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Rates and Account Review
Last Update: November 25, 2008
For those who feel that physical branch banking is so last millennium, there is VirtualBank, the Internet banking subsidiary of Lydian Trust Company. This "virtual" bank offers all the products you'd expect from a physical bank such as checking accounts, savings accounts, and even mortgages.
| | Balance | APY | Interest Rate | $0.00 - $10,000 | 2.02% | 2.00% | $10,000 - $24,999 | 2.79% | 2.75% | $25,000 - $49,999 | 3.05% | 3.00% | $50,000 - $99,999 | 3.20% | 3.15% | $100,000+ | 3.30% | 3.25% |
| www.virtualbank.com
(877) 998-2265
>> Reader Reviews |
Minimum Deposit
$100 | Monthly Fee
None | Minimum Balance
$1 | Compounding
Daily |
The eMoney Market is VirtualBank's high-yield money market account. Unlike many of the newer, higher yielding online accounts that have been introduced in 2006 and 2007, rates earned with the eMoney Market account are based on a five tier structure where higher balances earn better rates.
Keeping with the spirit of online accounts, there is no monthly fee. Many money market accounts will charge a fee if your minimum balance falls below a certain level, but that is not the case with the eMoney Market account.
The account can be opened with a reasonably low minimum initial deposit of $100. Before you can fund your account, you will need to go through the trial deposit test which is the normal procedure for verifying your current checking account.
VirtualBank will send two small deposit amounts to your personal checking account (which you will designate when you sign-up for the eMoney Market account). After you see the deposits hit your checking account, just log-on to VirtualBank and type in the dollar value of each deposit. The value of the deposits usually are less than 5 cents each.
After verification is complete, you can then use VirtualBank's banking system to electronically transfer funds between your checking account and your eMoney Market account for free. According to VirtualBank's web site, electronic transfers to your checking account usually take up to three business days.
VirtualBank allows you to link up to four personal checking accounts to the eMoney Market account.
Using the linked account method is the only way to deposit or withdraw funds. Wire transfers, mail in deposits and issuance of bank checks are not available.
During the first 30 days after your eMoney Market account is opened, a 10 business day hold will be placed on funds deposited into the account. You will not be able to transfer funds back to your checking account during this period.
After your account has been opened for more than 30 days, a 3 business day hold will apply.
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