VirtualBank offers the best Money Market rate above major online banks including Giant Bank, Net Bank, MBNA America Bank, IndyMac, Zions Bank, MetLife Bank, and more! Featured in Bankrate as the top tier 100 Highest Yields.
Rates currently way above the market average
Current interest rate is at 2.53% APY* (the eMoney Market Rate back on 9/11/07 was well over 5% so they keep up with the highest of the banks online)
Opportunity to apply for a eMoney market account, auto loan, or compare mortgage loan rates
NO Monthly Fees
Jumbo MMA; $25,000 MMA; $50,000 MMA
Free online transfers to and from your local bank’s personal checking account
FDIC Insured up to $100,000
Free online statements
Money Market Rates that consistently lead the nation
You may connect up to 4 personal checking accounts to this account
Compare to ING Direct money market or earn high interest with a Citibank E-Savings account
VirtualBank is a online bank and lender that is noted for their high yield interest money market accounts. Unlike traditional banks, VirtualBank has developed in-house banking system with a single service interface and back office databases that allow their personal bankers the ability to consolidate accounts and provide personalized service while still protecting your privacy. Money magazine awarded VirtualBank the best online bank in 2000. Virtual Bank offers mortgage rates far below traditional banks just like their money market accounts are among the highest yields. Check out low mortgage rates or auto loan offers from VirtualBank.
Can I earn more with a money market account compared to a regular savings or checking account? YES. This is a question asked by many that is easy to answer… each month when you look at the bottom of your online banking statements and see how much money you have made in interest you will be amazed that you did not move over to this kind of an account before. I started up my first money market account when I was in college it was with a bank now owned by Bank One. I had switched at that time over from a local bank who had interest around 0.25% to the Liberty T-bill account which made me a pretty penny at around 5% at that time. It is amazing how much money you can make just by having money sitting in your bank off the interest if you KNOW what account to invest your money into. Money Market Accounts tend to have a higher interest than regular savings.
What is the catch of a money market account? There is only one main caution you must keep in mind when opening a money market account is to keep some money in checking or liquid like account. The reason is that most money market accounts only allow you to write up to three checks a month or withdraw up to three times. My current account that I have with VirtualBank is a money market account where I have my checks or income directly deposited then transfer a certain amount per month from my money market to a checking account where I am free to pay bills online and have as many withdrawals as needed.
The bottom line is putting money in a money market account in a virtual or online bank is just like investing without the risk. You get the benefits of the higher interest rates and will not have to worry about company shakeups or CD’s that tie up your money.
Our Money market partner VirtualBank is called Virtual because its a premier online bank. Do not let the name virtual fool you to think it does not supply the great services that any brick and mortar bank can provide over the phone or through their web site. It is a FDIC insured money market and established popular internet brand listed on many popular financial web sites. If you have anything you would like to add about VirtualBank, ING Direct, Netbank or any of the leading online Money Markets be sure and email us at webmaster(at)banklady.com. Also, feel free to send us your suggestions or tips for the best money market or e-banking programs.
Virtual Bank (Virtualbank.com)
Routing Number: 067092200
Phone: 1-877-998-BANK (M-F, Saturday, Closed Sunday)
P.O. Box 109638
Palm Beach Gardens, FL 33410
Banking Resources: Online Free Checking Accounts, Compare Online Banking Companies, Mortgage Rate, EmigrantDirect