Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Vio Bank has interest-earning bank accounts.
Vio Bank; Insider
The bottom line: Vio Bank Online High-Yield Savings Account offers a good high-yield savings account and CDs, but you’ll need to look elsewhere for a checking account.
Overall bank rating
Feature
Insider rating (out of 5)
Savings
4
CD
4
Trustworthiness
5
Total:
4.25
Pros and cons
Pros:
Cons:
High rates on savings and CDS
Variety of CD term lengths
No checking account
High early withdrawal penalties on CDs
Savings
You’ll get plenty of bang for your buck with this savings account. Vio Bank Online High-Yield Savings Account doesn’t charge monthly service fees, and it pays a high interest rate. However, it doesn’t have some of the extra features some online banks offer — savings buckets, automatic savings tools, or budgeting features.
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.
CDs
Vio Bank Certificate of Deposit pay high rates overall. Depending on which term length you choose, you may find higher elsewhere. You’ll need Vio Bank Certificate of Deposit to open an account, which is lower than what many banks require, and Vio offers terms up to 10 years.
How Vio Bank works
Vio is an online-only institution with a high-yield savings 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 4.5 out of 5 stars in the Apple store, and 3.1 out of 5 stars in the Google Play store.
You can contact customer service by phone. Call Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, Saturday from 9:00 a.m. to 7:00 p.m. ET, or Sunday from 1:00 p.m. to 5:00 p.m. ET.
Your Vio accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
Is Vio Bank trustworthy?
Vio Bank is a division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ in trustworthiness. A great BBB rating signifies the company is transparent in how it …read more
Source:: Business Insider