Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

Vio Bank High Yield Online Savings account review

Earn 0.51% and pay no monthly fees — but you'll need at least $100 to start.

finder.com’s rating: 3.9 / 5.0

★★★★★

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

0.51%

APY

$5 per month

Fee

$100

Minimum deposit to open

Details

Annual percentage yield (APY)0.51%
Fee$5 per month
To waive the feeOr opt out of 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
More info

More Info

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

The Vio Bank High Yield Online Savings account is a good choice for anyone looking for a high-yield savings account. It has no monthly fees and a strong 0.51% APY. Although it doesn’t have any physical branches, customer support representatives are available daily by phone.

But while Vio Bank offers a strong selection of savings products, it doesn’t have any checking account options.

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

Follow these steps to open your account online:

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

Eligibility

You must 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

You’ll need this information to complete your online 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 and online banking, along with:
  • High APY. Offers a 0.51% APY — that’s 11x more than the national average.
  • No monthly fees. Vio Bank doesn’t charge any monthly maintenance fees.
  • Interest compounded daily. Your money grows even faster with interest that’s compounded daily.
  • Daily phone support. You can chat with a customer support representative by phone any day of the week.

What should I look out for?

While the Vio Bank High Yield Online Savings account has its perks, there are a few things you should watch out for:

  • 5-day hold on deposits. Deposits are held for at least 5 business days before posting the funds to your account. But you’ll still earn interest for the days your money was inaccessible.
  • 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.
  • $100 opening deposit. You need at least $100 to open the Vio Bank High Yield Online Savings account.

Compare with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
$0
$0
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
$0
$0
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
0.25%
$0
$0
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
CIT Savings Connect
Finder Rating: 4 / 5: ★★★★★
CIT Savings Connect
0.50%
$0
$100
CIT Savings Connect combines aspects of a checking and savings account in one product.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
0.40%
0.35%
0.30%
$0
$100
Competitive rates, no monthly fees, user-friendly online banking platform
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
UFB Direct Premium Money Market Account
Finder Rating: 2.9 / 5: ★★★★★
UFB Direct Premium Money Market Account
0.20%
0.10%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
0.41%
$0
$1
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
0.45%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
CIT Bank Savings Builder High Yield Savings Account
Finder Rating: 4.3 / 5: ★★★★★
CIT Bank Savings Builder High Yield Savings Account
0.40%
0.28%
$0
$100
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Money Market
Finder Rating: 3.9 / 5: ★★★★★
Discover Money Market
0.35%
0.30%
$0
$2,500
This money market account offers a competitive APY.
loading

Compare up to 4 providers

If you were hoping to keep your checking and savings account at the same bank, you may want to keep looking. As always, compare your options when considering a savings account.

How do I deposit or withdraw my money?

As with most online banks, there are only a few ways to deposit and withdraw money from your Vio Bank High Yield Online Savings account:

Deposits

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

Withdrawals

  • Wire transfer
  • ACH transfer to an external bank

What other savings options does Vio Bank offer?

Vio Bank offers two banking products — the High Yield Online Savings account and a CD:
  • High Yield Online CDs. Requires a $500 minimum deposit and earns 0.15% to 0.7% APY with six-month to 10-year terms.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — 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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site