VirtualBank Rates & Review

VirtualBank Review

Internet lender VirtualBank was recently named Money Magazine's "Best Online Bank" and was cited by ComputerWorld as a "Premier IT Leader."

VirtualBank is an Internet-only bank that offers mortgages, home loans, and online banking with competitive rates. The bank, headquartered in Palm Beach Gardens, Florida, was recently cited by Ernst & Young as the Florida Entrepreneur of the Year for Financial Services. The bank has been named Money Magazine's "Best Online Bank" and was cited by ComputerWorld as a "Premier IT Leader."

Checking and savings account options

Customers choose among high yield checking account plans organized by deposit amount, ranging from under $2,500 to over $50,000. Online savings account rates are also tiered by deposit amount, ranging from $0 to $95,000 and up. CDs, eCDs, and premium money market accounts are also available.

Services at VirtualBank include unlimited check writing, free ATM withdrawals, free online statements, and free incoming wires. In online reviews, customers generally offer positive comments on the services and rates offered by VirtualBank.

Online banking security

According to the bank's website, accounts at VirtualBank are protected by encryption, layered security, download only passwords, and a PhoneGuardian authentication process that calls customers when verification is needed. Customers typically report a positive experience with the bank's security features.

Deposit insurance

Deposits are VirtualBank are FDIC insured up to at least $250,000 per depositor. The FDIC limits apply independently to deposits held in different ownership categories including single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.