Vio Bank Review 2024

Savings

The Vio Bank High Yield Online Savings Account is the online bank’s sole savings account option. It requires a low $100 minimum deposit to open an account. And so long as you receive online statements (as opposed to paper statements), there’s no monthly maintenance fee.

The account offers 1.10% APY on all balances, which is better than what you’ll find at traditional banks but still not competitive compared to the best online savings accounts. Interest is compounded daily and credited monthly.

There are two main fees to watch out for with this account:

• Paper statements. Vio charges $5 per month if you opt to receive paper statements instead of electronic statements.
• Excessive transactions. Vio charges $10 per transaction in excess of six per statement cycle. Although the Regulation D limit on certain transactions has been removed, banks still can charge fees for what they deem to be excessive transactions per month.

Outside of these fees, Vio charges $30 for outgoing domestic wire transfers, but it charges nothing for incoming domestic or international wire transfers. It also charges a $30 stop payment fee and a $7 fee for returned deposits.

Money Market

The Vio Bank Cornerstone Money Market Account pays a competitive interest rate, 5.30% on all balances. It makes our list of the Best Money Market Accounts Of 2024. You can open the account with as little as $100. And there’s no monthly maintenance fee if you receive electronic statements. If you choose to receive paper statements instead of, or in addition to, online statements, there’s a $5 fee per month.

As with Vio’s savings account, the bank charges $10 per transaction in excess of six per statement cycle.

Notably, Vio doesn’t offer a debit card or check-writing privileges with this account, features that are common with many other money market accounts.

CDs

The Vio High Yield Online Certificate of Deposit comes with 10 terms ranging from six months to 10 years. The minimum deposit requirement to open a CD of any term is $500.

Rates on Vio’s CDs range from 2.75% to 5.25% APY, with short-term CDs paying the highest rates. Interest compounds daily. Overall, while the yields on Vio’s short-term CDs are competitive, rates on long-term CDs are lower—in some cases, much lower—than rates available from banks and credit unions offering the best CD rates. Savers interested in longer term CDs may want to consider shopping around for better yields.

Your CD may automatically renew once it reaches maturity, but the bank reserves the right to decline to renew a CD. Vio will provide a maturity notice before the CD’s maturity date, after which you’ll have 10 calendar days to reinvest in another CD or withdraw the funds.

Early withdrawal penalties vary, depending on the CD term. For terms greater than 12 months, the penalty is 3% of the amount withdrawn plus a $25 fee. The penalty is 1% of the amount withdrawn plus a $25 fee for terms of 32 days to 12 months. And for terms of seven days to 31 days, the penalty is all of the interest earned on the amount withdrawn.

Here are the CD terms and rates available through Vio Bank:

Vio Bank Review

Term	APY
6 Months	5.25%
9 Months	N/A
12 Months	5.00%
18 Months	4.50%
24 Months	4.25%
36 Months	3.50%
48 Months	2.75%
60 Months	2.75%
84 Months	2.75%
120 Months	2.75%

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Vio Bank is best for people looking for multiple ways to save online while earning above-average interest rates. Vio’s money market savings rates and CD rates are on par with what you can find at other top online banks, and the lack of monthly maintenance fees means you can keep more of the interest you earn.

The savings account option is less attractive, as the APY is not as high as what you can find elsewhere. However, Vio Bank makes it easy to open an account online with as little as $100.

You might also consider Vio if you’re hoping to build a CD ladder. Laddering can allow you to take advantage of the best CD rates while keeping funds accessible, since a maturity date may always be on the horizon. Vio Bank reserves the best CD rates for CDs with terms ranging from six to 24 months.

Because it’s an online bank, Vio only offers access to its accounts through its website or through its mobile app. Both of those services are free to use.

But Vio doesn’t make it easy to access cash on the go. There’s no ATM network, and Vio doesn’t provide debit cards or checks. You can transfer money to and from your Vio savings account by using the bank’s external transfer feature.

While you can’t walk into a branch, you have access to your accounts 24/7. Online banking through Vio allows you to view eStatements, make transfers, set up notifications, contact Vio via email, stop payments and download information to Microsoft Money or Quicken.

Vio’s mobile app is available on iOS and Android. It gets 4.6 stars on the App Store and 3.4 stars on Google Play. The app allows you to:

• View account information
• Transfer funds between Vio accounts
• Access statements and tax forms
• Deposit checks

Vio customer service—via online form, secure email, website chat and phone—is available Monday through Friday from 7 a.m. to 9 p.m. CT, Saturday from 8 a.m. to 6 p.m. CT and Sunday from 12 p.m. to 4 p.m. CT.

Vio Bank is fee-friendly for the most part. Again, you’ll pay no monthly maintenance fees for savings, money market and CD accounts. However, there are a few fees to be aware of. Here’s how the bank’s fees break down.

• Electronic statements: $0
• Paper statements: $5
• Stop payment fee: $30
• Overdraft fee: $0
• Excess transaction fee: $10
• Incoming domestic wire transfer: $0
• Incoming international wire transfer: $0
• Outgoing domestic wire transfer: $30
• Additional statement request: $2
• Statement copies: $1
• Account research: $40/hour
• Verification of deposit account: $15

There’s also an early withdrawal penalty for CDs. The fee depends on the length of the CD term.

CD Term	Early Withdrawal Penalty
7 – 31 days	All of the interest earned on the amount being withdrawn
32 days – 12 months	One percent of the amount withdrawn, plus $25
Greater than 12 months	Three percent of the amount withdrawn, plus $25

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Vio Bank is a strong option if you’re looking for a simple, online bank where you can stash savings. That’s because Vio’s high-yield savings account and money market account both offer competitive APYs with low fees, no minimum balance requirements and a low minimum deposit to get started.

You’ll want to look elsewhere if you’re in the market for CDs. While Vio offers a variety of CD terms with a relatively low minimum to open, its rates are below average, compared to some of its competitors.

Vio also isn’t for you if you’re seeking a full-service bank with branch locations or an ATM network. It lacks checking accounts, loans and other products and services offered by larger banks.

Ally Bank vs. Vio

Ally Bank offers high-yield savings accounts, money market accounts, CD accounts and checking accounts online. You can also invest or apply for mortgages and loans here, services Vio Bank doesn’t offer.

In terms of how Ally compares, the CD rates and money market rates are similar to what Vio Bank offers. However, Ally’s high-yield savings account pays a higher APY than Vio’s online savings option. Ally also has no minimum deposit requirements, which could make it easier for beginning savers to open an account.

Ally Bank options include no-penalty CDs and raise your rate CDs. You might prefer a no-penalty CD if you’d like to be able to withdraw money early without being charged a fee. Raise your rate CDs allow you to keep pace with interest rate changes.

Discover® Bank vs. Vio

Discover Bank makes it easy to spend and save by offering checking accounts, high-yield savings accounts, CD accounts and money market accounts. Money market rates and CD rates are lower than those at Vio Bank, but overall, they’re still competitive.

There are no monthly fees, overdraft fees or insufficient funds fees, which is similar to Vio. The Discover® Bank Online Savings Account has no minimum opening deposit requirement. However, you’ll need at least $2,500 to open a Discover® Money Market Account or the Discover® Certificates of Deposit, which is well above what Vio requires.

Marcus by Goldman Sachs vs. Vio

Marcus by Goldman Sachs is the online banking division of Goldman Sachs. There are four ways to save with Marcus: online savings accounts, high-yield CDs, no-penalty CDs and rate bump CDs. The minimum deposit requirement to open the Marcus by Goldman Sachs High-Yield Online Savings Account is $0, while the minimum to open a Marcus by Goldman Sachs High-Yield Certificates of Deposit is $500.

Marcus CD rates are competitive compared to Vio, although they have fewer CD terms to choose from. However, you can choose a no-penalty or rate bump CD, which you don’t get with Vio.

Marcus also pays a higher APY for its online savings account. That’s something to keep in mind if you’re looking for a savings account that offers a higher rate with a lower minimum deposit requirement.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.