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Vio Bank review: a choice of high-yield savings account

In search of a excessive yield financial savings account? If that's the case, you've most likely seen Vio Financial institution on the lists of the perfect financial savings accounts. They're persistently listed close to the highest of fee tables due to their charges – however are they price it?

We break down Vio Financial institution in our Vio Financial institution overview under. Learn how they evaluate and take a look at our checklist of the perfect high-yield financial savings accounts right here.

Vio Financial institution is a division of MidFirst Financial institution. Mainly, that is the net model of MidFirst Financial institution. MidFirst Financial institution is without doubt one of the largest non-public monetary establishments in america with $ 20 billion in belongings and greater than 600,000 prospects. They’re based mostly in Oklahoma Metropolis, OK, and serve prospects in Arizona, California, Colorado, Oklahoma, and Texas.

Vio Financial institution was created in 2018 and permits MidFirst Financial institution to serve a nationwide clientele.

Vio Financial institution is a web based financial institution solely. There are not any branches or ATMs. They provide a excessive curiosity financial savings account and CDs with little value.

Vio Financial institution's present financial savings fee is 1.85% APY, which is way increased than conventional brick and mortar banks. Their charges are aggressive in comparison with different excessive yield financial savings accounts and the charges are often checked to make sure that they continue to be aggressive.

There’s a minimal of $ 100 to open an account however a minimal doesn’t must be maintained. There are not any month-to-month upkeep charges.

As a result of Vio Financial institution doesn’t have ATMs, cash can’t be deposited right into a financial savings account. To switch cash to a financial savings account, link it to your (exterior) financial institution checking account. Direct deposits might be made to your financial savings account. Should you want recurring deposits to your checking account, this characteristic can be out there.

Vio Financial institution solely provides private banking companies, which signifies that it doesn’t have skilled merchandise.

Customer support is managed by cellphone, mail or e-mail. Customer support shouldn’t be out there 24/7. No chat choices can be found. Vio Financial institution customer support might be contacted at 888-999-9170 throughout these durations:

Monday to Friday, 7:00 a.m. to 9:00 p.m. (CT) Saturday, eight:00 a.m. to six:00 p.m. (CT) Sunday, 12:00 p.m. to four:00 p.m. (CT)

Vio Financial institution has a cell app. It’s out there for iPhone and Android customers. On the Apple App Retailer, the app has a ranking of four.four / 5.zero from 801 individuals. However on the Google Play Retailer, the app solely has a three/5 ranking of 140 individuals. Checks might be deposited into your financial savings account utilizing the cell app. You can too view your account balances, view transaction historical past and switch funds.

One drawback of utilizing Vio Financial institution is that you just can’t entry your funds instantly. Certainly, there isn’t any ATM card or present account out there.

Learn how they evaluate to the opposite greatest financial savings accounts right here:

Sure. In case your account is inactive for one 12 months, you’ll have to pay a price. Financial savings accounts are restricted to 6 transactions per 30 days, which incorporates, however shouldn’t be restricted to, the next:

"Checks" "Buy transactions by debit card" "Pre-authorized funds to a 3rd celebration (together with ACH withdrawals and invoice funds)" "On-line transfers or cash transfers" "Overdraft safety transfers "" On-line or cell funds "" Phone transfers "

Every transaction better than six will incur a price of $ 10. Continued transactions over six years previous could consequence within the closure of your account. Transactions made by mail, in particular person or at an ATM, as these companies could also be out there, aren’t restricted.

There’s a $ 5 / month price for paper statements. There are different charges which can be customary in any respect banks and never every part that the majority prospects will encounter. You may learn them within the Vio Financial institution price schedule.

Go to https://www.viobank.com to open an account. The appliance is finished completely on-line and takes just a few minutes.

As soon as your account is open, link your exterior checking account to get cash into (or out of) your financial savings account. When you’ve got paper checks, you may mail them, wire them or use the cell app to deposit them.

Sure. Vio Financial institution makes use of financial institution encryption and is offered by the FDIC. Your financial savings account is insured by the federal government as much as $ 250,000. Be aware that as a result of Vio Financial institution is a part of MidFirst Financial institution, the FDIC insurance coverage restrict of $ 250,000 is the mixed whole of deposits within the two banks.

Vio Financial institution is a no frills on-line financial institution with few merchandise. Their APY financial savings account is aggressive and it's straightforward to keep away from their charges. Customer support is offered by cellphone, mail and e-mail. General, Vio Financial institution is a legitimate financial savings account possibility.

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