Things have quite with Virtual for awhile and now they have taken the lead on easy for everyone to open 6 month CDs at 5.55%. Anyone opening one? I did Virtuals MM a few months ago with just the $100 Min just to be ready if a nice CD offer came along. Would be about the easiest CD to open as just have to pull the money into my MM, Fill out online application and they take the funds from the MM. I just talked to a CSR there and was told if you don't want it to renew all you have to do is send a message thru their secure bank mail message center and they transfer it back to your MM and you can just pull it out. Any complaints here from people who have accounts with them? When I tell my friends about this offer they give me look and say "A Virtual Bank?" Not sure if it's worth waiting to see what FEDS say tomorrow as I would think the good rates we are seeing now already have the hike figured into them

Yeah, their 6 month CD looks really attractive... even for those that don't have an account with them. Their $20 bonus is still there and everything can be done online.

bill777 said:Does Virtual Bank actually do hard credit pull on new customers recently?

FYI, GMAC used to soft-pull but changed to hard-pull a few months ago.

TIA.
I opened about 3 months ago and no pulls at all

UnixLab said:Virtual Bank decides to join the war.

Virtual Bank eMoney Market
Balance Rate APY* Min. Open

Under $10,000.00 4.50% 4.60% $100
$10,000.00 - $24,999.99 4.50% 4.60% $100
$25,000.00 - $49,999.99 4.50% 4.60% $100
$50,000.00 - $99,999.99 4.75% 4.86% $100
$100,000.00 and up 5.00% 5.13% $100

Thanks! Updated OP... now how many have 100,000+ to get that APY ?

Savemeister said:Virtual Bank seems real solid to me, but they do have a B&M mentality. I don't care for the tiered-rate concept, but I guess it helps them weed-out customers that are not what they consider serious savers.
And I have never gotten the one rate for all amounts. Costs to maintain are the same for a bank for someone who has $100 or $100,000. Higher balances should receive higher rates. Would think it would be more profitable for a bank and in turn could let them give decent rates for lower balances.

markkundinger said:They only pay the max rate with a $100,000 balance, and yet the maximum amount in the account is $100,000?

That's slightly cheesy.

Does seem odd. I am thinking maybe they forgot to take that out when they changed to the tiered account. Went thru all the disclosures and could not find anything on this so will call when they open. If that max is the case would not be a big deal, could simply ACH out the interest every month

welookgoodcom said:Who credits interest sooner them or Emigrant. For example they recieve $ on Mon. Does the interest start accuring from Mon, or 1 day, 2 days
Well I have now done my first transfer and can answer you, It's a tie. I pulled from Virtual site on 7/5 and money in my account earning interest on 7/6. So 1 day for Emigrant and Virtual. I also pulled on my HSBC at the same time and now 2 days later money is still somewhere floating around not showing in either account. Does seem banks like ING and HSBC take advantage of that up to 3 days to complete a transfer, while others somehow get it done in 1 day