Posted by William Charles on May 9, 2018
Savings Accounts

Published on May 9th, 2018 | by William Charles


VirtualBank 2.01% APY eMoney Market Account (Guaranteed For 1 Year)

Offer at a glance

The Offer

Direct link to offer

  • VirtualBank is offering a 2.01% APY rate for the first year on the eMoney Market account.

The Fine Print

  • A fixed, 1 year introductory APY is available to clients opening a new VirtualBank eMoney Market account with new money not currently held by VirtualBank. Accounts opened and initially funded with money transferred from an existing VirtualBank account are not eligible for the 1-year introductory period APY
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account comes with a $5 monthly fee, this is waived with a minimum daily balance of $100. There is also a $15 charge for excessive withdrawals (more than six per month).

Our Verdict

VirtualBank is a division of IBERIABANK. 2.01% APY is the new rate leader for basic savings account rates. That being said I don’t think this account is as good as the 2% APY currently being offered by Popular Bank. Here’s why

  • This is really a teaser rate, I imagine the APY after twelve months will drop significantly. Even if the rate is locked for 12 months and they plan to continue to offer a high rate that’s probably not a good thing as interest rates are expected to continue rising (having locked rates for 12 months would be better in a market with falling rates).
  • This is only 0.01% better. I hate products that offer a tiny increase over the rate leader just to be advertised as the #1 option. If you want to be the #1 option, at least give an increase of 0.05%.

Personally I think most people are best off with a rewards checking account/card offering up to 5% APY such as the Insight card anyway.

Hat tip to reader Eduardo Baez


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Do I read this correctly that Popular Bank can have only one linked account (for deposits/withdrawals)?

Irrelevant if you’re using a hub account to manage all your transfers.

I’ll take it as a “yes”, thank you.

I have no idea, because I don’t have an account. My statement still stands.

Ken, you are the worst.

What am I missing?

Well, someone asked a valid question about an account and you claimed it was irrelevant. Keep in mind that the world doesn’t revolve around you. Just because you personally find something to be irrelevant doesn’t mean that it is irrelevant.

Your next post revealed that you don’t even have an account, so your input on the matter is not worth even much but you’ve decided to chime in anyway and attack someone’s question as being irrelevant.

It’s his shtick. He’s like the old guy at the party who has lost all the magic in the last few remaining years of his life and he just sucks the fun out of all this game for the noobs with his heavy handed comments. Rather than encourage a community and foster new folks excitement, he just come off as unhelpful sometimes.

I’ve seen his kind in all sorts of user groups in my life. They’re just worn out elitists.

Take a look around you see him doing it frequently in a lot of threads to new kids so it’s par for the course and has even happened to me.

However, to elaborate on his “irrelevant” comment what he really is trying to convey is this: crappy accounts like popular direct that only allow you to link to one account, or something like wells fargo that only allows you to inbound 10k and outbound 5k a month just don’t matter to the churning game. This game is best played by getting an account with Ally or Discover which has far superior abilities and then use that “hub” account to initiate shuttling money in and out of the inferior accounts that have theses weird limitations.

I’m sorry you feel that way. The way to play this game is not to limit yourself to the bonus banks’s (usually) crappy ACH rules but to have at least one hub account to do all of your ACH transfers between accounts. I’ve opened nearly 100 bank accounts using this method and it’s the only way to go. There’s a reason why there’s a whole hub account page here:

I’m with Ken on this. He is to the point and is correct.


Um, The Popular account is not even locking the 2% rate for 1 month while this one locks the rate for 1 year. So I think this is certainly the better one between the two. Its not like this is a CD where you are struck….just move it out to whatever is then best at the end of 1 year or even earlier if you want to.

Verified via chat that one downside is you forfeit all interest for that month if the account is closed before interest is posted. I was also told that ACH external pushes and pulls are not limited (various blog posts cited a $100K limit which is not the case). Keep balance above $100 to avoid any fees.

I recommend that fellow ALLY customers holding the no penalty 2.0% CDs withdraw funds and consider placing them here. A massive outflow would cause ALLY to reassess their rates, hopefully in an upward direction. Hallelujah for competition!

So, I just went through the application process and it is pending. Credit card funding by Visa or Mastercard is available. There appears to be no limit. There was an informational button next to the funding amount field and it just said something along the lines of check the amount of credit available to you by your card issuer. I went ahead and tried $2,000 with my Blispay card and it is currently showing as pending on my Blispay account with a transaction from Iberiabank. I will update whether I am approved or not.

oh now this is tempting. I just happen to have a new shiny BoA Premium Rewards card that needs a good MSing

Just applied with a $9500 charge on BoA Premium. Interestingly it did not show pending when I went to nor did I get a text message confirming the large transaction. We’ll see if it works.

someone else mentioned BOA called them and said the trans was going to post as a CA

The $9500 was over my cash advance limit so we’ll see. If this gets rejected I will probably fund off my Fidelity.

Any response from BOA?

Finally approved. Took several phone calls with VirtualBank and a temporary unfreezing of Experian for a soft pull. However, I have no way of obtaining my full account number. I received a secure message with last 4 digits of account and routing number. I sent them a message asking how to obtain it so that I can start transferring money to it from an external account. Anyone that has their online account set up figured out a way to get full account number?

UPDATE: They got back to me within minutes with the full account number.

Applied and application went pending but my CC funding for $9,990 is pending on my Fidelity visa. No sign of a hard pull.

Let us know how it turns out. Crossing fingers for no cash advance. Did they say if they took Amex?

No, they do not. Specifically only Visa and MC.

Following for updates!

Declined via email this morning. Says I was denied because of Experian but also says they did not receive my credit score. No sign of hard pull and no good explanation of denial. Boo

Applied and tried funding with my new Ink Preferred card for $2500 (Cash advance limit set to $1000). Triggered a text alert from Chase asking if I was attempting to make a purchase. Replied that I was but received a text message back saying transaction was declined.

not sure if it was due to the fraud alert, or the charge being higher than the cash advance limit.

Fraud alerts seem to be sensitive on this card, I also got one yesterday making an eBay purchase but that transaction was approve after I replied to the alert.

Jumping in. 3 of 4 of the application identity verification questions were “none of the above”. Getting in here before the damn CC churners break the credit card machine. I suspect I will get denied for Chex as an excuse not to fund, although my brief search didn’t turn up Iberia as being Chex sensitive, so there is hope.

DP: Citi DC went pending instantly for a high 4 digit sum. (My CA limit is $0) From Citi online banking – Pending* IBERIA BANK NEW ORLEANS LA Category: BUSINESS SERVICES,NOT ELSEWHERE CLASSED

Final screen – “We are reviewing your application and will be emailing you soon. Please review your inbox for email(s) from VirtualBank. If you have any questions, feel free to contact us during normal business hours at (877) 998-2265 or email us at”

E-mail says application pending. “Next Steps – You will receive another email containing additional steps needed to finalize the application process. Be on the lookout for this email which will contain the word “BSECURE” in the subject line.”

Got the BSECURE e-mail this morning, which requested I setup a secure e-mail portal. Did that. Also, got a normal e-mail requesting a copy of my drivers license via e-mail or FAX. Replied at lunchtime today – no response. Reviewed the e-mail again more thoroughly just now and it says “Do not to reply” in the fine print.
– Says to e-mail:
– My reply went to

1. Why not use the secure portal?
2. Why play word games with e-mail addresses? I imagine they got it twice now, but still.

Got a mailed letter today from VirtualBank. I was totally expecting it to be a rejection. Nope – letter just confirming I applied. However, Citi D/C pending authorization has now fallen off. I have no new e-mail or secure messages from them, so I am still expecting to be denied, whenever they get around to it.

Glad to see a fellow Citi DC cc funder. Bonus on bonus baby! Well i guess in this case its just one bonus. Did it post on the DC?

Edit: just realized its past midnight and not really next day so you prob have no new info.

Ding Ding Ding! 9K just got pulled from my Citi DC, purchase backdated to May 10th, $0 CA limit set. We have progress!

Opened account and funded $2000 with US Bank card (went with 2k because of earlier data point). Already received the account info and charge is pending on US Bank card.

DP: Posted as a purchase so 2k on US Bank works

Got a general question here: Do banks report bank transfers to IRS if a person transfers funds from one of their accounts to another one?, For example if it’s higher than $10k, like they do with cash?

IRS has nothing to do with large cash transactions and AML efforts. You’re thinking of the FBI. Now, if you get audited you may have to explain where deposits come from.

Banks must report any cash deposits (and withdrawals for that matter) in excess of $10,000 to the IRS pursuant to the Currency and Foreign Transactions Reporting Act started in 1970. To do this, the bank will submit IRS Form 8300.

This is irrelevant since Gene asked about transfers. Transfers aren’t cash and aren’t subject to CTRs.

Not that I often transfer those large sums, but I’ve done a few over 20, 30K or more. Banks don’t seem to care…. Other than taking their time to clear the transaction. It’s when you walk into a bank with 10k+ in cash that a lot of questions start coming up. Also, it’s normal to transfer large amounts from self to self. Start transferring large amounts to someone else could create issues. But… l am Not a lawyer… nor an Accountant… Just some dude. As long as you’re not a terrorist and not a money launder you should be all right. And if you are a terrorist or a money launderer you probably know the exact rules you should avoid.

My application is pending as is the $19,500 charge on my Merrill Lynch card.

Hoping for the best!

LOL, go big or go home! Waiting on an answer for mine. But you win…. Currently bidding at 9k. Might come back for 15K savings?

If this goes through I’m going to try to double that. 😀 😀

I have a feeling they are printing our John Deere letters and putting them in the mailbox. Double-checked the secure portal, regular e-mail, and SPAM. Not a peep, other than the BSECURE e-mail that had my username, but no password. Some guy below said he got approved, then denied – sounds like some HSBC workers must have got hired on at Iberia.

I think you’re right. My charge is still pending and I haven’t heard anything from the bank about an account # or login.

Edited: – Just saw your update about getting a letter and having the charge post. Updating my status to cautiously optimistic. 😀

Yes, it’s a good sign that the credit card charge posted. But they put me into a little bit of a jam by doing so. My credit card statement closes tomorrow so I went ahead and paid it now via Citi website, vice having 10000 in debt showing up on my credit report for the next month.

That happened to me with 10k in BBVA funding. Charge posted the same day as the statement close, so (in Bill Clinton voice) I feel your pain!

What do you think about capital one spark business? I want to fund 10k to receive the bonus. Hopefully, it would work.

DP: Charge for 2k is pending on Citi AA card. Got the application pending screen. When I tried to fund with 4k, I got an error from VirtualBank saying something similar to “Error processing your card”. Citi had no record of a decline, so there may be a limit now?

I just talked to a rep through online chat and she confirmed its a soft pull to open an account. Also the option of using credit card funding is available with no limit on the amount! Opening an account today!

Got to the part where I enter CC funding info and every card I tried and for every amount it errored out. Even $100 from my debit card had errors. Saving the app had errors, but eventually it saved app and kicked me out. I give up.

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