Virtualbank, A Division Of First Horizon Bank
Online Savings Account - 5.00% APY
• eMoney Market interest rates and APYs are variable, based on account balances, and subject to change daily without notice.
• eMoney Market Special accounts must be opened with new money not currently held at VirtualBank.
• Interest will be compounded and credited to the account every month.
• Under existing federal regulations, it can be made a maximum of six preauthorized transfers (including telephone transfers and automatic transfers) from the money market account each month. Federal regulations also require that accounts that continue to violate these limits after being contacted by the Bank, must be permanently converted to an eChecking Account with no ATM/Debit card, or be closed. An excessive withdrawal fee of $15 applies per transaction over six from a VirtualBank money market account.
• A monthly service fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $100.00 any day of the cycle.
Fee and Feature Guide
|
Savings Account |
| Interest Rate |
|
| APY |
5.00% |
| Minimum deposit amount |
$0.00 |
| Maximum deposit amount |
N/A |
| Balance Requirements |
|
| Minimum Opening Deposit |
$100.00
|
| Minimum Balance to Avoid Fees |
$100.00 |
| Minimum Required Balance |
$100.00 |
| Fees |
|
| Monthly Maintenance Fee |
$5.00 |
| Foreign ATM Fees |
$2.00 |
| Insufficient Funds Fee |
$35.00 |
| Incoming Wires |
$15.00 |
| Statements |
|
| Paper Statements |
× |
| Online Statements |
Yes |
| Online and Telephone Banking |
|
| Online Banking |
Yes |
| Telephone Banking |
Yes |
| Mobile Banking |
Yes |
| Deposit Checks with Mobile Device |
× |
| Free Bill Pay |
Yes |
| Online Bill Payments Required |
Yes |
| Account Opening |
|
| Open Online |
Yes |
| Insured by |
F.D.I.C.
|
Recent Rate Changes
|
Date
|
APY
|
|
August 20, 2023 |
5.00%
|
Customer Reviews for Virtualbank, a division of First Horizon Bank (15)
Hello VirtualBank?
December 22, 2018 | | Replies 1
I know VirtualBank has monitored these comments in the past and answered here. This is important because they do not respond to questions submitted through the website. I am trying to find out the penalties if I were to break a 1 year or a 2 year CD early??? Your website makes it impossible to know before I have opened and funded an account??!!!
Is this review helpful? Yes:4 / No: 0
Jeff | Apr 19, 2024
I think it is 1% on 1-year CDs and 2% on anything between 1 and 4 years. Not great, but not the worst I have seen.
Goldberg
November 3, 2018 |
Was reluctant to apply for an account due to the reviews but the rate is good so I gave them a try. It went smooth and account opened with no hassle like some reviewers had. Wasn’t the best, but it was not bad
Is this review helpful? Yes:3 / No: 0
Futch
August 20, 2018
Virtually impossible to deal with. They don't answer requests & cannot access account online. Florida branch extremely rude. Never do they send any info re current balance. Had extreme difficulty in setting up beneficiaries. Would never use this "bank" again . Avoid it @ your own risk. Had to go to Iberia Bank (the owner) to get any information or problem(s) resolved.
Is this review helpful? Yes:4 / No: 0
MJB
June 21, 2018 |
Spartan website, not up to the competition, unpredictably inaccessible. Primitive e-messaging system accepts sent messages, but doesn't retain them. Doesn't matter actually since so far all ignored. CSR's willing, but information often unreliable. No weekend telephone support. Quick ACH, then annoying 3-day hold.
Uncomfortable, moving on.
Is this review helpful? Yes:3 / No: 1
Swede
June 14, 2018 |
Had to apply three times to open an account. Have done a lot of online banking with little difficulty. The customer service at this bank is terrible. They subcontract to a phone bank to handle new aps!! Finally, got hold of an IT person, who confirmed many complaints. Said to contact him directly, if I needed assistance!
With the Fed increasing rates, there will be equal or better places to park your funds.
Is this review helpful? Yes:4 / No: 0
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