Virtual Bank, a Florida-based online bank, has CD and savings accounts which are among the best rated on the BestCashCow.com rate charts.
In the past, the bank has tended to raise and lower rates quickly, so depositors will probably need to act quickly in order to secure these rates and to monitor the bank's savings rates carefully if they choose to open savings accounts.
With CD accounts, the back does not guarantee a rate when you complete an application (very unusual among online banks) but only when you verify trial deposits. Users are therefore advised to monitor the rate before completing the trial deposits.
As with all deposits in this uncertain period, depositors should be careful to keep deposits below the FDIC insurance limits.
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