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Vio Bank Online High-Yield Savings Account -
Vio Bank CD
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Vio Bank Cornerstone Money Market Savings Account
The bottom line: Vio Bank is featured in our best money market accounts guide because its account has a competitive interest rate and a low minimum opening deposit. The bank doesn't have a checking account, though, so you'll have to transfer money to an external account to access your savings.
Vio Bank: Overall Bank Rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| Money Market Account | 4 |
| CD | 4 |
| Trustworthiness | 5 |
| Total: | 4.25 |
Vio Bank: Pros and Cons
| Pros: | Cons: |
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Vio Bank Online High-Yield Savings Account Review
no monthly service fee
1.10%
$100
- Solid APY
- No monthly service fees
- Minimum initial deposit of $100
- No physical branch locations
- No monthly service fee, but you'll pay a $5 monthly fee if you get paper bank statements
- Interest compounded daily, paid monthly
- FDIC insured
The Vio Bank Online High-Yield Savings Account doesn't charge monthly service fees and pays more than the average savings account. But if you're looking for a competitive interest rate, you'll likely prefer the Vio Bank Cornerstone Money Market Savings Account or a high-yield savings account from another online bank.
You should also keep in mind that Vio doesn't have a checking account. To access your savings, you'll have to transfer funds to an external checking account, which could take a few business days.
Vio Bank CD Review
2.75% to 4.70%
$500
- Competitive APY
- Variety of term lengths
- $500 minimum deposit
- No physical branch locations
- High early withdrawal penalties
- Terms ranging from 6 months to 10 years
- Early withdrawal penalties: Pay all interest earned on terms of 31 days or less; pay 1% of the amount withdrawn + $25 on terms of 32 days to 12 months; pay 3% of the amount withdrawn + $25 on terms of more than 12 months
- Interest compounded daily, paid monthly
- FDIC insured
Vio Bank CDs pay solid CD rates. Depending on which term length you choose, however, you may find higher elsewhere.
You'll only need $500 to open an account. Usually, other banks require at least $1,000 for a CD.
Vio Bank Cornerstone Money Market Savings Account Review
$5 monthly service fee
5.30%
$100
- High interest rate
- $100 minimum opening deposit
- No monthly fee if you sign up for online statements
- $5 monthly fee if you receive paper statements
- No physical branch locations
- No checks
- No debit card
The Vio Bank Cornerstone Money Market Savings Account stands out for its low minimum opening deposit and competitive interest rate. To avoid monthly service fees, just make sure to sign up for online bank statements.
Vio Bank Cornerstone Money Market Savings Account- No monthly service fee, but you'll pay a $5 monthly fee if you get paper bank statements
- Interest compounded daily, paid monthly
- FDIC insured
The Vio Bank Cornerstone Money Market Savings Account stands out for its low minimum opening deposit and competitive interest rate. To avoid monthly bank maintenance fees, just make sure to sign up for online bank statements.
The one downside to the account is that it doesn't have a debit card or paper checks. To take out money, you'll have to transfer money to an external bank account.
How Vio Bank Works
Vio is an online-only institution with a high-yield savings account, money market account, and CDs.
Vio doesn't have a checking account. When you need access to your savings, you'll transfer money to an external checking account. This could take a few business days.
The bank's mobile app hasn't received a ton of online reviews yet. So far, it has 4.6 out of 5 stars in the Apple store, and 3 out of 5 stars in the Google Play store.
You can contact customer service by phone. Call 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 insured by the FDIC for up to $250,000, or $500,000 for a joint account.
Is Vio Bank Trustworthy?
The Better Business Bureau gives Vio Bank an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Vio doesn't have any recent public controversies.
Vio Bank vs. Marcus Bank
Both Vio and Marcus offer savings accounts and CDs. You may like either bank if you aren't looking to open a checking account. Vio Bank also has a money market account.
Marcus' CD terms only go up to six years, so you'll want to go with Vio for a longer term. But Marcus offers several no-penalty CDs, which allow you to withdraw money before your term ends without paying any fees. If you're worried about needing your money early, you might prefer Marcus.
Vio Bank vs. Ally Bank
The Ally Savings Account stands out because it pays a much higher interest rate than what Vio Bank pays. Ally's account also has a variety of savings tools, such as savings buckets that allow you to create a name separate goals all in one account.
The best CD rates between the two banks will depend on which term length you want. Vio also has terms up to 10 years, while Ally's terms max out at five years. However, Ally has specialized CDs, including a no-penalty CD and Raise Your Rate CDs that allow you to increase your rate in certain situations.
Ally is the clear choice if you want to open a checking account, because Vio doesn't offer checking accounts.
Vio Bank: Frequently Asked Questions
Vio Bank is an online division of MidFirst Bank. Your Vio accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
No, you can't get paper checks or debit cards. If you like to take out money from your account, you'll have transfer money to an external bank account.
