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.

Read the full VirtualBank review.

Accounts at Washington Savings Bank have low required opening amounts. All the checking and money market accounts only require $10 to open. The savings account opening balances range from $1 to $50, depending on the account. All the CD terms require $500 to open.

Washington Savings Bank has a variety of personal deposit and business accounts. They offer three personal checking accounts and a variety of savings accounts. They also offer CDs, business accounts, and lending options.

Washington Savings Bank offers an Online Rewards checking account. This account is available to U.S. citizens across the country. You earn debit card cash rewards for purchases. You must have a direct deposit into this account. There is a monthly fee of $9.95. This is a checking account for those who need a second chance. After one year of good accounts history, you can receive a lower monthly fee.

The Washington Savings Bank checking accounts and CDs offer competitive interest rates. Not all CDs offer competitive rates. There are five special CD terms that have competitive rates. The checking account does have tiered interest rates. The most competitive rate is for balances between $0 and $10,000. Some qualifications must be met to earn the competitive rate.

The checking account has set requirements to earn the competitive interest rate. Those qualifications include having at least 12 debit card purchases post and clear. You must receive eStatements. You must also have one automatic payment, direct deposit, or bill pay post and clear. If these qualifications are met each month, you earn the competitive interest rate.

The savings and money market account do not have competitive interest rates. Washington Savings Bank offers a variety of savings accounts, but the rates are low. These account rates are not competitive with other online accounts.

Some Washington Savings Bank accounts have a monthly maintenance fee. Those fees range from $3 to $10 depending on the account. To waive the fees requires a set amount be in the accounts. Those balances range from $50 to $2,500. The Online Rewards checking has a monthly fee of $9.95.

Not everyone can open Washington Savings Bank accounts. Savings accounts are only for residents of Massachusetts or New Hampshire. Two of the checking accounts are only offered to those residents as well. The Online Rewards checking account is available for anyone. That account has a $9.95 monthly fee.

Read the full Washington Savings Bank review.