Does anyone know what a virtual bank is, and are they a good investment.?

You must mean now you see it and then you won't?

There are banks out there that cut their costs by doing business on the Internet instead building brick-and-mortar branches. Lower costs allow them to pay higher interest on deposits. Some bigger banks like HSBC have online only subsidiaries.
If you look for an online account, check out EmigrantDirect.com or INGdirect.com. You can find more online banks on bankrate.com. Just make sure that you choose an online bank that is FDIC insured.

ingdirect is a pretty good one.

I used to bank with ING and HSBC. Now I bank with Emigrant Direct. Their rates are higher than ING and HSBC.

Check out Bankrate.com. They list the highest rates in the nation.
There are plenty of online banks offering over 5.00% on savings accounts.

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