VirtualBank Review: Online Banking Focused on High-Yield Money Markets

3.0

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

If you want an online bank that specializes in money market accounts, VirtualBank is for you

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 entirely online and focuses on select savings products.

VirtualBank, a division of First Horizon Bank, is headquartered in Memphis, Tennessee, and offers money market accounts and CDs to customers who are comfortable banking with an online-only financial institution. It’s an offshoot of the 2020 merger between First Horizon Bank and IberiaBank.

A tightly focused bank with limited products, like VirtualBank, is ideal if you have minimal bills and transactions each month and prefer to have a holding account to grow your savings. Although VirtualBank’s accounts are limited, you’ll find competitive interest rates.

VirtualBank Money Market Account  

Virtual Bank offers one money market account that is only available online. Here are the details: 

• The money market account requires a $100 minimum deposit.
• There is no monthly maintenance fee. 
• You can earn up to 3.25% APY. 
• APYs are variable. 
• You can use the app to deposit checks. 

VirtualBank Money Market Account

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Best For

Customer Service

National Banks

Online Banking

No- Fees

Online-Only Bank

Let your savings grow with an APY across all balance tiers

VirtualBank’s eMoney Market account offers a competitive, flat-rate APY on all balances with no monthly maintenance fees and a low $100 opening requirement.

Fees

None

APY

Up to 3.25%

Min Opening

$100

Pros

• High competitive APY
• No monthly maintenance fee
• Low barrier to set up an account 

Cons

• Online only 
• No check writing 
• No ATM or debit card

Why We Like It

VirtualBank offers an accessible money market account with no fees and a minimum deposit of $100.

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VirtualBank CD Accounts 

VirtualBank’s best eCD rates have been offered in the past on one-month to five-year terms. Currently, VirtualBank is not offering CDs, and the website states to check back later. 

• CDs are FDIC-insured.
• You can earn up to 3.51% APY on CDs.
• Early withdrawal penalties apply to CDs.
• Requires a $1,000 minimum deposit 
• Only offers traditional CD options 

VirtualBank CD Accounts

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Best For

Customer Service

National Banks

Online Banking

no-fees

Premium Checking

VirtualBank offers a few CDs that can earn up to 3.51%

VirtualBank offers CDs for various term ranges, but you will have to wait until they offer these savings products again. Currently, CDs are unavailable from VirtualBank.

Fees

No monthly maintenance fees

APY

Up to 3.51%

Min Opening

$1,000

Pros

• Terms begin at one month 
• FDIC-insured 
• Can capitalize on an APY as high as 3.51%

Cons

• Currently not being offered by VirtualBank  
• High minimum deposit
• Early withdrawal penalty 

Why We Like It

CDs offer a way for those who have extra cash to save.

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Banking Experience  

Customer service representatives are available on weekdays only from 8:30 a.m. to 5:30 p.m. ET by calling 877-998-BANK. You can also send a request for a representative to contact you about an issue, but it takes up to two business days to hear back.

VirtualBank’s app earns good marks from users. It’s rated 3.0 stars on the App Store, and 2.6 stars on Google Play.

How Does VirtualBank Compare?

CDs

Money Market

SELECTED BANK

VirtualBank Money Market Account

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MOST COMPARABLE

4.8

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank CD Rates

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MOST COMPARABLE

3.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America CD Account

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Fees

Fees

Fees

None

No monthly service fee

Early withdrawal fees apply

APY

APY

APY

Up to 3.25%

Up to

to

Min Opening

Min Opening

Min Opening

$100

$0

$1,000

SELECTED BANK

VirtualBank CD Accounts

Start Banking

MOST COMPARABLE

4.9

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Ally Bank Money Market Accounts

Read Review

Fees

Fees

No monthly maintenance fees

$0

APY

APY

Up to 3.51%

Min Opening

Min Opening

$1,000

$0

VirtualBank vs. Ally Bank

Ally Bank has managed to provide customers with top-notch online banking and a large variety of account options. Ally’s money market rate is higher than VirtualBank’s at 3.75% APY. In addition, Ally Bank offers checking and CD options too. 

VirtualBank vs. CIT

VirtualBank no longer has checking accounts available for 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%, depending on your balance.

VirtualBank vs. Bank of America 

VirtualBank is online only, while Bank of America has multiple nationwide locations. VirtualBank only offers a money market account, but may offer CDs in the future. If you have higher balances and want more choices, Bank of America may be a better fit. 

Final Take to GO 

VirtualBank is a good place to stash some money and let it grow. It shouldn’t be too much trouble to open an account apart from your current bank and dedicate it to a particular savings goal. You can view your account through the VirtualBank mobile app and transfer funds between accounts to take advantage of competitive rates.

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