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 For CDs under one year, the fee is 100 percent of the interest earned on the withdrawn amount. For terms from one year to two years, the fee is one percent of the principal amount withdrawn.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.

The interest rates for TIAA Bank CDs are competitive. Each of the term interest rates is competitive with other online CD accounts. TIAA rates are much higher than typical bank rates. Their CD rates are not tiered. Any account balance earns competitive rates.

TIAA Bank offers a wide variety of CD terms. Their terms range from three-months to five-years. They offer the basic CD terms between these times, but they offer a nine-month term and a 30-month term as well. TIAA Bank also offers a 42-month Bump Rate term.

TIAA Bank offers on Bump Rate CD. This CD term is a 42-month term. This CD only requires $1,500 to open. If interest rates increase during the CD term, you have the option to bump up to the new interest rate. You can bump up the interest rate once during the CD term. Customers can only have one Bump Rate CD opened at a time.

TIAA guarantees their interest rates earned are in the top five percent of the most competitive accounts. Each week TIAA reviews the rates of competitors. Based on their findings they adjust their rates to make sure they are competitive with the best.

The TIAA Bank high yield CDs have a high opening required amount. Each of these CDs terms require $5,000 to open. TIAA Bank offers the option of CDARS. This is if you want to invest an amount over the FDIC insured limit of $250,000 and still be insured. To open a CDARS CD requires an opening deposit of $10,000.

TIAA Bank offers high yield and regular CDs. The regular CD account interest rates are slightly lower. They are not as competitive as the high yield interest rates. The high yield accounts earn high rates but require a higher opening amount.

The early withdrawal penalty for CDs is high. The Bump Rate CD charges 318 days of interest if you withdraw money before the maturity date. The six-month CDs require 45 days of interest. The 18-month CDs require 136 days of interest. The five-year CDs require 456 days of interest. Other early withdrawal fees vary depending on the CD term.

Once you open a TIAA CD, you cannot make deposits into the CD. The opening deposit is the only deposit allowed until the CD reaches maturity. Contact customer service to decide what happens to your CD once it reaches maturity.

Read the full TIAA Bank review.