Vio Bank High Yield Online Savings Account Review

Elizabeth is a writer specializing in credit cards, student loans, debt repayment, and small business. Her work has also appeared on MSN Money, Yahoo! Finance, and Business Insider.

We are committed to full transparency as part of our mission to make the world smarter, happier, & richer. You should know that offers on The Ascent may be from our partners - it's how we make money. That transparency to you is core to our editorial integrity, which isn’t influenced by compensation.

The right bank account will maximize your returns while minimizing fees. High yield savings accounts from online banks generally do a better job at this than traditional, brick-and-mortar banks. And when it comes to high rates and low fees, Vio Bank's High Yield Online Savings Account is one of the best.

Top perks

High 1.95% APY: The main reason to open a high yield savings account is to earn more interest on your money. In that respect, Vio Bank's High Yield Online Savings Account is a winner. This account comes with a higher APY than even some of the best online savings accounts.

FDIC insured: A high interest rate is meaningless if your money isn't protected. All Vio Bank High Yield Online Savings Accounts are FDIC insured up to $250,000, which is the standard limit for FDIC-insured bank accounts.

No monthly fee: Vio Bank's savings account doesn't charge any monthly fees, which is a big plus. I opt for free savings accounts because I don't want fees to eat away at my earnings. While traditional banks tend to charge monthly fees if your balance falls below a certain amount, online banks are more likely to be free because they don't have to cover the cost of running physical locations.

Ease of use: You can open Vio Bank's 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 into your account using Vio Bank's mobile app.

What could be improved

ATM cards: You won't get a debit 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. However, I prefer not having easy access to my savings account, because it prevents me from spending that money impulsively.

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 is a fairly low amount, but it might not be feasible for folks who are just getting started and don't have any money saved up yet.

24/7 customer service: Vio Bank offers customer service only by phone, and the hours are limited. Customer service is available Monday through Friday from 7:00 a.m. to 9:00 p.m. (CT), Saturday from 8:00 a.m. to 6:00 p.m. (CT), and Sunday from 12:00 p.m. to 4:00 p.m. (CT). These hours are still more ample than what you'll get from most brick-and-mortar banks, but many major online banks now offer 24/7 customer service, with the option to contact them via email or LiveChat in addition to phone.

How to access your money

Vio Bank doesn't have any brick-and-mortar branches that you can visit. However, there are still plenty of options for easily and quickly accessing your money.

Deposit options

Vio Bank allows you to fund your savings account by any of the following 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 be done 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, but you can also use the Vio Bank mobile app to deposit them more quickly.

Withdrawal options

When it comes time to withdraw money from your savings account, Vio Bank allows you to do so in the following ways:

  • 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 of when you'll need the money. 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 processed.

The Vio Bank mobile app

In addition to online banking, Vio Bank also offers a mobile app, making it easy for you to manage your account and track your savings goals on the go. The mobile app allows you to view your account balances and transaction history, transfer funds, and deposit checks.

The Vio Bank mobile app is free and available for all iPhone, iPad, Android smartphone, and Android tablet devices.

Online savings account comparison

The Vio Bank High Yield Online Savings Account is a solid choice, but it might not be the best fit for your needs. We suggest comparing this online account with a couple other top picks.

Rates as of Jan. 16, 2020
Vio Bank High Yield Online Savings Account
Member, FDIC
American Express® Personal Savings
Member, FDIC
CIT Bank Savings Builder
Member, FDIC
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.
Rating image, 4.5 out of 5 stars.

APY: 1.95%

APY: 1.70%

APY: 1.80%

Best For

Best For: High APY and low fees

Best For: Low fees

Best For: High APY

Min. to earn APY

Min. to earn APY: $1

Min. to earn APY: $1

Min. to earn APY: $25k or $100 monthly deposit

Next Steps Read Full Review Read Full Review Read Full Review

The savings account is right for you if:

As long as you have $100 to jump-start your savings, the Vio Bank High Yield Online Savings Account is a great choice. It ticks the two main boxes of what you should look for in a savings account: 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. If this is a problem for you, look for other bank accounts that come with that option.

About the Author