Vio Bank Review 2024: Savings and CDs

Are you looking for a high-yield savings bank? Vio Bank High Yield Online Savings offers you all these benefits and many more. It offers you 1.95% APY on your funds. In this post, you will discover more about their offers.

Vio Bank Review

Vio Bank Review

Vio Bank offers competitive interest rates on their CDs and high-yield savings accounts.

The interest rates are much higher than typical brick-and-mortar bank rates. Its interest rates are competitive with other online accounts.

They monitor their interest rates to keep them competitive with national rates. This Vio Bank Review has it that Vio Bank accounts have low opening required amounts.

All the different CD terms only require $500 to open. The high-yield savings account only requires $100 to open.

The savings account at Vio Bank does not have a monthly fee. There is no required balance to avoid a monthly fee.

The CDs only have a fee if the money is withdrawn before the maturity date of the CD.

How Do Vio Bank Works?

Vio is an online-only institution with a high-yield savings account, capital market account, and CDs.

Vio doesn’t hold a checking account. When you require access to your savings, you’ll transfer money to an external checking account. This could take a few working days.

The bank’s mobile app hasn’t obtained a ton of online reviews yet. So far, it has just 4.6 out of 5 stars in the Apple store, and 3 out of 5 stars in the Google Play store.

You can contact their customer service by phone. Call between Monday through Friday from 8 a.m. to 10 p.m. ET, Saturday from 9 a.m. to 7 p.m. ET, or Sunday from 1 p.m. to 5 p.m. ET.

Your Vio accounts are guaranteed by the FDIC for up to $250,000, or $500,000 for a joint account.

Pros and Cons of Vio Bank

Vio Bank Review

Pros

  • Competitive rates on savings and capital market accounts
  • Low minimum deposit conditions
  • No monthly maintenance cost

Cons

  • No checking account
  • No branch or ATM network
  • Limited access to money

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Vio Bank Online Savings Account Fees

Type of FeeFee
Monthly Maintenance$0
Excess Withdrawal$10
Stop Payment Fee$30
Returned Item Fee$7
Domestic Incoming Wire Transfers$0
Domestic Outgoing Wire Transfer$18

How Does Vio Bank Compare to Other Banks?

Vio Bank Review

When you’re in the process of getting a new savings account, it’s easy to get overwhelmed by the number of options on the market.

Despite this, you should do your best to discover the right account for your needs.

If you locate the right account and make sure it is easy to use, you’ll find it much easier to save and avoid paying monthly fees.

1. Vio Bank vs. Marcus Bank

Both Vio and Marcus deliver savings accounts and CDs. You may like either bank if you aren’t aiming for a checking account.

Vio Bank also has a capital market account. Marcus’ CD terms only go up to six years, so you’ll desire to go with Vio for a longer term.

However, Marcus offers several no-penalty CDs, which allow you to withdraw money before your term ends without paying any fees. If you’re anxious about needing your money early, you might prefer Marcus.

2. Vio Bank vs. Discover Bank

You may like Discover Bank if you want to open accounts other than savings, CDs, or money market accounts. Discover Bank has a fine cash-back checking account.

Both banks provide CD terms of up to 10 years, but Discover’s minimum deposit to open a CD is higher.

Vio only demands $500, while Discover Bank asks for at least $2,500. If you don’t have $2,500 to open a CD, Vio is clearly the better option.

Is Vio Bank Trustworthy?

Vio Bank is an online unit of MidFirst Bank. The Better Business Bureau has issued MidFirst Bank an A+ rating.

A great BBB rating means the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints. Neither MidFirst nor Vio has any record of public scandals.

As long as you have $100 to kick-start your savings, the Vio Bank High Yield Online Savings Account is a wonderful selection.

It ticks the two main boxes of what you should look for in a savings account; a high APY and low prices.

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