Who Is VirtualBank?
VirtualBank is an Internet bank with the slogan “Banking for your lifestyle.” In this VirtualBank Review we found that customers are assigned a personal banker to help you understand how to manage your money and maximize it effectively. Banking products include savings accounts, checking accounts, money market accounts, CDs and mortgages. VirtualBank is FDIC insured through Sabadell United Bank, N.A.
Our VirtualBank review found that they are known for providing mobile-friendly access for all your banking needs. VirtualBank provides excellent rates on savings accounts, making them a great option for people hoping to boost their savings goals.
- VirtualBank offers CD accounts from one month terms to 5 years.
- Unlimited check writing for checking account holders.
- VirtualBank is providing a complete user experience with their new mobile app for smartphones.
- The minimum opening deposit required for their money market accounts is $100.
- VirtualBank offers free online transfers from your existing personal checking account.
- They offer different security measures to help ensure your money is protected.
This VirtualBank review has also discovered that when you sign up for an account, you can end up with a great interest rate initially, but the rate is subject to change at any time. This can be frustrating as it can be awhile before you can start to see a large impact of your savings goals. Other drawbacks of having an account include:
- The minimum required amount to open any of their CD accounts is $10,000. The interest rates for their longer term CDs are excellent, but the opening balance is quite large compared to other banks.
- To open a checking account, the minimum amount required is $500.
- Since VirtualBank is an online only bank, all of your transactions have to be done electronically or through an ATM.
- VirtualBank does not accept cash, credit card checks or checks drawn on foreign banks.
- There are monthly maintenance fees. The fee for their checking accounts is $5 if you have less than $1,500 in the account. For their money market account, the fee is the same, but you must only keep $100 in the accounts.
- There is a $500 daily limit on ATM withdrawals.
Is VirtualBank a Good Choice?
At the end of this VirtualBank review we’ve determined that it’s a great option if you want to maintain good interest rates for your account. The mobile-friendly site is easy to use and makes it incredibly convenient for anyone trying to focus on maintaining their savings goals.
That being said, in order to earn the interest rates advertised, you have to have a considerable amount of money to invest in the account. To earn the highest interest rates they offer on accounts, you have to have over $50,000 for a checking account, $250,000 for their Jumbo money market account, and $100,000 for their regular money market account. If you have a large amount of money to invest and want to earn great interest rates, then VirtualBank is a good option.
ATTN: Client Service
P.O. Box 109638
Palm Beach Gardens, FL 33410
Customer Service Number