-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- Low opening required amounts
- Checking accounts offer ATM rebates
- Variety of CD term lengths
- Business accounts available
Cons:
- Accounts are not offered everywhere
- MMA needs a large initial deposit
- Low interest rates
- Must have a checking to open savings
-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
4.0
-
Bank Fees:
4.0
Pros:
- Low required opening deposit
- Competitive interest rates on accounts
- eMoney Market account offers high rates
- Online and Mobile Banking
Cons:
- Monthly fees on accounts
- High-interest rates require large amounts
- CDs require a large opening deposit
- No checking accounts offered
The amount required to open a checking or savings account is low. People's United checking accounts only require $25 to open. The savings accounts require $50.
Two of the People's United checking accounts offer free ATM use or reimburse ATM fees. The Advantage checking account has unlimited rebates for out of state ATM fees. The Premier Advantage checking account has free ATMs, including international ATMs. These accounts require high investment balances to waive the monthly fee. The Advantage is $7,500, and the Premier is $75,000 across all investment accounts.
People's United offers a variety of CD term lengths. Their terms range from 91 days to five years. The interest rates vary depending on the term. The best interest rate on a People's United CD is the One Year Plus CD. Those interest rates are competitive with other online accounts; the other rates are not.
There are a variety of different business accounts offered through People's United. Checking, savings, and money market accounts are available. CDs, credit cards, loans, and investment opportunities are available.
People's United accounts are not offered everywhere. The branches are currently in the North Eastern states. Those include Connecticut, Maine, Massachusetts, New Hampshire, New York, and Vermont. If you do not live in one of these states, you cannot open an account with People's United Bank.
The amount required to open a money market account is $2,500. There is not a monthly maintenance fee on the money market account. You will earn interest on the money deposited into the account. The money market account offers tiered interest rates. This means the interest you earn depends on the amount you have in the account.
The interest rates of the different accounts are not competitive. They are much lower than other online-only accounts. The interest rates are similar to your typical bank rates. The Plus CDs offer slightly more competitive rates.
You have to have a checking account with People's United to open a savings or money market account. The checking account determines what savings and money market account you can open. You must open a checking account before a savings account can be opened.
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.
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| Savings (Rate as of 4/20/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/20/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/20/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.