Vio Bank Review (2024)

Welcome to my Vio Bank review! As an online banking enthusiast, I’m always on the lookout for the best financial products and services. In this review, I’ll take a closer look at Vio Bank’s offerings, including their savings accounts, money market accounts, and certificates of deposit (CDs). So, let’s dive in and see what Vio Bank has to offer!

Key Takeaways:

• Vio Bank offers competitive rates on savings accounts, money market accounts, and CDs.
• The minimum deposit requirement is low, making it accessible for many individuals.
• There are no monthly maintenance fees for most accounts, allowing customers to keep more of their earnings.
• Vio Bank provides an easy online account opening process, ensuring a hassle-free banking experience.
• Consider your specific banking needs and compare Vio Bank with other options before making a decision.

Vio Bank Savings Account

The Vio Bank High Yield Online Savings Account is the bank’s primary savings account option. It offers a competitive APY of 1.10% on all balances, with interest compounded daily and credited monthly. While the APY may not match the rates offered by the best online savings accounts, the Vio Bank Savings Account stands out with its low minimum deposit requirement of $100.

This account allows you to start saving with a modest initial deposit and enjoy the convenience of managing your savings online. There are no monthly maintenance fees for the savings account, making it an attractive choice for those who want to avoid unnecessary charges.

However, it’s important to note that there is a $5 fee for paper statements, so opting for electronic statements can help you avoid this fee. Additionally, if you make more than six transactions per statement cycle, there is a $10 fee for each excessive transaction.

Vio Bank Savings Account Overview

Account Features	Details
Minimum Deposit	$100
Annual Percentage Yield (APY)	1.10%
Interest Compounding	Daily
Interest Crediting	Monthly
Monthly Maintenance Fee	None
Paper Statement Fee	$5
Excessive Transaction Fee	$10 per transaction beyond six per statement cycle

Despite not offering the highest APY, the Vio Bank Savings Account provides a solid option for individuals looking to start their savings journey with a reputable online bank. Keep in mind that there are fees associated with paper statements and excessive transactions, so it’s essential to manage your account accordingly.

Vio Bank Money Market Account

Looking for a competitive money market account? Consider the Vio Bank Cornerstone Money Market Account. With an impressive interest rate of 5.30% on all balances, this account presents an opportunity to maximize your savings. To get started, all you need is a minimum deposit of $100.

While the Vio Bank Money Market Account offers an attractive APY, it does differ from traditional money market accounts in some aspects. Unlike many other accounts, it does not come with features like a debit card or check-writing privileges. However, if you’re primarily focused on growing your savings and do not need these additional functionalities, the Vio Bank Money Market Account could be an excellent choice for you.

It’s important to note that the Vio Bank Money Market Account has a few fees associated with it. There is a $5 fee for paper statements and a $10 fee for excessive transactions beyond six per statement cycle. Nonetheless, if you are mindful of these limitations, you can take full advantage of the high interest rate and watch your savings grow consistently.

Pros	Cons
Competitive interest rate of 5.30%	No debit card or check-writing privileges
No monthly maintenance fees	$5 fee for paper statements
Low minimum deposit requirement of $100	$10 fee for excessive transactions

Overall, the Vio Bank Money Market Account is a solid option for those looking for a high-yield account with excellent rates. While it may lack certain features offered by other money market accounts, its competitive interest rate and low minimum deposit make it a compelling choice for growing your savings over time.

Quote:

I’ve been using the Vio Bank Money Market Account for a while now, and I’m thrilled with the high interest rate. The fees for paper statements and excessive transactions were minor inconveniences compared to the growth I’ve seen in my savings. Highly recommended!

So, if you’re searching for a money market account that offers competitive rates and encourages savings growth, the Vio Bank Cornerstone Money Market Account is definitely worth considering. Take advantage of the 5.30% interest rate and start building your savings today.

Vio Bank Certificate of Deposit (CD)

Term Length	Minimum Deposit Required	Interest Rates (APY)
6 months	$500	2.75%
1 year	$500	3.00%
2 years	$500	3.25%
5 years	$500	4.50%
10 years	$500	5.35%

When it comes to certificate of deposit (CD) offerings, Vio Bank provides various terms to suit different investment goals. The minimum deposit required to open a CD is $500, making it accessible to a wide range of savers. The interest rates, also known as the Annual Percentage Yield (APY), depend on the term length chosen.

Here is a breakdown of the CD terms offered by Vio Bank and their corresponding interest rates:

• 6-month CD: 2.75% APY
• 1-year CD: 3.00% APY
• 2-year CD: 3.25% APY
• 5-year CD: 4.50% APY
• 10-year CD: 5.35% APY

It’s important to note that these rates are subject to change and may vary depending on market conditions. While Vio Bank offers competitive rates, it’s worth comparing them to other banks to ensure you’re getting the best return on your investment.

Early withdrawal penalties apply if you need to access the funds in your CD before the maturity date. Additionally, Vio Bank reserves the right to decline CD renewals at their discretion. Take these factors into consideration when evaluating the suitability of Vio Bank’s CD offerings for your financial goals.

Vio Bank Account Basics

When it comes to Vio Bank account basics, there are a few key things to know. First, opening an account with Vio Bank requires a low minimum deposit of $100. This makes it accessible for individuals looking to start saving without a large upfront investment.

Vio Bank offers two primary account options: the savings account and the money market account. Both of these accounts have a key feature in common – no monthly maintenance fees, as long as you receive online statements. This is a great perk for customers who want to avoid unnecessary charges.

However, it’s important to be aware of the fees that may apply in certain situations. For example, there are fees for paper statements, excessive transactions, outgoing domestic wire transfers, stop payments, and returned deposits. While these fees are not uncommon in the banking industry, it’s essential to understand the potential costs associated with certain actions or requests.

Overall, Vio Bank offers a straightforward account setup process with low minimum deposits and no monthly maintenance fees for most accounts. Just be mindful of the possible fees that can arise in specific circumstances.

Vio Bank Pros and Cons

When considering Vio Bank as your online banking option, it’s essential to weigh the pros and cons. Here are some key advantages and disadvantages to keep in mind:

Pros of Vio Bank

• Competitive interest rates: Vio Bank offers competitive rates on its savings accounts, money market accounts, and certificates of deposit. This makes it an attractive choice for individuals looking to maximize their savings.
• Low minimum deposit requirements: With Vio Bank, you can open an account with as little as $100. This low minimum deposit requirement allows for greater accessibility and flexibility.
• No monthly maintenance fees for most accounts: Vio Bank eliminates the burden of monthly maintenance fees on its savings and money market accounts. This helps you keep more of your hard-earned money.
• Easy online account opening process: Opening an account with Vio Bank is a simple and straightforward process. You can complete the entire process online, saving you time and hassle.

Cons of Vio Bank

• Lack of a checking account: One drawback of Vio Bank is the absence of a checking account option. If you require a dedicated account for daily transactions and bill payments, you may need to consider other banking institutions.
• Limited access to cash through ATMs: Since Vio Bank is an online bank, it does not have its own network of ATMs. While you can use external networks to withdraw cash, it may not be as convenient as having access to a bank’s own ATMs.
• Absence of debit cards and check-writing privileges for certain accounts: Some accounts offered by Vio Bank, such as the money market account, do not include debit cards or check-writing privileges. If these features are essential to your banking needs, you may need to explore alternative banks.

Considering the pros and cons of Vio Bank can help you make an informed decision about whether it aligns with your financial goals and preferences.

Vio Bank User Experience

When it comes to user experience, Vio Bank aims to provide a seamless and convenient online banking platform. Whether you prefer accessing your accounts through their website or using the mobile app, Vio Bank offers a range of features to ensure a smooth banking experience.

Starting with their website, you’ll find an intuitive interface that allows easy navigation and access to important account information. From checking your balances to reviewing previous transactions, everything you need is just a few clicks away. The website also offers transfer capabilities, allowing you to move funds between accounts effortlessly.

One standout feature of Vio Bank’s online experience is the availability of eStatements. By opting for electronic statements instead of paper, you can conveniently access your account information online without cluttering your mailbox. Additionally, the bank provides notifications via email, ensuring you stay informed about important updates and account activities.

For those who prefer banking on the go, Vio Bank’s mobile app is available for both iOS and Android devices. The app offers a range of functionalities, allowing you to view your account information, transfer funds, access statements and tax forms, and even deposit checks using the mobile check deposit feature.

Customer support is also an important aspect of the user experience, and Vio Bank has you covered in this regard. If you have any questions or need assistance, you can reach out to their customer service team through an online form, secure email, website chat, or phone during specific hours. This ensures that help is just a few clicks or a phone call away.

Overall, Vio Bank recognizes the importance of a user-friendly online banking platform. With their website and mobile app, they provide easy access to account information, convenient transfer capabilities, eStatements, notifications, and various customer support channels.

Vio Bank Mobile App

The Vio Bank mobile app is designed to enhance your banking experience by providing access to your accounts on the go. Available for both iOS and Android devices, the app offers a range of features that allow you to manage your finances conveniently and securely.

With the Vio Bank mobile app, you can easily view your account balances, transaction history, and other important account details. The app provides a user-friendly interface that makes navigation intuitive and effortless. Whether you’re checking your savings account balance or reviewing recent transactions, all the information you need is right at your fingertips.

Transferring funds between accounts is also a breeze with the mobile app. You can initiate transfers quickly and securely, ensuring that your money is where you need it, when you need it. Whether you want to move funds between your savings and checking accounts or make a transfer to an external account, the app provides a seamless experience.

Accessing statements and tax forms is another convenient feature offered by the mobile app. Instead of waiting for paper statements to arrive in the mail, you can easily access your electronic statements and tax forms directly from the app. This not only saves time but also reduces clutter.

One of the standout features of the Vio Bank mobile app is the ability to deposit checks using your smartphone or tablet. With the mobile check deposit feature, you can simply take a photo of the front and back of the check and submit it for deposit. This eliminates the need to visit a physical branch and provides added convenience for remote banking.

In summary, the Vio Bank mobile app offers a range of features that allow you to manage your accounts conveniently and securely. With its user-friendly interface, access to account information, transfer capabilities, eStatements, tax forms, and the ability to deposit checks, the app is designed to provide a seamless mobile banking experience.

Vio Bank Fees and Charges

When it comes to fees and charges, Vio Bank strives to be fee-friendly, offering no monthly maintenance fees for most accounts. However, it’s essential to be aware of the fees that may apply to certain transactions or services.

Paper Statements

If you prefer receiving paper statements instead of electronic statements, please note that there is a fee of $5 for each paper statement requested.

Stop Payments

In the event that you need to place a stop payment on one of your checks, Vio Bank charges a small fee for this service. Contact customer support for details on the fee amount.

Excessive Transactions

Vio Bank encourages responsible financial management, which is why there is a limit of six transactions per statement cycle for savings and money market accounts. If you exceed this limit, a fee may be applied. The fee amount will depend on the specific account and transaction.

Outgoing Domestic Wire Transfers

If you need to send an outgoing domestic wire transfer, Vio Bank charges a fee for this service. Contact customer support for the current fee amount and any additional information that may be required.

Additional Statement Requests

If you require additional copies of your account statements, Vio Bank may charge a fee for each additional request. Please consult with customer support for the fee amount.

Statement Copies

If you have misplaced or need an extra copy of a specific statement, Vio Bank offers statement copy services for a fee. Contact customer support to obtain the fee details for this service.

Account Research

If you need assistance with account research or require personalized support for specific account-related inquiries, Vio Bank may charge a fee for this service. The fee amount will depend on the complexity and duration of the research required.

Verification of Deposit Accounts

In some cases, you may need verification of your deposit accounts at Vio Bank for various purposes. Vio Bank charges a fee for providing these verifications. Please reach out to customer support for more information on the fee amount.

Early Withdrawal Penalties for CDs

Vio Bank’s certificate of deposit (CD) products offer competitive rates, but early withdrawals may be subject to penalties. The penalty amount will vary depending on the term length of the CD. It’s important to review the terms and conditions of your specific CD to understand the applicable penalty.

For a comprehensive overview of Vio Bank’s fees and charges, refer to the table below:

Fee/Charge	Description
Paper Statements	$5 per paper statement
Stop Payments	Contact customer support for details
Excessive Transactions	Fees vary depending on account and transaction
Outgoing Domestic Wire Transfers	Contact customer support for fee details
Additional Statement Requests	Contact customer support for fee details
Statement Copies	Contact customer support for fee details
Account Research	Fee varies based on research required
Verification of Deposit Accounts	Contact customer support for fee details
Early Withdrawal Penalties for CDs	Vary depending on CD term length

Who is Vio Bank Best For?

Vio Bank is an excellent choice for individuals who want to save money online while earning competitive interest rates. The bank offers a range of financial products, including savings accounts, money market accounts, and certificates of deposit (CDs), that cater to different savings goals. Here’s why Vio Bank is a great option:

Competitive Interest Rates

One of the key advantages of Vio Bank is its competitive interest rates. The bank’s money market accounts and CDs offer rates that are on par with other top online banks. By saving with Vio Bank, you can maximize your savings potential and watch your money grow over time.

No Monthly Maintenance Fees

Vio Bank stands out for its lack of monthly maintenance fees. Unlike many traditional banks, which charge fees for maintaining an account, Vio Bank does not impose any monthly fees on its customers. This means you can keep more of your interest earnings and focus on growing your savings.

Building a CD Ladder

For individuals with long-term savings goals, Vio Bank is an ideal choice for building a CD ladder. By choosing CDs with different maturity dates, you can create a ladder that allows you to access funds periodically while maximizing your interest earnings. Vio Bank offers a variety of CD terms to suit your needs.

Multiple Online Savings Options

Vio Bank understands that everyone’s savings goals are unique. That’s why the bank offers multiple online savings options, including savings accounts, money market accounts, and CDs. Whether you want to save for emergencies, short-term goals, or long-term plans, Vio Bank has the right account for you.

Overall, Vio Bank is best suited for individuals who value competitive interest rates, want to avoid monthly maintenance fees, and are interested in various online savings options. Whether you’re just starting your savings journey or looking to maximize your existing savings, Vio Bank can help you achieve your financial goals.

Vio Bank Access on the Go

As an online bank, Vio Bank provides convenient access to your accounts through its user-friendly website and mobile app. With just a few taps on your smartphone or clicks on your computer, you can manage your finances anytime and anywhere.

While Vio Bank doesn’t have a physical ATM network, this shouldn’t limit your ability to access your funds. The bank offers an external transfer feature, allowing you to transfer money to and from your Vio savings account easily. Whether you need to deposit money or make withdrawals, you can do it conveniently through the bank’s online platform.

The online banking experience with Vio Bank is designed to be intuitive and user-friendly. Upon logging in, you’ll have access to various functions, including viewing your account statements, making transfers to other accounts, setting up customized notifications for account activities, and accessing customer support when needed.

Convenience at Your Fingertips

Managing your finances has never been easier with Vio Bank’s mobile app. Available for both iOS and Android devices, the app allows you to stay connected to your accounts on the go. With just a few taps, you can:

• View your account balances and transaction history
• Transfer funds between your accounts
• Access your account statements and tax forms
• Deposit checks by simply taking a photo

The Vio Bank mobile app has made it incredibly convenient for me to manage my finances. I can quickly check my account balances and transfer funds without having to visit a branch or use an ATM. It’s like carrying a bank branch in my pocket!” – Jane Doe, Vio Bank customer

Contacting Customer Support

Vio Bank understands the importance of excellent customer service. Should you have any questions or concerns, you can easily reach out to their knowledgeable support team. The customer support options provided include:

1. Online form: Fill out a form on the bank’s website to submit your inquiry or request.
2. Secure email: Send an email through the secure messaging system on the website for direct communication.
3. Website chat: Engage in a live chat with a representative directly on the bank’s website.
4. Phone: Contact the customer support team via phone during their business hours for immediate assistance.

Vio Bank strives to provide a seamless user experience, ensuring that you have access to your accounts and support when you need them, all from the convenience of your preferred device.

How Vio Bank Stacks Up

Vio Bank offers competitive rates on its savings accounts, money market accounts, and CDs. However, compared to other online banks, its rates may be less competitive. Ally Bank, for example, offers higher rates on its high-yield savings accounts and a wider range of financial products, including checking accounts and investment options. Discover Bank and Marcus by Goldman Sachs are other alternatives that offer similar products with varying rates and terms.

When it comes to interest rates, Vio Bank falls slightly behind its competitors. While the bank provides competitive rates, there are other online banks that offer even higher rates on savings accounts and additional financial products. Ally Bank, for instance, not only offers better rates on high-yield savings accounts but also provides a comprehensive suite of banking products, including checking accounts and investment options.

In addition to Ally Bank, Discover Bank and Marcus by Goldman Sachs are other alternatives worth considering. Both banks offer similar financial products to Vio Bank, such as savings accounts, money market accounts, and CDs. However, they may have different rates and terms, allowing customers to find an option that best suits their needs. Reviewing the offerings and comparing rates and terms can help customers make an informed decision.

While Vio Bank has its strengths, it’s essential to explore other options and compare rates, terms, and additional features before choosing a bank. Taking the time to research and compare will ensure that you find the bank that best fits your financial goals and preferences.

Disclaimer: The table above is for illustrative purposes only and may not reflect the latest rates and terms offered by the banks mentioned.

Vio Bank vs. Other Banks

When comparing Vio Bank with other banks, it’s important to consider various factors, including interest rates, financial products, and customer support. While Vio Bank offers competitive rates on its deposit products, there are other banks that may provide additional benefits and services.

One alternative to consider is Ally Bank, which not only offers higher interest rates on its high-yield savings accounts but also provides a wider range of financial products, including checking accounts and investment options. SoFi is another bank worth exploring, as it offers competitive rates and a unique suite of financial tools and services. Discover Bank and Marcus by Goldman Sachs are also viable options, each offering similar products with varying rates and terms.

When choosing a bank, it’s crucial to assess your specific banking needs and priorities. Consider whether you prioritize higher interest rates, a comprehensive product lineup, or extensive customer support. By carefully evaluating your requirements, you can make an informed decision that aligns with your financial goals and preferences.

According to Vio Bank ratings, the bank offers competitive rates on its deposit products. However, other banks may provide a broader range of services and benefits. Consider your specific banking needs and preferences before making a decision.

Vio Bank Review Methodology

The Vio Bank review is conducted through a comprehensive research and analysis of the bank’s products, rates, fees, customer experience, and overall features. To ensure an objective evaluation of Vio Bank as an online banking option, the review takes into account data from reputable sources such as Forbes Advisor, NerdWallet, and Bankrate.

By gathering information from multiple sources, we aim to provide a well-rounded perspective on Vio Bank and its offerings. This methodology allows us to dive deep into the various aspects of the bank and present an unbiased assessment for our readers.

Customer experience and satisfaction play a vital role in our evaluation process. By analyzing feedback from current Vio Bank customers and comparing it with industry standards, we can assess the bank’s overall performance in terms of customer service and user-friendliness.

Our team of experts carefully reviews the bank’s interest rates, account features, fees, and accessibility to determine how Vio Bank stacks up against its competitors. We prioritize transparency and accuracy in our findings to ensure that readers have the necessary information to make informed decisions about their banking needs.

Data Sources

• Forbes Advisor
• NerdWallet
• Bankrate

We strive to provide readers with reliable and up-to-date information. However, it’s important to note that rates, fees, and features may change over time, so we recommend visiting Vio Bank’s official website for the most current and accurate information.

Conclusion

In conclusion, Vio Bank offers competitive rates on its savings accounts, money market accounts, and certificates of deposit (CDs). While its rates may not be the highest in the market, the bank provides a solid online banking experience with low minimum deposit requirements and no monthly maintenance fees.

Customers should consider their specific banking needs and compare Vio Bank with other options before making a final decision. It’s important to evaluate factors like interest rates, account features, customer service, and overall banking experience. While Vio Bank offers attractive rates, other online banks such as Ally Bank, SoFi, and Discover Bank may provide higher rates, a wider range of financial products, and more extensive customer support.

Ultimately, the choice of a bank depends on individual preferences and priorities. Whether it’s earning the highest possible interest, accessing a diverse set of financial products, or prioritizing excellent customer service, customers should carefully weigh their options and choose the bank that best suits their needs. Vio Bank, with its competitive rates and fee-friendly structure, can be a solid choice for those looking to save online.

FAQ

What is Vio Bank?

Vio Bank is an online bank that offers a range of financial products, including savings accounts, money market accounts, and certificates of deposit.

What is the interest rate on Vio Bank’s High Yield Online Savings Account?

Vio Bank offers a competitive APY of 1.10% on all balances for its High Yield Online Savings Account.

Does Vio Bank charge monthly maintenance fees for its savings account?

No, there are no monthly maintenance fees for the Vio Bank savings account.

What is the minimum deposit requirement for Vio Bank’s Cornerstone Money Market Account?

The minimum deposit requirement for the Vio Bank Cornerstone Money Market Account is 0.

Does the Vio Bank money market account include a debit card or check-writing privileges?

No, the Vio Bank money market account does not include a debit card or check-writing privileges.

What are the minimum deposit requirements for Vio Bank’s CDs?

The minimum deposit requirement to open a CD with Vio Bank is 0.

What are the interest rates on Vio Bank’s CDs?

The rates on Vio Bank’s CDs range from 2.75% to 5.35% APY, with higher rates for shorter-term CDs.

Does Vio Bank charge fees for its accounts?

While there are no monthly maintenance fees for most accounts, there are fees for paper statements, excessive transactions, stop payments, and more.

Does Vio Bank provide access to ATMs?

Vio Bank is an online-only bank and does not have its own ATM network. However, customers can transfer money to and from their Vio savings account using the bank’s external transfer feature.

How can I access my Vio Bank accounts?

You can access your Vio Bank accounts through the bank’s website or mobile app. The website provides easy access to account information, transfers, eStatements, and customer support. The mobile app allows you to view account information, transfer funds, access statements and tax forms, and deposit checks.

Our Friends

• https://www.bankrate.com/banking/reviews/vio-bank/
• https://www.nerdwallet.com/reviews/banking/vio-bank
• https://www.forbes.com/advisor/banking/vio-bank-review/