Below are Internet banking companies that provide on-line accounts that provide some of the highest yields on your account funds with flexibility to add and withdraw money easily.
All banks listed below are FDIC insured funds (up to $100,000).
(rate as of 3/25/2006; read through the below information page for current rates)
Summary of VirtualBank's eMoney Market account: (below information obtained from Virtual Bank's web site on 11/11/2004)
FDIC insured to $100,000.00
Open with as little as $100.00, maximum of $100,000.00, once initial deposit is set up, no minimum balance is required
No monthly fees (see below for details)
Free online transfers to and from your local bank's personal checking account(s)
Free online statements (optional paper statements available for a fee)
Rates that consistently lead the nation
Interest is compounded daily and credited monthly
Electronic deposits and withdrawals -- no checks or ATM cards available in this money market account
Transfers can be one transaction at a time as needed, or
You can also set up to automatically transfer funds on a weekly, bi-weekly, monthly, quarterly, semi-annually, tri-annually, or annual schedule
You can have up to 4 local bank checking accounts that are eligible to send deposits to this one eMoney Market account
eMoney Market Information:
Note: this is not designed to be a checking account, just a great place to transfer funds from your checking account so that they can earn interest until the funds are needed. Transfer back to your checking account is also just as easy. It is an electronic, paperless account, although you can get a paper monthly statement for an additional fee (see fee listing below).
Because this is a money market account as defined by Regulation D, preauthorized transfers and withdrawals are limited to six per statement cycle (a calender month) with no more than three by check, draft, debit card or similar order to third parties. Wire transfers, mail in deposits, and issuance of bank checks are not available. This account does not have a check writing ability.
You'll need to have at least $100 deposited to a current personal checking account to open this money market account -- no business, corporate, or non-profit accounts allowed. You can open either a joint account (2 types of joint accounts -- both types explained when you apply) or an individual account.
Steps required to opening an eMoney Market account:
Simply apply online (please have your personal information ready) -- click on the image below to apply, but read the rest of the below information first
You will need to provide your current checking account information (all found on your printed check), including: bank’s name, ABA/Routing number, and personal checking account number(s)
Within three business days after your application is approved, VirtualBank will send two small deposits (under $1 each deposit) to your personal checking account which you will need to verify in order to validate account ownership. VirtualBank will notify you by email when these deposits have been sent. These deposits are sent as a fraud protection measure to protect your money and the account. The two deposits sent to your local checking account are "free" -- you get to keep them.
To verify the amounts of the two deposits, you will need to review your transaction history at the bank where your checking account resides. You have 30 days to do this verification in order to open your new account.
Let VirtualBank know that you verified the two deposits by going to Review Application on the VirtualBank homepage and entering the amounts of the two deposits. Your eMoney Market account will be opened within 2 business days. They will then do an electronic ACH from your personal checking account for the amount you requested ($100 minimum) to open your new account after you confirm the two deposits as explained above.
A 10 business day hold is placed on funds deposited into your account during the first 30 days. After 30 days, a 3 business day hold will apply to deposits. Every day is a business day, except Saturdays, Sundays and Federal Holidays. Electronic transfers to your checking account usually take up to 3 business days.
After your account is opened, future deposits and withdrawals can be made by logging in to VirtualBank and electronically transferring funds online.
Fees that VirtuaBank charges:
| Internet banking fee: $0.00 | Close-out in first 90 days fee: $50.00 | VirtualBank by Phone 24-hour telephone access fee: $0.00 |
| Direct deposit/ACH fee: $0.00 | Chargeback/return deposit fee: $15.00 | Non Sufficient Funds/Overdraft fee per item: $25.00 |
| Levy/Garnishment: $50.00 | Online statement fee: $0.00 | Statement copy fee if retrieved by VirtualBank: $5.00 |
| Research fee: $20.00 per hour | Stop payment fee: $25.00 | Wire transfer fee - outgoing international: $45.00 |
| Telephone Transfer fee: $0.00 | Deposit envelopes fee: $0.00 | Inactive account fee (more than 12 months inactive): $5.00 per statement cycle |
| Wire transfer fee - incoming: $0.00 | Wire transfer fee outgoing domestic: $20.00 | Overnight mail delivery at your request: Market price based on delivery source |
Account per item charge in excess of regulatory limitations: $5.00 (this is for going over the 6 preauthorized transfers and withdrawals per statement cycle limit)
Online statements: Your account statement and check images are available to you online with no service fee. If you wish to have a paper statement mailed to you, a monthly service fee of $5.00 is charged.
In accordance with Regulation D, which banks must comply with, preauthorized transfers and withdrawals are limited to six per statement cycle with no more than three by check, draft, debit card or similar order to third parties. A $5 per item charge in excess of Regulation D limitations will be assessed.
Information required to open the account -- have the following information handy:
| First & Last Name | Home & Business Phone Number | Address (must currently reside in the United States) |
| Social Security Number | Email Address | Date of Birth (you must be 18 years or older to open the account) |
| Employer (if not retired) | Driver's License Number | If opening a joint account -- social security number and relationship to you |
| Employer Address | Checkbook information | Amount of initial deposit; Min: $100; Max: $100,000 |
The only "tricky" item when filling out the application is that if you are retired and check off the "I am retired" box, the next section states: "At least one month of employment history is required for this application". You can just uncheck the "Current Employer" box and then ignore the employment history section completely and continue with the application.
If there is a joint applicant, then you also need the joint applicant's: name, social security number, relationship to original applicant (brother, father, child, etc), date of birth, home phone number, marital status, email address (optional), driver license number, driver license state, address (if different than the original applicant). Also, joint applicant must also be a U.S. citizen or permanent resident alien to apply.
IMPORTANT - Please have a check from your personal checking account available to look at. Your personal checking account number and your bank's routing number are needed to connect to your eMoney Market account -- the information for both of these numbers are printed on your check. The on-line application shows you a picture of a sample check and shows you where these numbers are found. You also must have the amount you want to deposit in the money market account available in your local checking account.
Sounds like a good amount of information, but the whole application process takes just a few minutes. The important thing is to have the required information ready to enter before you click below.
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* = rate quote is on amounts up to $50,000 deposited. Rates may change at any time.
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