-
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:
3.5
-
Customer Service:
2.5
-
Website Experience:
3.0
-
Bank Fees:
4.5
Pros:
- Low required opening amounts
- Reimbursement of ATM fees
- Variety of personal deposit accounts
- Money market account earns good rates
Cons:
- Highest MMA rate requires large amount
- High required amount to open CDs
- Checking accounts have a monthly fee
- Must mail in application to open account
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 of the BankDirect accounts have a low amount required to open the account. BankDirect checking accounts only require $500 to open. Both BankDirect money market accounts require $500 to open. The basic savings account only requires $100 to open.
BankDirect does not own any ATMs; they reimburse their customers the ATM fees. The first four ATM withdrawals per statement cycle are refunded. The refunds are up to $2.50 per transaction. There is a withdrawal limit of $500 from an ATM each day.
BankDirect offers a variety of personal deposit accounts. There are three different checking accounts and two different money market accounts. There are a variety of different CD terms available. BankDirect offers one savings account. There are no business accounts available.
The BankDirect Money Market Plus account offers a competitive interest rate. BankDirect also offers a mileage money market account. This account earns American Airline miles. Both MMA require $500 to open. The mileage money market account earns much lower interest rates. You earn miles instead of interest. There is no monthly fee for either account.
To earn the high rates offered on the BankDirect Money Market Plus account you must have $10,000 in the account. Amounts under $10,000 do not earn any interest. Only $500 is required to open this account, but to earn any interest requires $10,000.
BankDirect offers a variety of different CD terms. The required amount to open any of the CDs is $10,000. There is no monthly fee. The interest rates for CDs are competitive. The 12-month, 18-months, 24-months and 36-month CDs offer the most competitive rates. To open a mileage CD also requires $10,000.
Two of the BankDirect checking accounts have monthly fees. The interest and mileage checking accounts both have a monthly fee. The fee is waived for the interest checking account if you have at least $2,500 in the account. The mileage checking does not list a way to waive that monthly fee.
Opening an account with BankDirect is not entirely online. To open an account, you must fill out the application online, then print off part and mail it in. You will then receive a welcome kit within one to two weeks. Once you get your kit, you can finish setting up your account.
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.65% |
| Min to Open | $500 |
| Min to Earn APY | $500 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.40% |
|---|---|
| Rate | 4.30% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.46% |
|---|---|
| Rate | 4.46% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: $200 Bonus w/ Tiered Savings Account and Qualifying Activities |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| Min to Open | $100 |
| Min to Earn APY | $5,000 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience. |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| MMA (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | Yes |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.10% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $1,000 |
| Min to Earn APY | $1,000 |
| Monthly Fee | $5.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.75% |
| Min to Open | $10 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| FDIC insured at program banks†. Promoted offer: var. APY a/o 11/8/24. New customers only. Betterment LLC, not a bank |
|
| Savings (Rate as of 12/21/2024) | |
| APY | 4.10% |
|---|---|
| Rate | 4.02% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| 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.
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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.