Updated: Apr 07, 2024

VirtualBank eMoney Market Account 2024 Review

Our review of the VirtualBank eMoney Market Account looks at its interest rates, fees, and features compared to other popular MMAs.
Today's Rates
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5.35% APY

Money market accounts can help you grow your money safely and securely. VirtualBank's eMoney Market account features and convenient online access to your savings balances. 

Our Verdict

The Virtual Bank eMoney Market account is an online money market option that's designed for people who save a little or a lot. Balances earn a competitive rate and the same APY applies to every penny you save. 

You might consider saving with VirtualBank if you:

  • Want a simple money market savings option
  • Are comfortable with online and mobile banking
  • Prefer to avoid a monthly fee for money market savings
  • Have at least $100 to open an account

It's fairly easy to open an account with VirtualBank online. In addition to high-yield money market accounts, VirtualBank also offers CDs. There are no checking accounts or other banking options offered here.

VirtualBank eMoney Market Account Pros & Cons

  • Savers earn an impressive APY that applies across all account balances
  • No monthly maintenance fee
  • $100 minimum opening deposit
  • No branch banking access
  • No checks or debit cards

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Compared to Other Online Savings Accounts

U.S. Bank Elite Money Market Account

U.S. Bank's Elite Money Market account earns an outstanding APY on balances of $25,000 or more. If your balance dips below that, you'll earn a much lower rate. You do, however, get the benefit of being able to access money market savings via an ATM card, debit card, checks, or at a U.S. Bank branch. 

Read our full U.S. Bank Elite Money Market Account review.

Discover Bank Money Market Account

Discover Bank pays a solid APY on money market balances, though you can earn a slightly higher rate if you keep $100,000 or more in your account. There are no fees of any kind and you'll be able to withdraw cash at 60,000+ ATMs or write checks from your account. The minimum opening deposit for this account is $2,500. 

Read our full Discover Bank Money Market Account review.

NBKC Bank Money Market Account

NBKC Bank offers a full suite of banking products, including high-yield money market accounts. The APY is below what you could earn with VirtualBank, but you do get access to other benefits, including fee-free ATM withdrawals and ATM surcharge rebates. The minimum balance required to earn the advertised APY is just $0.01. 

Read our full NBKC Bank Money Market Account review.

Ally Bank Money Market Account

Ally offers a generous APY to money market savers with no monthly fees or minimum balance requirements. You'll be able to withdraw cash at 43,000+ Allpoint ATMs fee-free and get up to $10 per month in foreign ATM fee rebates. In addition to no monthly fee, you won't pay overdraft fees, wire transfer fees, or fees for cashier's checks and official checks. 

Read our full Ally Bank Money Market Account review

Interest Rates

If you're opening a money market account to grow your money, then the rate you earn can make a difference. VirtualBank offers one of the highest APYs of any money market account option and it beats some of the best high-yield savings accounts as well. 

Rates apply across all balances, which is great if you plan to save just a little money or six figures. VirtualBank's CD rates are also above the national average, though it's possible to find higher-yielding CD options elsewhere.  

With so many banks offering money market accounts online, it's helpful to shop around. 

Here are some helpful questions to ask as you search for the right savings option. 

  • What is the APY and how is it applied? 
  • Is there a minimum balance to earn the advertised APY?
  • Are there limits on how much interest you can earn?
  • How often is interest compounded and credited to your account?

You might be able to find answers to these questions on the bank's website, either on the money market account page or in the FAQs. The deposit account agreement can provide additional details. 


Bank fees can make a money market account less valuable if what you pay exceeds what you earn in interest. Online banks are usually fee-friendly, but it's still a good idea to read the fine print.

Other Service Fees - VirtualBank eMoney Market Account

Type Fee
Monthly maintenance fee $0
Paper statements $10
Overdraft fees $35
Returned paid item $35
Stop payment $35
Incoming wire transfer $15
Outgoing domestic wire transfer $25
Outgoing international wire transfer (foreign currency) $40
Outgoing international wire transfer (U.S. currency) $50

Overall, there aren't many fees, which is a plus. 

ATM Access

Some money market accounts come with an ATM card or debit card. That's handy if you need to withdraw cash at an ATM or make a purchase. 

VirtualBank doesn't offer an ATM card with the eMoney Market account. You won't get a debit card or paper checks either. 

That's something to consider if you plan to deposit all of your savings here. If you need to withdraw cash, you'll first need to transfer funds from your money market account to a linked bank account that you can access at an ATM or branch. 

If you're interested in a money market account that offers an ATM card, look for a bank that offers ATM fee rebates

The bank may already have a sizable network of fee-free ATMs you can use. But getting foreign ATM surcharges refunded back to you gives you even more options for where you can withdraw cash. 

Account Management

VirtualBank offers online and mobile banking access to money market accounts. There are no branches or ATMs, as mentioned. 

If you need to deposit funds to your account, here's how you can do it:

  • Mobile check deposit
  • ACH transfer from a linked bank account
  • Incoming wire transfer (domestic or international)

Again, if you need to withdraw or deposit cash you'll need to transfer funds to a linked bank account first. 

Since there are no ATM cards, debit cards, checks or branches, accessibility is a little more limited here. But on the bright side, it's more difficult to impulsively spend your money market savings. 

You might appreciate that if you've struggled to stick with a savings plan in the past. 

FDIC Insurance

VirtualBank deposits are FDIC-insured. If you're not familiar with how FDIC insurance works, it's designed to protect deposits when a bank fails. 

Bank failures don't happen that often but if they do, the FDIC steps in to cover depositors. 

The current FDIC coverage limit is $250,000 per depositor, per account ownership type. Those limits apply to each FDIC member bank you have accounts with. 

What to Look for in a Savings Account

Money market accounts and savings accounts aren't always the same thing. 

As mentioned, a money market account might come with an ATM card, debit card or checks. While some banks do offer ATM cards with savings accounts, that's usually the exception and not the rule. 

If you think a money market account is the best way for you to save, it helps to know how to compare them. 

Here are a few things to look at when reviewing money market options. 

  • What APY will you earn?
  • Is the rate the same across all balances or is it tiered? 
  • How much will you need to deposit to open a new account?
  • Is there a monthly fee? And if so, are there ways to avoid it?
  • Will you get a debit card/ATM card/checks? 
  • If an ATM card is included, how large is the ATM network?
  • Are there any refunds for out-of-network ATM fees? 
  • What are the daily, weekly or monthly deposit limits?
  • What are the limits on withdrawals? Does the bank charge an excess withdrawal fee?
  • Do you have access to online and mobile banking?
  • What features are included with either one? For example, can you use remote capture to deposit checks? 
  • What options do you have for contacting customer service if you need help or have questions? 

It may help to compare savings accounts at online banks first since that's where you're more likely to find the highest rates being offered. You can also check out money market accounts at traditional banks and credit unions to see how they measure up. 

Frequently Asked Questions

Is VirtualBank legit? 

VirtualBank is a legitimate online banking operation and a division of First Horizon. Both VirtualBank and First Horizon are FDIC-insured. VirtualBank offers two deposit account options: high-yield money market accounts and high-yield CDs. 

What is the downside of a money market account? 

Some potential downsides of money market accounts include limits on withdrawals and lower rates, depending on where you bank. An online money market account may offer a better rate than a traditional bank. If you're considering a money market savings account, look at the different ways you'll be able to withdraw funds and whether you're limited to a certain number of transactions each month. 

Does VirtualBank offer business money market accounts? 

No, at this time VirtualBank only offers personal accounts. There are, however, other online banks that offer business money market accounts, business savings accounts, business CD accounts and business checking. 

Can anyone open an account with VirtualBank?

According to the bank's website, new account openings may be limited to existing customers. New customers may be accepted, though geographic limitations may apply. If you're unsure whether you can open an account with VirtualBank or not, the easiest way to find out is to apply online.