Opting for an online savings account means all of your account services aren’t tied to physical banking locations. Therefore, these accounts can offer higher returns because they don’t carry all of the costs associated with those brick-and-mortar branches. If you’re looking for an online savings account that is easy to manage and provides a great return on your investment, you may want to check out the high-yield online savings account offered by Vio Bank.
What Is Vio Bank’s Online Savings Account ?
Vio Bank’s latest offering is a 0.50% APY High Yield Online Savings account – which is currently one of the highest rates in the nation, and interest on the account is compounded daily!
To earn this competitive rate, you simply have to open an account with a minimum opening deposit of $100 — and the best news is that there’s no monthly or annual fee associated with the account, and your money will be FDIC insured up to $250,000.
With their online savings account, you’ll also have access Vio’s online banking portal, eStatements, mobile banking and text alerts.
How Can I Deposit and Withdraw Money from Vio Bank’s Online Savings Account?
Here are the ways Vio Bank says you can deposit or obtain money from your online savings account:
Deposits
- Direct deposits
- Online transfers
- Mobile check deposit
- Send a check via mail
- Wire transfers
Withdrawals
- Online transfers
- Wire transfers
- Request a check be mailed to you
ACH Capabilities & Limits
ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
Push | 2-5 days | $5,000 | $20,000 | 5 transfers daily, 999 per calendar month |
Pull | 2-5 days | $5,000 | $20,000 | 5 transfers daily, 999 per calendar month |
What are the Account Fees for Vio Bank’s High-Yield Online Savings Account?
Here is the current fee schedule for Vio Bank’s Online Savings Accounts:
Type | Fee |
Monthly Maintenance Fee | $0 |
Withdrawals | 6 free per month, then $10/each |
Stop Payment | $30 |
Returned Item | $7 |
Domestic Outgoing Wire | $18 |
Domestic Incoming Wire | $10 |
International Incoming Wire | $0 |
Dormant Account
(If there is no user activity for 12 consecutive months) | $5/month |
Electronic Statements | $0 |
Paper Statements | $5/ month |
Additional Statements | $2 each |
Copies | $1 each |
Overdraft | You cannot overdraft with a Vio Online Savings account. You will not be charged for negative balances on your account. |
Research Requests | $40/hour |
Verification of Deposit | $15 |
Online and Mobile Banking | Free |
What Are The Benefits of Vio Bank’s High-Yield Online Savings Account?
- Higher than average APY
- No monthly or annual fee
- Minimum balance requirement to receive the advertised APY is just $0.01
- FDIC-insured
- Interest is compounded daily
- 24/7 mobile and online access to your account and money
What Are The Disadvantages of Vio Bank’s High-Yield Online Savings Account?
- Opening deposit required ($100 minimum)
- Only 6 withdrawals or outbound transfers per month
- Online only – no physical branches if you wanted in-person help with your account
- No ATM access to your funds
- Your funds could be temporarily held by the bank for up to 11 business days before you can access them again. (This limitation only applies for the first 30 days after you open your account, after which funds will be available as normal)
- Inactivity fee (if there is no activity in your account for 12 months) – you’ll be assessed a $5/month fee
Although Vio Bank currently has one of the highest APYs in the market right now, there are other banks out there offering even better APY or may have better perks, depending on your individual situation.
As of November 2022, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 3.00% APY
- TAB Bank – 3.00% APY
- Citi Accelerate – 3.10% APY
- First Foundation Bank Online Savings – 3.60% APY
- Barclays Bank – 3.00% APY
- CIBC Bank – 3.27% APY
- Goldman Sachs – Marcus Account – 3.00% APY
- Synchrony Bank – 3.00% APY
- TIAA Bank – 0.80% APY
- Ally Bank – 0.75% APY
- Citizens Access – 0.75% APY
- Capital One 360 Performance Savings – 0.70% APY
- Discover – 0.70% APY
- American Express Personal Savings – 0.65% APY
- CIT Bank Savings Builder – 3.25% APY
- MySavingsDirect – 0.50% APY
- Vio Bank – 0.50% APY
- HSBC Direct – 0.05% APY
Is Vio Bank’s Online Savings Account FDIC-Insured?
Yes. Vio Bank’s Online Savings are provided by Vio Bank, a division of MidFirst Bank.
Vio Bank is a FDIC member. Therefore, any funds deposited into their online savings accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. Furthermore, the FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open An Online Savings Account with Vio Bank?
If you’re over age 18, you can sign up online in just a few minutes. You’ll need to have your Social Security number, mailing address, and driver’s license available during the sign-up process. In other words, signing up is quick and easy!
Opening an online savings account is a fairly straightforward processes that can be completed in 3 steps:
First, enter your personal information
Then, accept their disclosures
and finally, fund your account
To sign up:
- Visit viobank.com
- Then, click “Open an Account”
- Follow the prompts to enter your personal information and accept the terms
- and finally, fund your account
In addition, we also want to note that according to Vio Bank, if you close your account within the first 90 days after opening it, you’ll pay a $25 “account closing” fee.
Furthermore, if you go for more than 12 months without making any transactions into or out of this account, you’ll also pay a $5 monthly inactivity fee.
How To Access Your Vio Bank Online Savings Account:
Online: Access your account by logging in with your username and password on: viobank.com
Mobile Device: Bank on your phone/tablet through their mobile app. For instance, through the iTunes App Store or Google Play.
Contact Vio Bank About your Account:
- Phone:
- You can speak with a Vio Bank customer service representatives by calling 888-999-9170
- However, the operating hours are:
- Monday – Friday, 7:00am – 9:00pm (CT)
- Saturday, 8:00am – 6:00pm (CT)
- Sunday, 12:00pm – 4:00pm (CT)
- However, the operating hours are:
- You can speak with a Vio Bank customer service representatives by calling 888-999-9170
- Email:
- You can email Vio Bank’s Customer Service by visiting: https://www.viobank.com/contact-us
- Direct Email Address: customerservice@viobank.com
- Bank by Mail:
- Vio Bank
P.O. Box 76149
Oklahoma City, OK 73147‐2149
- Vio Bank
Bottom Line
In conclusion, if you are looking for an easy to manage, high return savings account – Vio Bank’s 0.50% APY online savings account may be a good option for you. Above all, Vio Bank is currently offering one of the highest interest rates in the entire nation, and while it is still possible to find better rates – they’re few and far between. In addition, Vio Bank regularly monitors its competition and keeps track of the interest rates they offer to help stay ahead of a lot of their competitors and bring the best rates straight to their customer base.
With this account, you won’t have ATM access to your money, however; which could be a deal-breaker if you’d like to have immediate cash access to your funds. But, since a savings account is really about “saving”, the fact that Vio Bank only requires a small opening deposit to get started and has no monthly fee makes them an excellent contender for anyone’s online banking needs.
Vio Bank – Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
Vio Bank – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐⭐ 5 stars out of 5 stars
Additional Scores
- Bankrate’s Safe and Sound Rating: 4 out of 5 stars
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 5.06
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
How to Close An Account with Vio Bank
If you want to close your account with Vio Bank, you will first need to contact Vio Bank at 888-999-9170 or send correspondence via mail to Vio Bank Customer Service, 501 N.W. Grand Blvd., Oklahoma City, OK 73118.
All account closure requests will need to be made in writing (even if you call first).
Vio Bank states in their customer agreement that you must notify them 10 business days prior to the date you wish to close your account to allow sufficient time for them to process your request.