VirtualBank Review: An Online Savings Option With Robust Mobile Banking

Our Take: Online banks provide some advantages. The lower overhead that results when there are no physical bank branches to maintain means account holders have access to higher rates and lower fees. VirtualBank is a division of First Horizon Bank after its merger with IBERIABANK. VirtualBank operates entirely online and focuses on savings products. This VirtualBank review will give you some insight as to whether the bank's offerings meet your needs.
  • Mobile Banking
  • Fees
  • Opening Deposit Requirements
  • Ease of Use
How did we calculate this?


  • Enhanced security on the mobile app requires a one-time password for certain types of transactions
  • $100 minimum daily balance for eMoney Market accounts to avoid $5 fee 
  • $100 opening balance requirement for eMoney Market accounts 
  • Short CD terms of one, two or three months available
  • Website and mobile app are simply designed and easy to navigate


  • Customer service only available during business hours on weekdays 
  • No cash deposits possible 
  • Limited bank account options
  • $10,000 opening balance for a CD is high 

About VirtualBank

VirtualBank is based in Palm Beach Gardens, Florida, and provides money market accounts and CDs to customers comfortable with banking with an online-only financial institution. It’s an offshoot of the recent merger between First Horizon Bank and IBERIABANK.

A tightly focused bank with limited products, VirtualBank is ideal if you require few transactions and prefer to have a holding account to grow your savings. GOBankingRates named VirtualBank as one of the banks with the Best Money Market Accounts of 2021.

VirtualBank Products

Here is the list of banking options you’ll find at VirtualBank.

Product Details
eMoney Market Account
  • $100 minimum daily balance required for $5 monthly service charge to be waived
  • $100 minimum opening deposit
  • 0.45% APY
eCD Account
  • Terms between one and 60 months
  • 0.10% to 0.55% APY
  • $10,000 minimum amount

Here’s a closer look at your VirtualBank account options and which type of individual each is best for. 

eMoney Market Account

Virtual Bank’s eMoney Market is a top pick in GOBankingRate’s Best Money Market Accounts of 2021. The VirtualBank money market account currently is paying 0.45% APY in interest. It comes with a $5 per month fee, but it can be waived as long as you maintain a $100 monthly balance or more. The money market account is limited to six transfers per month. It must be funded by money that currently isn’t deposited with VirtualBank.


  • Account management all handled through the website or the mobile app
  • Deposits can be made using the mobile banking app


  • The monthly maintenance fee can be easily waived by keeping at least $100 in the account
  • Bank at your convenience 24/7
  • Low fees


  • Limited to six transfers per month
  • High $15 fee for each transaction after the sixth.

eCD Account

A certificate of deposit is a good way to lock in a rate for a set period of time, just in case interest rates fall again. The best CD rates typically are available for larger balances and longer terms. With VirtualBank’s eCD account, you have 11 terms to choose from for rates between 0.10% and 0.55% APY. 


  • Eleven terms: 1, 2, 3, 6, 9, 12, 18, 24, 36, 48 and 60 months
  • Interest paid monthly


  • More term options than many banks offer
  • Short-term CDs available for one, two and three months


Banking Experience

Individuals considering VirtualBank will need to feel comfortable banking entirely online. There are no branches and phone support is limited, but if you don’t have any time-sensitive issues, you could find the banking experience positive.

Customer Service

Customer service representatives are available on weekdays only from 8:30 a.m. to 5:30 p.m. EST by calling 877-998-2265. The bank’s email address is You also can send a request for a representative to contact you about an issue, but it could take up to two business days to hear back. 

Accessibility and Branch Availability

VirtualBank does not have any physical branches.  

Mobile and Digital Experience

The mobile app and website are the heart of banking with VirtualBank. They’re both protected by layered security systems. The app provides capabilities that include: 

  • Setting up alerts
  • Managing accounts
  • Viewing transactions
  • Signing up for notifications
  • Depositing checks by taking a photo of them
  • Adding tags and making notes on transactions
  • Adding a four-digit password for added security
  • Adding all your accounts from other financial institutions to manage in one place
  • Using fingerprint or facial recognition to log in to the app, if supported by your smart device

The VirtualBank app is rated 4.2 out of five stars on Google Play and 4.9 out of five on the App Store.

Convenience and Ease of Use

If you don’t have much need for support, you’ll find VirtualBank convenient. You’ll be able to handle most of your banking from anywhere at any time. However, there isn’t a way to make cash deposits. And you’ll have to wait to contact customer service during regular business hours on weekdays.

How to Open an Account

Opening an account is simple. You’ll need to be a U.S. citizen and provide:

  • A government-issued photo ID such as a driver’s license or passport
  • Your Social Security number
  • Personal information, including phone number and email address
  • $10,000 minimum for a CD or $100 minimum for a money market
  • Bank and routing information or a personal check from your existing bank to fund the new account

Key Information

Customer Service Number: 877-998-2265

Customer Service Email:

Routing Number: 265270413 

VirtualBank Fees

VirtualBank charges account holders minimal fees. They are:

  • Monthly maintenance fees: $5 per month on eMoney Market accounts, which can be waived with a $100 minimum monthly balance 
  • Excess transaction fee: $15 per money market account transfer after the six allowed per month

VirtualBank vs. Competitors

Bank Best For
VirtualBank Setting savings goals
Ally Better interest rates
CIT Online checking

VirtualBank vs. Ally Bank

Ally Bank provides customers with top-notch online banking and a variety of account options. VirtualBank’s money market and CD rates are good, but Ally’s interest rates are higher.

You’ll earn 0.50% APY at Ally on a money market account, compared to 0.45% at VirtualBank. Ally also has a variety of high-yield CDs that pay between 0.15% and 0.80% APY; VirtualBank’s rates start at 0.10% APY and go to a maximum of 0.55% APY.

VirtualBank vs. PNC Bank

If you’re looking for CD options, PNC Bank might be a better choice. VirtualBank’s short-term CDs are useful, but the high opening balance of $10,000 rules out many individuals. You can open a CD at PNC with just $1,000 and the bank has even shorter terms, starting at seven days.

VirtualBank vs. CIT Bank

VirtualBank no longer offers checking accounts to new customers. CIT Bank’s eChecking option is free, can be opened with just $100 and will pay you interest of 0.10% or 0.25% APY, depending on your balance.

Final Take

VirtualBank is a good place to stash some money and let it grow. You can open a VirtualBank account online and dedicate the fund toward a specific savings goal, so don’t put off opening an account. You can view all of your accounts through the VirtualBank mobile app so you can manage money across different banks and take advantage of competitive rates and low fees.

Editor’s Favorite

The short-term one-, two- and three-month CDs are not easy to find at many banks and can be a great way to set aside money that you will need soon for things such as college bills or medical treatment. You’ll be able to bank the money risk-free and earn some interest while you wait. 

VirtualBank FAQ

Here are answers to some of VirtualBank’s more commonly asked questions.
  • Does VirtualBank offer free money for opening an account?
    • Many banks offer cash bonuses to encourage you to open an account. Promotions don't always run year-round, so if you see one you like, take advantage of it. The only promotion VirtualBank offers at this time is a 0.45% APY on new eMoney Market accounts. The standard rate is 0.25% APY.
  • Can I set up direct deposit for VirtualBank?
    • You can request direct deposit from your employer and fill out a direct deposit form. Once you do, your company will arrange the deposit with VirtualBank.
  • Is my money FDIC insured?

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2021.

This content is not provided by VirtualBank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by VirtualBank.

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About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

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