Vio Bank High-Yield Online Savings Review

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Last Updated:July 18, 2024

Vio Bank High-Yield Online Savings Review

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Fast Facts

Account opening deposit:

$100

Monthly fees:

APY:

Flat APY on any balance

Availability:

Online-only

ATM network:

Nil

Anyone who's read up on personal finance knows a high-yield savings account is a great choice if you're looking to save up for retirement or an emergency fund. Ideally, these accounts should offer decent returns, coupled with low fees and minimum deposit and balance requirements. Interest on these accounts is compounded daily, which means your money grows at a faster clip.

Many banks offer a high-yield savings account, including Vio Bank, which doesn't charge a monthly fee, is FDIC insured, and will fetch you competitive interest rates.

Jump To

What is Vio Bank?

Established in 2018, Vio Bank is an online-only bank, which means it has no physical branches. It is a division of MidFirst Bank, which has $32.1 billion in assets, making it the largest privately owned bank in the U.S. For FDIC coverage, Vio Bank deposits are considered MidFirst Bank deposits. MidFirst Bank was founded in 1911 and has been an FDIC-insured institution since 1934. The FDIC insures your deposits with Vio Bank to up to $250,000.

Because Vio Bank lacks a branch footprint, thus eliminating overhead costs, it can offer a higher annual percentage yield (APY) than brick-and-mortar banks. The high-yield savings account offers a 1.10% APY on all balances with six free withdrawals per monthly statement cycle and no monthly fee. But that doesn't mean you don't have to worry about fees (more on that later). There's also a $100 account opening requirement.

In addition to a high-yield online savings account, Vio Bank offers a high-yield Cornerstone Money Market Savings Account, which offers 5.30% APY on all balances. However, it doesn't have any ATMs, and it doesn't offer checking accounts.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

Vio Bank's high-yield online savings account features

High APY

According to Bankrate, the national average interest rate for savings accounts currently stands at 0.59%. Vio Bank offers a flat APY of 1.10% on all balances, meaning your returns do not increase or decrease based on your account balance. This can be good and bad, especially considering you'll need only $100 to open an account and begin accruing interest. Interest is compounded daily and credited to your account each month.

Customer service

As an online bank, one would think Vio Bank would take the route of most digital-first organizations and not make human support staff available. Thankfully, that's not the case. You can easily contact Vio Bank's customer service if you want a question answered. You can call them any day of the week.

High deposit limit

Using the Vio Money mobile app, you can deposit up to $100,000 daily and $250,000 monthly via checks. The Vio Bank external transfer service entitles you to transfer up to $25,000 per day and $100,000 per month. The maximum deposit balance allowed for a Vio Bank account is $2.5 million. The company says external transfers can take up to five business days to process.

Educational content

The Vio Bank website houses content to educate you on managing your money. Its savings calculators can tell you how much you need to be saving to become a millionaire, and you can see how your current saving rate impacts how much you save over time.

How much does Vio Bank's high-yield online savings account cost?

Opening a Vio Bank high-yield online savings account doesn't require a one-time fee or a recurring subscription. However, there are a few fees you should be aware of:

A $10 excessive transactions fee is charged for each limited withdrawal above six withdrawals per monthly statement cycle.
A $5 fee is charged monthly if you receive paper statements.
A stop payment of $30 per stop payment request applies to checks and ACH.
A $30 fee kicks in on a domestic wire transfer.
If you request the bank to verify a deposit, that'll cost you $15.

You can access Vio Bank's full fee schedule here.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

Who should or should use Vio Bank's high-yield online savings account

I don't know why anyone wouldn't want to open this account. It offers above-average interest, no monthly fee, and only $100 to open an account. However, lacking an ATM network and a checking account may force some to seek other account options.

Pros and cons

Pros

Above-average APY
Access to human customer support
Savings calculators to help you make the right decision

Cons

$100 needed to open account
Flat APY means you earn the same even if you have more money in your account
Only six free withdrawals per monthly statement cycle

Vio Bank vs. its competitors

Bank	APY	Monthly fee	Account opening minimum
Vio Bank	1.10%, and 5.30% for its money market account	$0	$100
Synchrony Bank	4.75%	$0	$0
Chime	2.00%	$0	$0

Synchrony Bank

At 4.75%, Synchrony Bank offers higher APY than Vio Bank, which doesn't require a minimum balance or deposit. What about monthly fees? There aren't any! However, your account may be closed if its balance is $0 for more than 60 days. The APY isn't flat either, which means it grows the more you save. With Synchrony Bank, your deposits are FDIC insured up to $250,000. If you open a high-yield savings account, an optional debit card is available. The account doesn't, however, have check writing abilities.

Chime

The Chime Savings Account currently offers a 2.00% variable APY, which it claims is 9x the national average. There are no minimum balance requirements and no fees. But Chime's biggest perks are its automatic savings features. Round Ups, well, round up transactions to the nearest dollar and deposit them into your savings account. Another feature allows you to set aside a percentage of your paycheck automatically.

Read a full review on Chime here.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

FAQs

What is the maximum deposit balance?

The maximum deposit balance allowed is $2.5 million.

Does Vio Bank charge a monthly service fee?

No, the bank doesn't currently charge a service fee on your savings account.

How do I know how much interest I'm receiving?

This information can be found on your account statement.

Does Vio Bank charge any overdraft fees?

Overdraft services are not available in the high-yield savings account.

The bottom line

Vio Bank's high-yield online savings account offers a competitive rate for all balances. There's no monthly maintenance fee, but you need $100 as an opening deposit. Regarding fees, Vio Bank charges quite a few, but two are most notable: a $5 monthly fee if you opt for paper statements, and if you make more than six withdrawals per month, a $10 fee per transaction kicks in. And Vio Bank's deposit limit is high, coming in at up to $250,000 per month. Its mobile banking app is also easy to use and is feature-rich.

Large financial institutions offer several financial products, including credit cards and a wide range of deposit accounts. Vio is an online-only bank, however, and It doesn't have a checking account or ATMs, which may be a deal breaker for some.

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Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.

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