Vio Bank Savings and CD Account Reviews

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Updated on Thursday, April 1, 2021

Vio Bank’s High Yield Savings account

This online savings account comes with a high rate and low minimum balance requirement, though you’ll miss out on traditional services offered by brick-and-mortar banks.
APYMinimum opening deposit
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0

If you’re looking for high interest rates on your savings deposit, you don’t need to look much further than this account. Still, there are a few important things to know. This account is first and foremost an online savings account. That means that many of the traditional services you might expect to come with a bank account aren’t offered for this savings account.

Case in point: This account doesn’t come with an ATM card, meaning your only real way of accessing the money is by moving it around through ACH or wire transfers. This account also doesn’t come with overdraft protection. If you try to withdraw money that you don’t have in the account, the transaction simply won’t go through.

Even though this account doesn’t have a monthly fee, there are a few hidden fees to watch out for. Since it’s a savings account, it follows federal Regulation D rules, which limit you to six withdrawals per month. Any withdrawals beyond that will cost you a $10 penalty.

If you close your account within the first 90 days after opening it, you’ll pay a $25 “account closing” fee. Finally, if you go for more than 12 months without making any transactions into or out of this account, you’ll also pay a $5 monthly inactivity fee.

If you’re over age 18, you can sign up online in just a few minutes. You’ll need to have your Social Security number, mailing address, and driver’s license handy.

One important heads-up to be aware of: Depending on how much money you deposit and the method you use to deposit it, your funds could be temporarily held by the bank for up to 11 business days before you can access them again. This limitation only applies for the first 30 days after you open your account, after which funds will be available as normal.


on Vio Bank’s secure website

Member FDIC

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How Vio Bank’s savings account compares

There’s no two ways about it: Vio Bank is currently offering one of the highest interest rates in the entire nation. It is possible to find accounts with higher interest rates (such as some of these online savings accounts), but they’re few and far in between.

We also like the fact that Vio Bank only requires a small opening deposit to get started. Oftentimes, big banks will require outrageous deposit sizes, such as $5,000 or more, in order to get started earning these premium rates. That’s not the case at Vio Bank.

Still, there are a few drawbacks with this account. The fund availability policy for new accounts can catch you by surprise if you need that money again quickly, and the lack of an ATM card makes accessing your money just a bit more difficult.

On the whole, however, we do recommend this account, as long as ATM access isn’t important to you.

Vio Bank’s High Yield Online CD

This CD product has competitive rates and a low minimum opening deposit requirement.
6 month0.10%
9 month0.15%
12 month0.15%
15 month2.05%
18 month0.15%
24 month0.15%
36 month0.30%
48 month0.40%
60 month0.50%
84 month0.60%
120 month0.70%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $0.01
  • Early withdrawal penalty: For the six-month to 12-month CDs, you’ll pay 1% of the amount you withdraw, plus a $25 penalty. For CDs greater than 12 months in length, you’ll pay 3% of the amount you withdraw, plus a $25 penalty.

Vio Bank offers a range of different term lengths for those looking to earn higher interest rates by keeping their money on deposit for a long time. Interest on these CDs is compounded daily.

If you choose, you can have the interest paid out periodically to another account, but be aware that your actual APY may be lower if you do this. That’s because Vio Bank assumes you’ll keep interest on deposit to earn more interest throughout the CD’s term length.

When the CD matures, Vio Bank will automatically renew it. These CDs do come with a 10-day grace period after the CDs renew, however, in case you want to withdraw the money at that point, or make any other changes to the CD (such as choosing a different term length, or depositing more money into the account).

You can complete the application process for these CDs online. You’ll need to provide a few details: these include your name, social security number, and driver’s license. Vio Bank may also ask you some security questions to verify your identity. Once approved, you can open and fund a CD.


on Vio Bank’s secure website

Member FDIC

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How Vio Bank’s CD rates compare

Again, Vio Bank is a standout among all banks. The bank is currently offering some of the best rates in the country on its CDs.

Unlike its savings account, however, Vio Bank is a bit further back in the frontrunner pack for most of these CD term lengths. They’re still excellent rates, to be sure, but there are a few more banks beating the rates for each CD term category as compared to its savings account. For example, here are our current top picks for best CD rates — see for yourself which ones are offering higher rates.

Overall review of Vio Bank’s banking products

We recommend Vio Bank for anyone looking for good rates on their savings accounts and CDs. However, that being said, there are some people who would be best served by Vio Bank.

Unfortunately, this bank doesn’t offer a checking account, which you’ll need for day-to-day banking anyways. That’s why this bank is best for those who want to maintain some distance from their savings — say, if they’re easily tempted to withdraw funds for that latest Gucci sale, for example. You can still access the money, but those few extra steps — and days to complete the transfer — may just make you rethink spending the money unless it’s really intended for what you’re saving up for.

If that sounds like you, then Vio Bank is definitely one financial institution that should make your short list when comparing the best banks for your situation.