For a referral, skip to the bottom.
Why should you go through the hastle of changing banks? You've had the same bank for years now, and they've always been there to help you, be it on the phone or at your local branch. Well, if you were like I was, you weren't getting a thing for that money that's sitting in your local checking account. Even if you are earning interest for having your hard-earned money sitting in their bank, the rates just don't compare. You might have heard about some banks that are strictly online. These banks are often separate branches of other well-established banks (brick and mortar). There are a variety of banks that are online only and thus are able to save money from not having to pay rent, utilities, and tellers for multiple branches. They can pass this savings on to you, their valued customers. Opening and having an account is easy, and there is no need to switch banks. You can simply link your existing checking account to your new online account and transfer money back and forth. You can leave your money to accumulate interest and then transfer money back to your checking as you need it for other things such as paying your credit cards.
There are many online only banks with competing rates, many of which are higher than virtual bank's 4.6% APY. So why should you choose a bank that's rates fall short? Virtual bank has great customer service. Their phone operators are there until 9pm EST during the week. They are very helpful in answering your questions and prove to you why they should get your service. If you're like me and don't have tens or thousands of dollars to play with, then the .1 or .15% difference between Virtual Bank's rates and other, higher rates will mean a mere $10 or $15 dollars a year on your $10000. If you sign up for Virtualbank using my referral (see below) you'll get $20 for opening an account. If you refer other people you'll get $20 for each new account opened, up to 50 people. So you could potentially make $1020 in referrals.
I read reviews on various banking sites about experiences with online banks. I saw that Virtualbank got good reviews and that it was fairly easy to use. I read on a forum somewhere that you could get a free $20 for signing up, all you had to do was get referred. I sent emails to a few people that posted on forums to try and find a working link, but that took awhile. This account is nice because it doesn't require you to fill out anything and mail it in like other banks. They'll send your other account 2 small deposits (less than a dollar) and then you verify your account like that. The form was very simple and the entire sign-up process was a breeze. I could login right away and check the current status of my account and everything. My free $20 showed up very quickly, I would definitely recommend it and I'm transferring the rest of my money into this savings account to earn the high interest.
Virtual bank has the best referral system around. You can refer up to 50 people. If you refer someone, they get a $20 bonus for opening an account and you get $20 for referring them. If you happen to use all of your referrals, that's $1000! Email me at [email protected] if you'd like a referral and I'll get back to you within a day. If you get referred when you open your account, that's $1020. Referrals bonuses show up as interest on your account.
Excellent; very helpful, lightning quick response time
Web Site Experience:
Excellent; easy to navigate and fast serving
Web Site Load Time:
Loads faster than usual
$20 referral makes 4.6 APY Virtualbank better than other online banks
No online bill payer, but you can transfer to your checking to do that
The Bottom Line:
If you're looking for great interest rates and good customer service or even just a free $20 choose Virtual Bank.
Overall Product Rating: