Vio Bank High Yield Online Savings Account Review: High APY With Few Fees

This savings account checks the two most important boxes most people look for in a savings account: a competitive APY and no monthly maintenance fee. The Vio Bank High Yield Online Savings Account is a little restrictive in terms of access, but this may not be an issue for those who can plan their withdrawals ahead of time. We'll cover all the perks and drawbacks of this account in our Vio Bank High Yield Online Savings Account review below.

Before opening any savings account, it's important to know the ins and outs of what it offers. Here are the pros and cons of the Vio Bank High Yield Online Savings Account.

Top perks

High APY: The Vio Bank High Yield Online Savings Account comes with a high APY that competes with the best online savings accounts. This makes it a great choice for those who want to make a little money off their savings.

FDIC insured: All Vio Bank High Yield Online Savings Accounts are FDIC insured up to $250,000, which is the standard for FDIC-insured bank accounts.

No monthly fee: Vio Bank's savings account doesn't charge any monthly fees, which is a big plus. Traditional banks tend to charge monthly fees if your balance falls below a certain amount. In contrast, online banks are often free because they don't have to cover the overhead of physical locations.

Ease of use: You can open a Vio Bank High Yield Online Savings Account in minutes by filling out the brief application form on the website. In fact, everything can be done online with this account, including transfers in and out. You can even deposit checks using Vio Bank's mobile app.

What could be improved

ATM cards: You won't get a debit card or ATM card with your Vio Bank savings account. This account doesn't include checks, either. That means the only way to use the money in your account is to transfer it to a linked checking account, which can take several days. This might present a problem if you need immediate access to your funds. 

Minimum opening deposit: While many online banks have no minimum opening deposit requirement, you'll need at least $100 to open a savings account with Vio Bank. Your deposit will then become part of your balance. This isn't that high compared to some other banks, but it might not be feasible for folks who are just getting started and don't yet have money saved up.

Customer service options: Vio Bank offers customer service by phone, and the hours are limited. They also now offer online chat with a real person (no login required), but it also has limited hours. Vio Bank is still more flexible than most brick-and-mortar banks. But many major online banks now offer 24/7 customer service, with the option to contact them via email as well.

Despite the fact that Vio Bank doesn't have any brick-and-mortar branches, it does offer several ways you can deposit and withdraw funds.

Deposit options

Vio Bank enables you to fund your savings account using any of these methods:

• Electronic transfer from a linked account
• Physical check
• Wire transfer

If you want to deposit money into your Vio Bank savings account using funds in your checking account, the easiest method is through electronic transfer from a linked checking account. There's no limit on how many electronic transfers you can process. You can even set up recurring deposits, making it easier to build your savings automatically. Because Vio Bank doesn't offer checking accounts, deposits must come from an external account and can take several days to process.

Other funding options include physical check and wire transfer. Physical checks can be mailed in or deposited via wire transfer. You can also use the Vio Bank mobile app to deposit them faster.

Withdrawal options

When you need to withdraw money from your savings account, Vio Bank gives you the following options:

• Electronic transfer to a linked account
• Wire transfer

Both methods take several days to process. Vio Bank doesn't offer debit or ATM cards, and the account doesn't come with check-writing abilities. This means you won't be able to access your funds immediately, so it's important to schedule transfers several days in advance. Make sure to have a backup payment method in case of an emergency. You can either keep a cushion in your checking account or use a credit card for emergencies and pay it off once your transfer has processed.

The Vio Bank High Yield Online Savings Account is a great option if you're trying to earn a high APY on your savings, but it's not the only savings account that can help you do that. We suggest comparing this online account with a couple of other top picks.

As long as you have $100 to jumpstart your savings, the Vio Bank High Yield Online Savings Account is a great choice. It ticks the two main savings account boxes: a high APY and low fees.

The main drawback of this account is that it doesn't provide an ATM card, and on top of that, the bank doesn't offer checking accounts. This means there's no way to access your funds immediately.