Good CD rates being offered by banks continued to be hard to come by in May 2013. However, when a rate is offered over 1 percent savers should pay attention, especially those with a large amount that needs to remain liquid. VirtualBank currently represents one of these opportunities with a 3-year CD offering over 1.3 percent for deposits reaching at least $10,000.

VirtualBank first gained consumer attention using the popular new account bonus offering of $20 for every new account opened. At that time it was run by Lydian Private Bank. However, federal regulators closed the operation in 2011 and sold off the assets and accounts to Sabadell United Bank, S.A.

Since that time, the Bank continues to offer bank services over the Internet as well as higher interest tools for customers who only bank online. The operation is now a subsidiary of Sabedell United Bank, which is also a branch of the private Spanish bank, Banco de Sabadell S.A. VirtualBank offers all the standard accounts of checking, savings and money market. However, a depositor over the Internet has to still have an existing bank to transfer money into VirtualBank. The only physical branches of the institution are located in Florida. 27 locations exist to be exact.

The current 3-year CD rate deal is actually part of a large campaign of interest offerings that increase the longer the saver deposits his money. For example, a 1 month saver only realizes 0.15 percent per annum but a 5-year CD deposit will realize 1.4 percent annually. So if interest matters for money that needs to stay fairly liquid, the new VirtualBank may be the option, at least for 2013.

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