VirtualBank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon


  • Low required opening deposit
  • Competitive interest rates on accounts
  • eMoney Market account offers high rates
  • Online and Mobile Banking


  • Monthly fees on accounts
  • High-interest rates require large amounts
  • CDs require a large opening deposit
  • No checking accounts offered

What You Need to Know

VirtualBank money market accounts have a low required opening deposit. The required amount is only $100. That opening deposit is for the eMoney Market and the Jumbo eMoney Market.

The interest rates on VirtualBank accounts are competitive with other online-only accounts. You only need one penny in the eMoney Market account to earn interest. To earn the highest interest on the Jumbo eMoney Market, you must keep at least $250,000 in the account. Anything over $0.01 earns interest, just not the highest rates.

The eMoney Market account offers a competitive introductory rate. New customers to VirtualBank receive a higher interest rate for the first year of the account being open. After the first year, the rate drops considerably. The lower rate is still much higher than your typical brick and mortar bank rates. Money already in a VirtualBank account does not qualify for the higher rate.

All VirtualBank accounts come with online and mobile banking. With online banking, you can see account balances, transfer funds, and receive e-Statements. Everything that can be done online can be done through mobile banking. You can also deposit checks through the app.

The eMoney Market and the Jumbo eMoney Market account have a monthly fee. The fee is $5. To waive the monthly fee, you must keep $100 in the account.

The Jumbo eMoney Market requires $250,000 to earn the highest interest rate. You still earn interest on any amount less than $250,000. To earn the highest amount, you must have that balance. This account only requires $100 to open. The eMoney Market account earns the same amount of interest not matter how much you have in the account.

VirtualBank CDs require $10,000 to open. The CDs range from a one-month term to a five-year term. There are 11 different CDs between those term lengths. The interest rates for each different term are competitive. The longer the term, the higher the interest rates.

VirtualBank does not offer checking accounts. They used to offer an eChecking account, but it no longer available. Because no checking accounts are offered, there are no ATM or debit cards. Bill pay is not available. You can have money directly deposited into VirtualBank money market accounts.

Cool Things

Financial Calculators

On the VirtualBank website are a variety of different financial calculators. These calculators help you visualize interest and know the definitions for common terms. You can see how spending less adds up over time. There is a calculator to show how much money you can save by taking a lunch instead of eating out.


VirtualBank is a division under IberiaBank and started in 2000. IberiaBank started in 1887. The first location was in New Iberia, Louisiana. Over the years they have acquired different banks across the southeastern part of the United States. They have grown to expand to different states. They offer personal and business products.

Today IberiaBank employs 3,000 employees. They have 199 branch locations. The branches are in seven different states across the southeast part of the U.S. They have $27 billion in assets.

Awards and Recognition

  • VirtualBank won "Top Tier Award" from for high yields

Giving Back

IberiaBank supports and serves the communities they live in. Almost 500 employees volunteered over 10,000 hours in different organizations. They contributed $1.9 million to communities and organizations. They helped more than 470 different organizations. IberiaBank helped these organization with volunteers and the donated money.

IberiaBank is partners with The Youth Empowerment Project. This organization works with at-risk and out of school youth. IberiaBank helps sponsor a "Teen Camp." This camp is teaching hundreds of children financial literacy and life skills through activities.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. VirtualBank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By transferring money back into your linked external account. No ATM or debit cards are available.

Does this bank offer mobile banking?

Yes. Through the VirtualBank app, you can deposit checks. You can view account balances and transfer funds.

Is this bank free?

No. The eMoney Market and Jumbo eMoney Market accounts have a monthly fee. The fee is low and easy to waive. The CDs have a fee if you withdraw your money before the maturity date.

Is this a good bank?

The interest rates are higher than your typical brick and mortar banks. They only offer money market accounts and CDs. There are no branch locations.

Is this bank secure online?

Yes. VirtualBank encrypts your information. Their accounts are password protected. Firewalls and flash objects are also used to help protect your personal information.

Does this bank offer competitive interest rates?

Yes. VirtualBank offers a money market account with high-interest rates for the first year. After that, the rates drop considerably. The lower rates are still competitive with other online accounts. They are lower than other online-only bank accounts. Their rates are competitive, but not the leaders in the online market.

Can I use this bank for my business accounts?

No. VirtualBank only offers personal accounts. No business accounts are available.

How is the online bank different from the online banking my bank offers?

The interest rates are much higher than your typical brick and mortar bank rates. Everything for your account is done online.

Do their checking accounts pay interest?

VirtualBank does not offer a checking account. The only accounts offered are money market accounts and CDs.

How do I reach customer service?

By mail, phone, online chat, or email.

Does this bank offer bill pay?

No. VirtualBank does not offer a checking account, so no bill pay option is available. The only accounts offered are money market accounts and CDs.

Can I deposit cash?

No. VirtualBank does not accept or credit card checks. Checks drawn on foreign banks are also not accepted.

How long do transfers take?

Deposits are available the first business day after your deposit is received. Electronic direct deposits are available the same day.

Can I sign up for direct deposit to this account?

Yes. You can have money directly deposited into VirtualBank money market accounts.

Bank Contact Information

ATTN: Client Service
P.O. Box 109638
Palm Beach Gardens, FL 33410

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