Vio Bank Review 2021 Updates: Best Online Savings Account?
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. Read this Vio bank review to learn more about Vio Bank.
Vio Bank has high rates and low opening minimums on savings accounts and certificates of deposit. The bank, the internet division of the Oklahoma-based MidFirst Bank, doesn’t offer an ATM or branch network, so it’s best for setting aside cash to let it grow.
In this article, you will get to read on the following points;
- Vio Bank Review
- Benefits of Vio Bank Account
- Vio Bank Online Savings Account Fees
- How Does It Compare?
- FAQs
The right bank account will maximize your returns while minimizing fees. High yield savings accounts from online banks generally do a better job at this than traditional, brick-and-mortar banks.
And when it comes to high rates and low fees, Vio Bank’s High Yield Online Savings Account is one of the best.
Vio Bank Review
Vio Bank offers competitive interest rates on their CDs and high yield savings account. 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.
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 The CDs only have a fee if the money is withdrawn before the maturity date of the CD.
Customers cannot reach a Vio Bank representative 24/7. Customer service has specific hours of operation. They are open Monday through Friday from 7:00 a.m. to 9:00 p.m. Central Time. Saturday they are open from 8:00 a.m. to 6:00 p.m. Sunday they open from 12:00 p.m. to 4:00 p.m.
Money can only be transferred from the savings account to external bank accounts. If you want to make a wire transfer, you must submit the forms 72 hours before the transfer takes place.
Federal regulations only allow six withdrawals per month from your savings account.
Pros
- No monthly fee
- Market-leading interest rate
Cons
- No mobile apps (yet)
Other feature of Vio banks includes;
- Rate Offer: 1.95% APY Rate
- Availability: Nationwide
- Credit Inquiry: Soft Pull
- Credit Funding: Unknown
- Minimum Balance: $100
- Maximum Balance: None
- Monthly Fee: None
- Early Termination Fee: None listed
Benefits of Vio Bank Account
It benefits includes;
- Interest is compounded daily
- FDIC insured up to $250,000
- Only $100 minimum to open
- Earn 1.95% APY rate on any balance
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Vio Bank Online Savings Account Fees
| Type of Fee | Fee |
| 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 it Compare?
When you’re in the process of opening 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 find the right account for your needs.
If you find the right account and make sure it is easy to use, you’ll find it much easier to save and avoid paying monthly fees. Below are some basic factors in which Vio Bank compares with others.
Fees
The first thing to compare when looking at savings accounts is their fee structures.
Ideally, choose an account that doesn’t charge a monthly fee.
At the very least, choose an account that has fee waiver requirements that you can easily meet each month. The last thing you want is to have your monthly fee payments wipe out any interest you earn.
Rates
Next, look at the interest rate offered by each account.
The higher the interest rate, the better.
Settling for a lower interest rate is like giving up free money and given the impact of inflation on the value of your savings, you don’t want to chance losing purchasing power to inflation.
Special features
The last thing to look at is the special features offered by each account.
Some savings accounts offered by banks that also have checking accounts offer services like overdraft protection. This can help you avoid costly overdraft fees.
Other savings accounts might offer perks like discounts, rewards for meeting savings goals, or software that you can use to manage your finances.
The actual value of each of these services is highly variable. One person may find a feature incredibly useful, even if someone else never uses it. Only you can decide which features are important to you.
FAQs
1. Is Vio Bank FDIC insured?
Yes. Vio Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
2. How do I access my money?
Through electronic transfers or wire transfers. Only the savings account can have money transferred into external accounts. A wire transfer requires 72-hour notice before it is to take place.
3. Does Vio Bank offer mobile banking?
Mobile banking with Vio Bank is coming soon. With the app, you will be able to transfer money, check account balances, and see account history. You must enroll in online banking before you can use mobile banking.
4. Is Vio Bank free?
Yes. There are no monthly fees for the Vio Bank savings account. There is not a required balance to keep in the savings account to avoid a fee. The only fee CDs have is if you withdraw the money before the maturity date.
5. Is Vio Bank a good bank?
The accounts offer competitive interest rates. Vio Bank in an entirely only bank. There are no branch locations. Vio Bank only offers a savings account and CDs. No checking accounts or business accounts available.
6. Does Vio Bank offer competitive interest rates?
Yes. Vio Bank offers competitive interest rates. Their rates are competitive with other online accounts. Interest rates are not tiered. Any balance earns the competitive rate.
In conclusion, as long as you have $100 to jump-start your savings, the Vio Bank High Yield Online Savings Account is a great choice. It ticks the two main boxes of what you should look for in a savings account; a high APY and low fees.
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