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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
Expert review
Review by
Cassidy Horton
cassidy.horton@findercrew.comCassidy 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
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:
- Go to the official Vio Bank website and click Open An Account.
- Choose whether you’re opening an individual or joint account and click Continue.
- Enter your personal information, including your name, date of birth, Social Security number and employment status and click Continue.
- 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.