VirtualBank Online Savings Account Rate
March 11, 2010 by · Leave a Comment
It is only natural that consumers would think of online savings accounts when they think about VirtualBank. And they do have several online savings accounts for you to choose from, but they are also leading the way for online finances in other ways too. You can apply for mortgages and other financial services in addition to just getting savings or checking accounts. The company prides themselves on being the leader in online banks and providing banking solutions that are perfect for your lifestyle.
The first of the two VirtualBank online savings account rates you can get, for their regular virtual savings account. The annual interest percentage that you will earn for this account is a 0.50%. There is a minimum balance of $1,000 to open the account.
However, your balance foes not affect the amount of interest you earn. Anything from zero to a million dollars will earn the same 0.50%. In addition you have access to your money at the ATM with no fee being charged by VirtualBank. The owner of the ATM may still charge a fee but at least there will not be two fees just to get access to your money.
The other kind of online savings account offered by VirtualBank is their online money market account. While the interest rates are higher for money market accounts it is important to note that you usually have less access to your money. There is a minimum opening deposit of $5,000. From $5,000 and above the interest rate will be tiered based on your balance, starting at 0.50% and ending at 1.00%.
Your interest rate will stay at 0.50% until you reach $25,000. From $25,000 to $50,000 your interest rate will be 0.65%. Between $50,000 and $95,000 you will earn a 0.85%, with anything about that earning the 1.00% APY. However, should your balance fall below $5,000 your APY will drop to 0.35% until it gets back above that opening minimum.
The accounts always have free online statements and unlimited free deposit envelopes. The interest on both kinds of accounts have interest that is compounded daily although it will only be credited to your account once a month, but you will earn more interest with the daily compounded method.
