along with security, Virtual Bank offers convenience through electronic transfers, mobile access, PhoneGuardian and an easy to access, nice looking website.

VirtualBank offers competitive rates to its customer, as well as fixed rate and adjustable rate mortgage loans.  Their APY is close to the best banks we have reviewed on this website and they offer many ways to keep your money secure and safe.   They truly offer “banking for your lifestyle!”