Vio Bank High Yield Online Savings Account Review: Easy-to-Use Account With Few Fees

The Vio Bank High Yield Online Savings Account offers a low APY, but no monthly maintenance fees and a low minimum opening balance. It's 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.

Vio Bank High Yield Online Savings Account comes with a better APY than most brick-and-mortar banks, but it falls quite short of our favorite savings accounts. Plus, you'll need $100 to open the account.

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

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 fee 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 money transfers in and out. You can even deposit checks using Vio Bank's mobile app.

What could be improved

Low APY: If you're looking for more bang for your buck, this savings account may not be the best fit.

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. It now also offers online chat with a real person (no login required), but this 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 checks 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 back-up 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 been processed.

As long as you have $100 to jumpstart your savings, the Vio Bank High Yield Online Savings Account is a great choice.

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. It also has a lower APY in comparison with other online savings accounts.

Keep reading about Vio Bank

• Vio Bank Review
• Vio Bank Cornerstone Money Market Savings Review

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.