Bank Rate provided by Virtual Bank refers to all the interest rates that Virtual Bank offer on its’ Certificates of Deposit, Money Market Accounts and Checking Accounts. This Virtual Bank of Florida, which offers Internet banking service, is actually a subsidiary of Lydian Trust Company.
The Virtual Bank holds the status of a federally chartered financial organization. FDIC or Federal Deposit Insurance Corporation insures all the money investments done through Virtual Bank.
Interest Rates offered by Virtual Bank on Certificates of Deposit:
If customers goes for a Virtual Bank Certificate of Deposit of minimum $10,000 and chooses a term period of 3 months, then he receives an interest rate of 3.20% on his CD.
By making a certificate of deposit of minimum $10,000, one may earn an interest rate of 3%, by choosing a term period of 6 months or 12 months.
The Virtual Bank Certificates of Deposit of minimum $10,000 can earn 2.75% interest rate, if the customer chooses the term period of 9 months or 18 months.
The Certificates of Deposit of $10,000 and above, which carry term periods of 2 years or 3years or 4 years or 5 years offer an interest rate of 2.75%.
Interest Rates offered by Virtual Bank on the Money Market Accounts:
If the Money Market Account holders of Virtual Bank maintain a balance of less than $5,000 in their account, then they receive an interest rate of 2.25%.
The Holders of Virtual Bank Premium Money Market Account, receive 2.50% interest rate on maintaining the account balance somewhere between $5,000 and $ 24,999.99.
For maintaining the balance within the range of $25,000 and $49.999,99, the holders of Premium Money Market Account receive an interest rate of 2.75%.
If the Premium Money Market Account holders hold an account balance somewhere between $50,000 and $94,999.99, they get 3% rate of interest.
For maintaining an account balance above $95,000, the Premium Money Market Accounts earn an interest rate of 3.25%.
Last Updated on : 30th July 2013