VirtualBank October 2024 Review: Money Market Accounts with Above-Average Yields

While VirtualBank previously offered certificates of deposit (CDs) and other products, customers can now only open a money market account (MMA). Here’s a look at what this online bank offers and why it might be on your radar.

All rates and fees are as of October 23, 2024 and are subject to change.

Due to the upcoming digital changes, VirtualBank is currently only offering MMAs and is not opening new accounts. As new accounts are re-approved, there is a possibility that they will be restricted to existing customers only.

VirtualBank tariffs and products

Currently, VirtualBank only offers MMAs. The bank has not indicated whether it will offer CDs again or offer products such as checking or savings accounts in the future.

MMA’s

MMAs are the only product offered by VirtualBank. These digital accounts do not offer debit cards or checkbooks, but can easily be linked to an existing bank account for incoming or outgoing transfers.

You can open a VirtualBank eMMA with an opening deposit of $100. Like many other top MMAs, there is no minimum balance requirement. All accounts also currently earn 4.75% APY, regardless of your balance.

Other services VirtualBank offers

Currently, VirtualBank only offers eMMAs. If you are looking for a personal loan, credit cards, insurance, investment portfolio or any other banking product, you will need to look for another financial institution.

Online banking

As with most online banks and credit unions today, VirtualBank customers can manage their account online through the web portal or on their smartphones and mobile devices using the VirtualBank mobile app.

With the mobile app, available on the App Store and Google Play, you can:

• View bank statements
• Deposit checks electronically
• transfer money
• Show activity
• Make selected payments
• And more

The VirtualBank platform and customer support

If you have any questions or need to contact a representative, you can contact VirtualBank by phone or email. Existing customers may call 877-998-2265, Monday through Friday, 8:30 a.m. to 5:30 p.m. Eastern Time. You can also request a callback by scheduling an online support appointment.

If you prefer a written response, you can send an email using the bank’s online contact form. Although not guaranteed, VirtualBank aims to respond to you within two business days.

Is VirtualBank safe?

VirtualBank uses multi-layered security protocols to make your online and in-app access as secure as possible. Only current browsers are permitted via a laptop, while mobile phone and tablet users must use the bank’s secure mobile app.

Reviews from VirtualBank users

Reviews for VirtualBank are very limited. For example, there are no customer reviews on Trustpilot and the company is not listed with the Better Business Bureau (BBB). However, there are some customer reviews on the App Store and Google Play that talk about users’ experiences with the bank and its digital platforms.

On Google Play, for example, VirtualBank has fewer than 20 reviews and an average rating of 2.4 out of 5 stars. In the App Store, VirtualBank has around 10 reviews with an average rating of 3.2 out of 5 stars. While there are some frustrations with the apps’ functionality, some reviews also mention slow customer service response times.

Compare VirtualBank alternatives

VirtualBank	SoFi member FDIC	Ally Bench
Top savings APR	Top savings APR	Top savings APR
4.75%	Up to 4.30%*	4.00%
Top APR Review	Top APR Review	Top APR Review
N/A	0.50%	0.25%
Top CD APY	Top CD APY	Top CD APY
N/A	N/A	4.80%
Learn more	Learn more	Learn more
Compare more Alternatives	View offer at SoFi	View offer at MoneyLion

*SoFi members with direct deposit or qualified deposits of $5,000 or more during the 30-day evaluation period can earn a 4.30% Annual Percentage Yield (APY) on savings balances (including vaults) and 0.50% APY on checking balances . There is no minimum deposit amount required to qualify for the advertised interest rate. Members without direct deposit or qualifying deposits will receive 1.20% APY on savings balances (including vaults) and 0.50% APY on checking balances during the 30-day evaluation period. Only direct deposit SoFi members are eligible for other SoFi Plus benefits. Interest rates are variable and can change at any time. These tariffs are current as of October 8th, 2024. There is no minimum balance requirement. For more information, see

Is VirtualBank Right for You?

If you want to maximize the interest earned on your money market account and don’t mind a digital-only banking institution, VirtualBank might be worth considering. With a minimum deposit of $100 and no monthly balance requirement, it’s easy to earn above-average returns on your savings. However, this digital bank currently only offers one product and has no options for personal banking and services, cash withdrawals and deposits, checking and debit cards, or other services, making it extremely limited.

Frequently asked questions

Is VirtualBank legit?

Yes, VirtualBank is a legitimate digital banking institution under the parent bank First Horizon. It operates online and currently only offers MMAs.

Is VirtualBank FDIC insured?

Yes, VirtualBank deposits are protected by FDIC coverage. First Horizon, VirtualBank’s parent institution, is a member of the FDIC and provides deposit protection to MMA customers in accordance with the FDIC’s current coverage limits.

Can I withdraw money from VirtualBank?

Although you can transfer money from VirtualBank to a connected account, you cannot withdraw cash, use a check or debit card, or visit a teller.