Virtual Bank Savings Account

Virtual Bank Savings Account Review

Virtual Bank Savings Account is offered by VirtualBank, a division of First Horizon Bank, a bank founded in 2009 and based in Palm Beach Gardens, FL. Virtual Bank savings account are available in 50 states (and Washington, DC).

Key Takeaways

• Higher than average APY. Virtual Bank Savings Account has an annual percentage yield of up to 0.4%, which is higher than the average interest rate for savings accounts.

Virtual Bank savings account Pros & Cons

Virtual Bank savings account FAQ

Are savings accounts from VirtualBank, a division of First Horizon Bank federally insured?

Yes, your VirtualBank savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does VirtualBank offer a signup bonus?

Virtual Bank savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Virtual Bank savings account?

What APY does Virtual Bank Savings Account offer?

Virtual Bank savings account offers a variable APY starting at 0.25% and ranging up to 0.4% (APY stands for annual percentage yield, rates may change).

What fees does Virtual Bank savings account charge?

Virtual Bank savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $25 fee.
• Incoming domestic bank transfers come with a $15 fee.
• Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $15 fee.
• An overdraft on your account will trigger a $35 fee per item.
• Virtual Bank savings account charges $10 every time you request a paper statement.

Does Virtual Bank savings account charge overdraft fees?

Virtual Bank savings account offers overdraft protection at a cost of $35 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.

What features and perks does Virtual Bank savings account offer?

This savings account includes the following features:

• Mobile Banking Services - Virtual Bank savings account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to Virtual Bank savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.