-
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
-
Financial Rates:
2.5
-
Customer Service:
4.5
-
Website Experience:
4.0
-
Bank Fees:
3.0
Pros:
- Low opening amounts for most accounts
- Good variety of accounts available
- Competitive interest rates on accounts
- Options to contact customer service
Cons:
- Cannot open all accounts online
- Accounts have monthly fees
- MMA have high opening amounts
- Tiered interest rates on some accounts
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.
Most Banesco USA accounts have low opening required amounts. The personal deposit checking and savings accounts only require $100 to open. The personal deposit CDs require $1,500 to open.
Banesco USA has a good variety of accounts. They offer personal checking, savings, and money market accounts. They offer personal and business CDs with terms from 3-months to 60-months. They offer business checking, savings, and money market accounts. Banesco offers personal and business international banking accounts, along with lending options.
The Banesco USA accounts offer competitive interest rates. The rates are competitive with other online accounts. The rates are much higher than typical bank rates.
There are a variety of ways to contact customer service. You can call during business hours or can have Banesco call you. You send an email, and customer service will call you. You can visit a local branch location or follow Banesco on social media. You can access account information anytime through BanescoVoice or logging in online.
Not all Banesco USA accounts can be opened online. To open their checking accounts, you must contact customer service. Other accounts may not be able to open online. Personal deposit money market and savings accounts can be opened online. Personal deposit CDs are also able to be opened online.
Most Banesco USA accounts have monthly fees. The fees range from $5 to $15 each month. To waive the fees, you must keep a set account balance in the specific account. This balance is not a combination of Banesco USA accounts. Those balances range from $100 to $2,500 depending on the account.
The Banesco USA money market accounts have high opening required amounts. Each of the personal deposit money market accounts require $2,500 to open. You must keep that amount in the accounts to avoid a monthly fee. If the amount falls below $2,500, the fee is between $5 to $15 per month.
Some Banesco USA accounts have tiered interest rates. The BanesFlex money market account requires $2,500 to earn any interest. But, to earn the most competitive rate offered you must have $100,000 in the account. Balances under this amount earn a much lower rate. The BanesGrown savings account only requires $300 to earn the most competitive rate.
Sponsored Offers
| Savings (Rate as of 4/19/2024) | |
| APY | 5.25% |
|---|---|
| Rate | 5.25% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC. No fees. Easy deposits and quick withdrawals. | |
| Savings (Rate as of 4/19/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| APY | 5.15% |
|---|---|
| Rate | 5.02% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/19/2024) | |
| 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 4/19/2024) | |
| APY | 5.05% |
|---|---|
| Rate | 4.93% |
| For APY | $5,000 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience. | |
| Savings (Rate as of 4/19/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
For details on our best products and how we chose them click here.
Rates proudly provided by 
For Bankrate's privacy policy, click here.
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.