Vio Bank (Member FDIC) pays high rates on its high-yield savings account and CDs.
Vio has CDs with terms up to 10 years, and the minimum deposit is only $500.
There's no checking account, and its savings account is a bit more basic than what some banks offer.
See Insider's picks for the best high-yield savings accounts »

The bottom line: Vio offers a good high-yield savings account and CDs, but you'll need to look elsewhere for more banking products.









Details



Pros Cons







No monthly service fee, but you'll pay a $5 monthly fee if you get paper bank statements

Interest compounded daily, paid monthly

FDIC insured






Pros


High APY

No monthly service fees



Cons


Minimum initial deposit of $100

No physical branch locations
















You'll get plenty of bang for your buck with this savings account. Vio doesn't charge monthly service fees, and it pays a high interest rate. However, it doesn't have some of the extra features some online banks offer — savings buckets, automatic savings tools, or budgeting features.
Vio doesn't have a checking account. To access your savings, you'll have to transfer funds to an external checking account, which could take a few business days.









Details



Pros Cons







Terms ranging from 6 months to 10 years

Early withdrawal penalties: Pay all interest earned on terms of 31 days or less; pay 1% of the amount withdrawn + $25 on terms of 32 days to 12 months; pay 3% of the amount withdrawn + $25 on terms of more than 12 months

Interest compounded daily, paid monthly

FDIC insured






Pros


Competitive APY

Variety of term lengths

$500 minimum deposit



Cons


No physical branch locations

High early withdrawal penalties
















Vio CDs pay high rates overall. Depending on which term length you choose, you may find higher elsewhere. You'll need $500 to open an account, which is lower than what many banks require, and Vio offers terms up to 10 years.
Vio is an online-only institution with a high-yield savings account and CDs.
Vio doesn't have a checking account. When you need access to your savings, you'll transfer money to an external checking account. This could take a few business days.
The bank's mobile app hasn't received a ton of online reviews yet. So far, it has 4.5 out of 5 stars in the Apple store, and 3.1 out of 5 stars in the Google Play store.
You can contact customer service by phone. Call Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, Saturday from 9:00 a.m. to 7:00 p.m. ET, or Sunday from 1:00 p.m. to 5:00 p.m. ET.
Your Vio accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
Vio Bank is a division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ in trustworthiness. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Neither MidFirst nor Vio has any public scandals, so you may feel comfortable keeping your money with Vio.
We've compared Vio to two other online-only banks: Marcus by Goldman Sachs and Discover.
Vio Bank review vs. Marcus review
Both Vio and Marcus only offer savings accounts and CDs. You may like either bank if you aren't looking to open a checking account.
Marcus' CD terms only go up to six years, so you'll want to go with Vio for a longer term. But Marcus offers several no-penalty CDs, which allow you to withdraw money before your term ends without paying any fees. If you're worried about needing your money early, you might prefer Marcus.
Vio Bank review vs. Discover review
You may like Discover if you want to open accounts other than savings or CDs. Discover has a good cash-back checking account, as well as a money market account.
Both banks offer CD terms up to 10 years, but Discover's minimum deposit to open a CD is higher. Vio only requires $500, while Discover asks for at least $2,500. If you don't have $2,500 to open a CD, Vio is clearly the better choice.
Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.















Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Source: Business Insider

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