VIRTUAL BANK - same as ING but $20 bonus/$20 referral

[fourfoxesinpa]

I've recently signed up for a Money Market account with Virtual Bank. It works the same way as ING and is also paying 2.60%. You need $100 to open and there are no fees if you keep it open for 90 days which isn't hard to do if you're saving for a "down the road" vacation. They will charge you a fee if you close before your 90 days are up. You get $20 bonus if referred by someone who already has an account and you get $20 for each referral, up to 30 referrals. Also FDIC like ING. Check them out at www.virtualbank.com.

I found out about them at www.bankrate.com. If you do your due diligence, you'll see this is real good stuff like ING.

 

[beattyfamily]

Thanks for sharing!!

I may open one account but I don't know if I'll do my whole family. I'd have to put $100 in each account for 90 days so for my family that would be $400 on hold for 90 days. Not sure if I want to do that.

Too bad it's not $1 like ING!

 

[BethR]

Here are the details of Virutal Bank:

eMoney Market Information:

The application: What should I expect?

The application is easy to complete and should only take a few minutes. Please have the following information handy.
First & Last Name Social Security Number
Address Date of Birth
Home & Business Phone Number Employer
Email Address Employer Address
Driver's License Number Joint Applicant Information (if applicable)

IMPORTANT - Please have your checkbook available. Your personal checking account number and your bank's routing number are also needed to connect to your eMoney Market account.

The account: What are the details?


* Open with as little as $100
* No monthly fees
* Rates that consistently lead the nation
* Free online transfers to and from your local bank's personal checking account
* Easy savings plans
* This account is only available to individuals. Business, Corporate and Non-Profit Accounts are not eligible.
* Only U.S. residents with a valid social security number who are currently residing in the U.S are eligible for this account.
* Accountholders must be at least 18 years old.
* The eMoney Market account balance limit is $100,000 per client. Transfer requests in excess of $100,000 will be declined.
* VirtualBank will send two small deposits to your personal checking account that must be verified by reviewing your transaction history at the bank where your checking account resides. After verifying, you will need to confirm the amounts by going to Review Application on the VirtualBank homepage and entering the amounts of the two deposits.These deposits are sent as a fraud protection measure to protect your money and the account.
* Electronic transfers to your checking account usually take up to 3 business days.
* A 10 business day hold is placed on funds deposited into your account during the first 30 days. Every day is a business day, except Saturdays, Sundays and Federal Holidays. After 30 days, a 3 business day hold will apply to deposits.
* You may connect up to 4 personal checking accounts to this account.
* The ONLY way to deposit or withdraw funds is by logging into your account and electronically transferring the funds.
* In accordance with Regulation D, which banks must comply with, preauthorized transfers from the eMoney Market account are limited to six per monthly statement cycle. A $5 per item charge in excess of this Regulation D limitation will be assessed.
* Wire transfers, mail in deposits and issuance of bank checks are not available.
* This account does not have check writing ability.

Note : No one under age 18 can open an account.

 

[beattyfamily]

Here are the details of Virutal Bank:

Note : No one under age 18 can open an account.

Thanks another con then.

 

[fourfoxesinpa]

I, too, balked at the $100 to open the Money Market but figured I already had that sitting in ING so I transferred it from my ING account to my checking and then over to Virtual Bank. Even though the kids can't open an account and get their 20 referrals, it still works out to be a pretty good deal. We had a total of 80 referrals for ING and, if all were used, there would be $800 in ING referral $. With Virtual Bank, we have 60 (30 for me and 30 for DH) available referrals for $20 each (rather than ING's $10) for a max. referral bonus of $600. $640 for a $200 investment. Heck, yeah, I'll take that! PLUS 2.6% interest to boot. Woo-Hoo.

Another thing to mention is that when you give a referral, if the referred party ends up not opening an account, that referral is wasted. It does not come back to you 30 days later. So, if someone asks for a referral, they must be positive that they are going to open an account.