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Vio Bank High Yield Online Savings account review

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Vio Bank High Yield Online Savings account review

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.

1.21%

APY

$5 per month

Fee

$100

Minimum deposit to open

Details

APY1.21%
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

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, 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 1.21% 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.

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 1.21% APY — that’s 22x 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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
Go to site
View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
1.00%
$0
$100
Go to site
View details
Earn a competitive rate with a balance higher than $10,000.
Radius Bank High-Yield Savings

1.15% on balances of $25,000+
0.75% on balances of $2,500 to $24,999.99
0.05% on balances of $10 to $2,499.99
$0
$100
Go to site
View details
A free high-interest savings account with a $100 minimum deposit to open
UFB Direct Premium Money Market Account

1.00% on balances of $25,000+
0.50% on balances of $0 to $24,999.99
$10 per month
(can be waived)
$5,000
Go to site
View details
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
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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 open an account?

Follow these steps to open your account online:

  1. Go to the official Vio Bank website and click Open An Account.
  2. Choose whether you’re opening an individual or joint account and click Continue.
  3. Enter your personal information, including your name, date of birth, Social Security number and employment status and click Continue.
  4. 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

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 0.2% to 0.8% APY with six-month to 10-year terms.

Frequently asked questions

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