If you prefer to manage your banking online with guaranteed security, then Vio Bank might be most convenient option for you. To find out more about Vio Bank, continue reading this review below.
Launching as a subdivision of MidFirst Bank, Vio Bank was created for those who preferred banking online especially when it comes to finding the best interest rates without needing to leave the comfort of their home.
They may not have any checking accounts being an online bank, but the minimum deposit requirements are low, and their customer service is known to be praise worthy. They also pride themselves to be FDIC insured on all their accounts.
Table of Contents
Savings Account Options
Vio Bank has one savings account, but it is nationwide and it offers a 2.52% APY for 120 months!
You will need a minimum opening deposit of $100, but afterwards, there are no minimum balance requirements to maintain.
However, there are also no monthly fees to worry about either.
The best part is interest is compounded daily so your money can continuously grow with each new deposit.
If you want to learn more about this particular online savings account, click here.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 2.00% APY as of 9/29/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB922 by 12/15/2022
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 2.15% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice.
CD Account Options
If you are interested in opening a high yield CD online, then Vio Bank has CD terms ranging from 6 months to 10 year.
All their CDs offer competitive interest rates and will renew automatically upon maturity. Learn more about Vio Bank’s CDs here.
You will need $500 to open each CD, but afterwards there are no monthly fees.
There is, however, a penalty for early CD withdrawals, and they vary depending on the term’s length.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.75% APY up to 3.30% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 3.50% APY on a 13-Month CD Term
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 2.75% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with Vio Bank
- All the accounts have a low minimum deposit of $100 to open to compensate for not having to pay monthly fees or keep minimum balance requirements.
- All the accounts earn high interest rates, some earning tiered and each account is compounded daily so you can maximize your earnings.
- Do all your banking online in the comfort of your own home or on-the-go anytime, anywhere.
Reasons Not to Bank with Vio Bank
- There are no checking accounts so spending has to be monitored by your own means.
- Since Vio Bank is an online bank, there are no physical locations so you have to do all your banking online or over the phone.
- There are no ATMS to withdraw your funds from either.
- Vio Bank charges $5 per month for inactivity, so be sure to always check your account.
- There is a $10 fee per month after 6 transactions have been made.
Vio Bank Routing Number
The routing number for Vio Bank is 303087995.
Contact Customer Service
Vio Bank’s customer service isavailable 24/7.
To speak to a representative at Vio, please consider these times (CST):
- Monday – Friday, 7:00 a.m. – 9:00 p.m.
- Saturday, 8:00 a.m. – 6:00 p.m.
- Sunday, 12:00 a.m. – 4:00 p.m.
How Vio Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Capital One 360: Capital One 360, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
- Ally Bank: Ally Bank is another online only bank that offers various account options, but they have checking accounts. The interest rates they offer are also pretty high as well.
- CIT Bank: CIT Bank offers very similar account options as Vio Bank, but they have a wider range of CD options to choose from. They are also offering significantly higher APY for their savings, money market and CD accounts.
If you aren’t too concerned about having a checking account and would rather make sure that your savings account is secured, then Vio Bank might work in your favor.
They have low minimum deposits and offer pretty high interest rates for being such a simplistic bank. But if simplicity is your style, then Vio Bank can provide it.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.