Union Bank offers a variety of CD terms. The terms range from 91-days to 60-months. They provide standard CDs as well as agricultural CDs. These are for the farmers of Michigan who have their business accounts with Union Bank.

The Union Bank CDs offer interest rates that are competitive with other online CDs. They offer a special 15-month and a 36-month terms. These terms earn more competitive interest rates. These two CDs are promotional. The other CDs are not promotional and earn competitive rates.

The initial required amount to open standard Union Bank CDs is low. Each of the CD terms only requires $500 to open. The interest rates are not tiered. Any balance over $500 earns competitive interest rates.

You can choose how to receive the interest you earn off Union Bank CDs. You can have the interest added to the CD balance. You can have the money mailed to you in the form of a check. You can also have the interest deposited into another checking or savings account.

Union Bank CDs cannot be opened entirely online. You fill out the initial application online. Once the bank reviews your information, they will contact you. You then set up a time to go into a branch location to finish the account opening process. When you visit the branch, you will pay the initial opening amount.

Union Bank CDs do not offer an interest rate guarantee. If the rates increase shortly after you open a CD, you will not receive the higher rates. Union Bank CD rates are competitive with other online CDs.

The only deposit you can make into Union Bank CDs is the initial deposit when you open the CD. After that, you must wait until the CD reaches maturity to add money to the account. The CD will automatically renew unless you contact customer service to make changes.

The only personal CDs Union Bank offers are standard CD terms. They do not offer IRA, educational, no-penalty, or add on CDs. The standard CD terms range from 91-days to 60-months.

Read the full Union Bank review.

VirtualBank offers online CD accounts. Each term offers competitive interest rates. The rates are competitive with other online CDs. VirtualBank interest rates are much higher than typical bank rates.

Even the shorter-term CDs offer competitive interest rates. These rates are very competitive compared to other short-term CDs.

There are a good variety of CD terms offered through VirtualBank. They offer CD terms from one month to 60-months. There are a total of 11 CD terms. All the CD terms are online accounts. You can apply online or send your application through the mail.

VirtualBank encourages CD laddering. They have a CD laddering calculator on their website. With the calculator, you can see how much interest you would earn by CD laddering. CD laddering is opening different CD terms, so your CDs mature at a variety of times. This allows you to open longer-term CDs to earn higher interest rates, but still, have access to your money.

There are options for how to receive the interest you earn on VirtualBank CDs. When you open the account, you can choose to have the interest credited monthly or quarterly. Credited the money back to the CD or you can transfer the money into another VirtualBank account. You can also choose to have the interest mailed to you in a check.

VirtualBank has a high required amount to open their CDs. Each CD requires $10,000 to open. That amount is high compared to other online CDs. If you have the $10,000 required opening amount, you can open any of VirtualBank CDs.

The CDs offered through VirtualBank are only for personal deposit accounts. At this time, these CDs are not available for business accounts. There are no specific business accounts available through VirtualBank. Only personal deposit accounts are currently offered.

VirtualBank CDs do not offer an interest rate guarantee. The interest rate you earn for the life of your CD term is the rate on the day you open your account. They do not offer an interest rate guarantee. If the interest rates increase shortly after you open your CD, your rate will not increase. VirtualBank CDs offer fixed interest based on the day you open your CD.

Early withdrawal fees for VirtualBank CDs are high. The fees may affect your principal amount. For CDs under one year, the fee is 100 percent of the interest earned on the withdrawn amount. For terms from one year to two years, the fee is one percent of the principal amount withdrawn. For CDs longer than two years, the fee is two percent of the principal amount withdrawn.

Read the full VirtualBank review.