Vio Bank Review 2022 Bankrate
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Early withdrawal penalties vary depending on the term length, but they are stiff. You pay a $25 fee and the following early withdrawal penalties at Vio Bank.
The penalty for breaking a six-month CD or a one-year CD is 1 percent of the amount you withdraw. On CDs with terms longer than 12 months you’ll pay 3 percent of the amount you withdraw.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. Vio BankVio Bank Review 2022
René Bennett is a writer for Bankrate, reporting on banking products and personal finance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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At a glance
4.1 Bankrate Score CDs Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Vio Bank is an option for consumers comfortable with banking online who are looking to earn competitive yields on CDs, savings accounts or money market accounts.Highlights
Low Min Deposit No Monthly Fees Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.52 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsVio Bank
Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY. Member FDIC Savings Account 3.52 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsVio Bank
Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated.Overall
Vio Bank is an online-only financial institution serving savers nationwide. The bank consistently offers top-tier rates on their money market account, but those looking for a checking account will need to go with another option.Pros
Vio Bank offers competitive rates for savers. Minimum deposit requirements are low. Customers can choose from a wide range of CD terms.Cons
Vio bank doesn’t offer checking accounts. Customers have access to limited budgeting tools and a peer-to-peer payment tool such as Zelle isn’t offered.Vio Bank bank products
Savings CD Money Market 5.0 Bankrate ScoreVio Bank savings overview
Vio’s high-yield savings account consistently offers competitive yields. All balances earn the same APY, there are no monthly fees, and there’s a low minimum deposit requirement of $100.Pros
The account offers a competitive yield that is paid on all balances. There's no monthly fee. The $100 minimum deposit requirement is low.Cons
Customers are charged $5 a month to receive paper statements. Current Savings Rate Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.52 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsVio Bank
Member FDIC Savings Account Details 3.52 % APY Min balance for APY Save Smart. Earn More. FDIC Insured. Bankrate 5-Star Rated. 3.4 Bankrate ScoreVio Bank CD overview
Vio Bank offers traditional CDs with terms ranging from six months to 10 years. Some banks don’t offer you this variety for CDs terms. The minimum deposit for each account is $500, lower than some other banks. CDs automatically renew once they mature.Early withdrawal penalties vary depending on the term length, but they are stiff. You pay a $25 fee and the following early withdrawal penalties at Vio Bank.
The penalty for breaking a six-month CD or a one-year CD is 1 percent of the amount you withdraw. On CDs with terms longer than 12 months you’ll pay 3 percent of the amount you withdraw.
Pros
There is a wide variety of terms available. Some banks have much higher minimum deposit requirements.Cons
Early withdrawals come with a high penalty. There are no special types of CDs or promotions available. APYs aren’t top notch. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 4.9 Bankrate ScoreVio Bank money market overview
Vio’s Cornerstone Money Market account offers a competitive rate. Like Vio’s other products, its money market account requires a low minimum opening deposit. Customers can make six free withdrawals from the account per month.Pros
The Cornerstone Money Market account has a highly competitive yield. There is a low $100 minimum to open the account. You won’t have to pay a monthly fee.Cons
The account does not come with debit card and you can’t write checks from this account. If you make more than six withdrawals a month, a $10 fee per withdrawal applies.Bank experience
The Vio Bank mobile app offers digital-banking staples, such as mobile check deposit, account alerts and statement access, but it doesn’t offer more cutting edge features, such as a peer-to-peer payment option like Zelle. The app gets a solid score in the Apple App Store, but Android users are much less enthusiastic in their reviews on Google Play. Vio Bank customers can reach a bank representative weekdays, 7 a.m. to 9 p.m., Central time, Saturday, 8 a.m. to 6 p.m., and Sunday noon to 4 p.m.About Vio Bank
Vio Bank is the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. It launched in 2018. Vio Bank, like most internet-based banks, is best for consumers who are comfortable banking online, who are also looking for higher yields than what many brick-and-mortar banks pay.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .