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Vio Bank High Yield Online Savings account review

Earn 0.75% and pay no monthly fees—but you won’t see deposited funds for up to five days.

finder.com’s rating: 3.9 / 5.0

★★★★★

Vio Bank, a division of MidFirst Bank, offers an attractive High Yield Online Savings account built with no monthly fees and a strong APY. However, you need at least $100 to open the account, and there’s a five-day hold on all deposits.

0.75%

APY

$0

Fee

$100

Minimum deposit to open

Details

Annual percentage yield (APY)0.75%
Fee$0
To waive the feeThere is a $5 monthly fee if you receive paper statements.
Minimum deposit to open$100
Minimum balance to earn interest$0.01
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
Avatar

Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Vio Bank is a solid option for anyone looking to stash their money in a high-yield account. Its APY is eight times higher than the average competition, and it doesn’t charge any monthly maintenance fees. Although it doesn’t have any physical branches, customer representatives are available daily by phone.

However, if you like Vio Bank, you might as well choose its Cornerstone Money Market account, which offers similar no-fee features but a higher APY than its online high-yield savings account. And while Vio Bank offers a strong selection of savings products, it doesn’t have any checking account options.

As always, compare a variety of savings accounts before deciding which one to stash your cash in.

How do I open a Vio Bank High Yield Online Savings account?

Follow these steps to open your account online, whether you’re applying for an individual or joint account.

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Open An Account on Vio Bank’s website.
  3. Choose whether you’re opening an individual or joint account and select Continue.
  4. Enter your personal information, including your name, date of birth, Social Security number and employment status and select Continue.
  5. Follow the prompts to accept the disclosure statements, fund your account and submit your application.

Eligibility

You’ll need to meet these qualifications to open a Vio Bank High Yield Online Savings account.

  • US citizen or permanent resident
  • At least 18 years old
  • US mailing address
  • Social Security number
  • Government-issued ID
  • $100 minimum opening deposit
  • External bank account for opening deposit

Required information

Keep this information handy when you’re filling out your application.

  • Valid US address
  • Social Security number
  • Government-issued ID
  • Date of birth
  • Employment status
  • Email address
  • Phone number

What are the benefits of a savings account with Vio Bank?

Vio Bank offers standard savings account benefits like FDIC-insured deposits and mobile banking, along with:

  • High APY. Offers a 0.75% APY — that’s eight times more than the national average.
  • No monthly fees. Vio Bank doesn’t charge any monthly maintenance fees.
  • Interest compounded daily. Your money grows faster as Vio Bank calculates how much interest you earn daily compared to monthly compounded interest offered by other accounts.

How much interest you can earn

Get an idea of your earnings when you park your savings at Vio Bank.

APYAmount in savingsInterest earned in 12 months
0.75%$1,000$5.01
0.75%$5,000$25.06
0.75%$10,000$50.12

What should I look out for?

The Vio Bank High Yield Online Savings account has its perks, but its main downside is that you won’t see funds in your account for five days. Other downsides to think about:

  • 5-day hold on deposits. Deposits are held for at least 5 business days before posting the funds to your account. But you’ll earn interest for the days that you can’t access your money.
  • $100 opening deposit. You need at least $100 to open the Vio Bank High Yield Online Savings account. However, this initial amount is lower than with other money market accounts.
  • Phone support not 24/7. You can chat with customer service during normal business hours as well as limited hours on weekends. But you can’t chat any time of the day that you want.
  • Excess transaction fee. You’ll pay $10 for each transaction over the six monthly transaction limit. This is the usual policy, but it may be waived for a limited time. Check with Vio Bank.
Vio Bank also offers a Cornerstone Money Market account, which has no monthly fees but a higher APY than this account.

Or you might like Quontic Bank’s High Yield Savings because it offers all of the no-fee perks and high interest as Vio Bank’s accounts, but with a large network of ATMs. If you’d like to earn the highest interest possible and don’t mind meeting a monthly spend requirement, consider an Aspiration Spend & Save account.

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    This money market account offers a competitive APY.
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    How do I deposit or withdraw my money?

    As with most online banks, Vio Bank limits how you can deposit into or withdraw money from your account. That way, you save the most amount of money possible.

    For reference, Vio Bank‘s routing number is 303087995.

    Deposits

    Fill up your account with new funds by:

    • Paper check sent by mail
    • Mobile deposited check
    • Wire transfer
    • ACH transfer from an external bank

    Withdrawals

    Use the money from your account through:

    • Wire transfer
    • ACH transfer to an external bank

    How do I contact Vio Bank about my savings account?

    Reach out to customer support with your questions or concerns in one of three ways.

    • Call 888-999-9170 weekdays from 7 a.m. to 9 p.m. CT, Saturdays from 8 a.m. to 6 p.m. CT and Sundays from 12 p.m. to 4 p.m. CT
    • Fill out the contact form on its website
    • Mail questions and concerns to:
      PO Box 76149
      Oklahoma City, OK 73147

    Savings account ratings

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    ★★★★★ — Good

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    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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