-
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:
1.0
-
Customer Service:
3.5
-
Website Experience:
2.5
-
Bank Fees:
3.0
Pros:
- Reimbursement of ATM fees
- Competitive interest rates on accounts
- Interest rates are not tiered
- Free first order of checks with checking
Cons:
- Not a wide variety of accounts
- High opening required amounts
- Accounts have monthly fees
- Not all CDs offer competitive rates
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.
You can withdraw money from any ATMs with the specific “Plus” logo. If you withdraw money from another ATM, you are reimbursed for the fees charged. CalFirst will reimburse up to $6.00 each statement cycle in ATM fees.
Most CalFirst accounts offer competitive interest rates. The interest rates are not tiered, so you earn the highest rates offered on any balance in the account. Interest is paid monthly on the actual daily balance.
The interest rates for CalFirst accounts are not tiered. Any amount you have in their accounts earns the competitive interest rates. You do not have to have a certain amount in the account to earn the most competitive rates.
The first order of checks is free when you open an interest checking account. You get an ATM card when you open an interest checking account. Free online bill pay comes with each CalFirst checking account opened.
CalFirst does not have a wide variety of accounts. No business accounts are available, only personal deposit accounts. One money market account and savings account are available. There is an interest checking and one regular checking account. CalFirst only offers five different CD terms.
CalFirst accounts have high opening amounts. The money market account and CDs require $5,000 to open. The interest checking account requires $2,500 to open. The savings account and regular checking account both require $1,000 to open.
The accounts at CalFirst all have a monthly fee. The fees range from $10 to $20 a month, depending on the account you open. Waive the fee by keeping a set amount in CalFirst accounts. You can also have a combined balance between a variety of CalFirst accounts.
Not all the CD terms offer competitive rates. The most competitive rates are the three-month, six-month, and the one-year terms. The two-year and three-year terms have interest rates much lower than the other terms. Regular CDs require $5,000 to open. The IRA CDs require $2,000 to open. The only fees are if you withdraw the money before the maturity date.
Sponsored Offers
From Our Partners
| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| 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 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
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.