The product CD 4-year Account from Virtualbank, a division of First Horizon Bank with 3.67% APY and $10,000 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $28,679. The interest earned would be $8,679 and the tax amount on the interest earned would be approximately $2,604.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.81% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 163 | 114 |
| 2 | 20,163 | 164 | 115 |
| 3 | 20,327 | 165 | 116 |
| 4 | 20,492 | 167 | 117 |
| 5 | 20,658 | 168 | 118 |
| 6 | 20,826 | 169 | 119 |
| 7 | 20,996 | 171 | 119 |
| 8 | 21,166 | 172 | 120 |
| 9 | 21,338 | 173 | 121 |
| 10 | 21,512 | 175 | 122 |
| TOTAL: | $1,687 | $1,181 |
| Rate: 3.67% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 734 | 514 |
| 2 | 20,734 | 761 | 533 |
| 3 | 21,495 | 789 | 552 |
| 4 | 22,284 | 818 | 572 |
| 5 | 23,102 | 848 | 593 |
| 6 | 23,949 | 879 | 615 |
| 7 | 24,828 | 911 | 638 |
| 8 | 25,740 | 945 | 661 |
| 9 | 26,684 | 979 | 686 |
| 10 | 27,664 | 1,015 | 711 |
| TOTAL: | $8,679 | $6,075 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| August 20, 2023 | 3.67% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on October 28. |
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Customer Reviews for Virtualbank, a division of First Horizon Bank (15)
Hello VirtualBank?
December 22, 2018 | | Replies 1
I know VirtualBank has monitored these comments in the past and answered here. This is important because they do not respond to questions submitted through the website. I am trying to find out the penalties if I were to break a 1 year or a 2 year CD early??? Your website makes it impossible to know before I have opened and funded an account??!!!
Is this review helpful? Yes:4 / No: 0
Jeff | Dec 26, 2018
I think it is 1% on 1-year CDs and 2% on anything between 1 and 4 years. Not great, but not the worst I have seen.
Goldberg
November 3, 2018 |
Was reluctant to apply for an account due to the reviews but the rate is good so I gave them a try. It went smooth and account opened with no hassle like some reviewers had. Wasn’t the best, but it was not bad
Is this review helpful? Yes:3 / No: 0
Futch
August 20, 2018
Virtually impossible to deal with. They don't answer requests & cannot access account online. Florida branch extremely rude. Never do they send any info re current balance. Had extreme difficulty in setting up beneficiaries. Would never use this "bank" again . Avoid it @ your own risk. Had to go to Iberia Bank (the owner) to get any information or problem(s) resolved.
Is this review helpful? Yes:4 / No: 0
MJB
June 21, 2018 |
Spartan website, not up to the competition, unpredictably inaccessible. Primitive e-messaging system accepts sent messages, but doesn't retain them. Doesn't matter actually since so far all ignored. CSR's willing, but information often unreliable. No weekend telephone support. Quick ACH, then annoying 3-day hold.
Uncomfortable, moving on.
Is this review helpful? Yes:3 / No: 1
Swede
June 14, 2018 |
Had to apply three times to open an account. Have done a lot of online banking with little difficulty. The customer service at this bank is terrible. They subcontract to a phone bank to handle new aps!! Finally, got hold of an IT person, who confirmed many complaints. Said to contact him directly, if I needed assistance!
With the Fed increasing rates, there will be equal or better places to park your funds.
Is this review helpful? Yes:4 / No: 0
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