VirtualBank vs ING Direct

[jeffrey]

I have some invites to VirtualBank. They are currently offering a $20 sign-up bonus when you open an account with them with a referral from a friend, but they do require an initial $100 deposit. There is a 30 day hold, but once that is over there is no minimum required and no monthly fees. That means your getting a 20% return on your money in a month. There current rate is 2.6%. You can see their site www.virtualbank.com but you need the referral to get the $20 (just like ING)

The sign up process more drawn out than ING - you are required to be employed and it takes about a week to get through the entire process. If you'd like a referral, please <A HREF="mailto:info@savingadvice.com">email me</A> with your full name and either "VirtualBank Referral" or "ING Referral" (I do have a few more of the ING referrals for their $25 bonus)

[crosses]

What is virtual bank and can they be trusted? I have never heard of them before.

[genchan]

It looks like VirtualBank also raised its rate to 2.8%. I did the sign up to get the $20 and it was longer than ING, but nothing overly complicated. I'm waiting for them to contact me back to see if I qualified.

As soon as the waiting period is over, I'll take the money out and put it back into EmigrantDirect to get the higher interest rate. I'll let everyone know how it goes and whether it is worth doing.

[genchan]

I received a letter of confirmation today (along with an email address from my "personal banker") from virtualbank and will call on monday to confirm the deposits that they were supposed to make. Absolutely no problems thus far.

[genchan]

I made the call to get the two small deposits made and the account is set up. It took about a week to complete everything, but worth the $20. I'll just wait until I can move the money (I think it is 3 months) and place it in the bank offering the highest interest at that time.

[terry1156]

Originally Posted by crosses

What is virtual bank and can they be trusted? I have never heard of them before.

I'm not sure which question you're asking:

Virtual banks are banks that exist on the Internet, but don't have brick and mortar offices like traditional banks.

VirtualBank is one of many virtual banks. I have a VirtualBank account and have never had any problems with it. It is federally insured just like all other banks.

[globetrotter]

Can you send me one? I have PM'd you with my information. Thanks.

[jeffrey]

Sent. enjoy

[terry1156]

Virtual Bank raised their interest rate up to 3.05%

[joseblanco]

presidential.com has 3.25% checking and 3.5% savings so all this debate is moot in my book.

[amomof4]

Jeffrey:

I am not employed as I am a housewife. Also, my husband has just destroyed his credit, & possibly mine too (still investigating it). I need to open an ING account and/or a VirtualBank account. Since I am not exactly employed, do you think I could open a VirtualBank account? I raise AKC dogs & have a rental income from rental property, but my husband takes care of the taxes etc., and I don't have an actual paycheck. I don't know if that counts.

If you think VirtualBank will give me an account, please send me an invite.

Please send me an invite also for ING.

Please hurry, Jeffrey, as I need to open an account yesterday.

[amomof4]

I checked the requirements for Presidential.com, and they require a minimum of $5,000. A little more than I control right now. So I guess, for me, that's a mute point.

[jeffrey]

Not sure if you will be able to open a virtual bank account or not, but I'll send an invite and you can try. For the ING, check your private messages

[e-personalfinances]

I have an account at ING Direct and they are very good.

[sarahfly]

Virtual Bank is at 3.4% right now. I've been very happy with my account and the customer service so far and it was very easy to open online. You also actually get real people on the phone right away if you have questions...

[Fern]

Virtual banking is a new concept for me. I've been to both the Virtual Banka nd ING sites, and i think i understand basically how it works, but in practice, how do people here use the account?

Since after the 30 day initial period it still takes up to 3 business days for a transfer to clear, how do you typically use the account? Do you just transfer the bulk of your checking account money there, then do, say, monthly transfers about a week before it's time to pay the mortgage or another big bill?

The 3+% is good, but i don't imagine it would make a big difference unelss you had a lot of money there. Granted, my current checking account pays no interest.

Just trying to learn how people typically use the account, how often they may do transfers back and forth and for what purposes.

[sarahfly]

I am currently using VB as an alternative to buying CDs since the rate is better than many CDs at the moment and the money is liquid versus stuck in a CD for 3-12 months. It's a great way to start building up that nest egg for a down payment, a vacation, or a higher yield investment that requires a bigger chunk of money. Once the rates reverse and it's more effective to put money in a CD, then I'll probably switch. But for now it's a quick and easy way to make your money work for you with as little effort as possible -- and no risk since it's FDIC insured.

My monthly expense money is still in my brick in mortar bank since I like to keep things simple (plus, like any savings account, you can only make 5 transfers a month before they charge you a monthly fee of $5 or something like that).