If you are looking into Vio Bank as a short-term savings vehicle, you are on the right track. You can reach your short-term savings goals with a variety of savings options.
Every year, the online bank grows more popular thanks to its competitive annual percentage yield. It’s no wonder that Vio is quickly becoming a go-to choice for investors and savers who want to make their money work even harder.
Is Vio Bank right for you? If you’re looking for a bank with competitive rates and excellent customer service, Vio Bank is a good choice. Let’s see if we can find out. We don’t know what the outcome of this experiment will be, so let’s check it out!
About Vio Bank
You probably know about MidFirst Bank, which is one of the largest privately-owned banks in the United States, if you haven’t heard of Vio Bank. Low-cost savings accounts and CDs with competitive rates are some of the banking services offered by Vio Bank.
The online banking division of MidFirst has no ATMs or brick-and-mortar branches. A variety of online banking services are available to meet customers’ needs without the need for a physical branch. It is a purely Internet-based bank.
The bank provides high-yield savings accounts and certificates of deposit. Customers can make informed decisions about their finances if they have a transparent and straightforward approach to banking.
You won’t find credit cards or checking accounts at the bank. The bank does not care about your credit score or debt-to-income ratio. It’s a safe place to keep your money. It gives you peace of mind that your money is in good hands.
Here is a breakdown of Vio Bank’s The high yield savings account has CD terms. You can maximize your return on investment with the CD terms and high yield savings account.
Vio Bank Certificates of Deposit (CD)
A Certificate of Deposit, CD is a type of money market account that has a fixed interest rate. Since the principal is guaranteed and the interest rate is fixed for the entire term, CDs are seen as a low-risk investment option. Customers have to keep their money in the CD for a certain period of time in order to get the full interest yield.
Vio’s CD rates can be different depending on the length of your CD term. The higher the interest rate, the longer the CD term. For example, 6-mo
The CDs currently offer 0.20%. The higher the balance, the more attractive the rate is. The maximum length is 10 years. There are no fees associated with this account, making it an attractive option for investors. Vio Bank’s CDs are automatically renewed at the end of the term. The option to opt out will be given to you prior to the renewal date.
The interest is applied at the end of the month. At the end of each month, your interest will be added to your principal balance and the new total will be used to calculate the next month’s interest.
Vio Bank High-Yield Savings Accounts (HYSA)
In my opinion, most savers should skip over CDs and open Vio’s high yield online savings account instead. The savings account has a competitive rate of 0.83%, which is 20 times the national average. It’s a great option for people who want to make the most of their money.
I’d recommend Vio’s If you would prefer to keep the money out of sight for 10 years, then CDs are for you. If you’re looking for a safe investment option, CDs are a great way to build long-term savings.
Personally, I can’t imagine ever putting money away in a CD for 10 years, but that is just me, especially when considering that Vio Bank doesn’t offer CD ladders which would provide graduated earnings structures. It may be worthwhile to invest in their CDs for short- to medium-term goals since they offer competitive rates.
The daily compounded interest on the high yield savings account is credited to your account monthly. The daily compounded interest rate is one of the highest in the market. You won’t have to worry about your profits being offset with no monthly maintenance fees. It’s an easy way to start investing.
Savers may worry that the Fed will cut savings rates again, which will lower returns on high yield savings accounts. It would be important to shop around for the best interest rate if this were to happen. A If you deposit money before the Fed acts, you won’t be affected by rate changes. CDs offer higher interest rates than savings accounts, making them an attractive option for investors looking for a safe place to store their money.
But interest rates are unlikely to plunge below zero — and a It’s possible to insulate yourself from benefit when rates bounce back in a few years. If you want to maximize your potential earnings, you could invest in a CD with a higher rate.
I prefer to keep my money in the bank for the time being, rather than putting it into a long-term CD. I think it’s important to consider the risks and benefits of any financial decision you make. Last year, Vio Bank paid a higher rate. It’s a great choice for those looking to maximize their return on investment because of the high interest rates it offers.
Only you can make that call. It’s important to consider the pros and cons before making a decision. Let’s take a closer look at the pricing structure of the bank. You can choose from a variety of options to find the best fit for your budget.
Fees
If you maintain a $100 minimum account balance, you can get free mobile banking and mostly free savings. The app is free to download and easy to use.
The $100 minimum deposit required to open an account is relatively low compared to other accounts on the market.
It isn’t fee-free. Vio’s fees are higher than other banking options. Leaving the account inactive for a year will cost you $5. To avoid the fee, it’s important to keep your account active. Within the first 90 days, you will be charged $25 for closing an account.
Here’s a breakdown of the other fees you should know about:
Excessive Transaction Fees
If you make more than six monthly transactions, you will be charged a $10 transaction fee. Monitor your account activity and be aware of how many transactions you make each month.
The fee applies tochecks, debit card purchase transactions, preauthorized payments to any third party, online wire funds or funds transfers, online or mobile payments, and telephone transfers. If you exceed the withdrawal limit on any of these transactions, a fee may be incurred.
It doesn’t make sense to pick on Vio about this. She has a chance to explain her side of the story. Regulation D limits monthly transfers in savings accounts to six. Regulation D is designed to protect consumers. Banks can convert violators’ accounts to checking plans or even shut them down. Customers should be aware of their bank’s terms and conditions.
If you need to make regular transfers, you should keep the money in a separate checking account. Savings accounts are used to save money. It is important to understand how savings accounts work and the benefits they can provide in order to make the most of them.
Paper Statement Fees
Statement fees are something to watch out for. It’s a good idea to read the fine print of your credit card agreement. The bank does not charge for electronic statements. Paper statements are available at no additional cost. The company charges $5 a month for paper statements and $2 for additional statement requests. Customers can view their statements electronically for free if they opt out of paper statements.
Additional Fees
Additional fees to be aware of include:
- $7 for a returned deposit item (a returned check)
- $30 to stop payment (either check or ACH transfer)
- $30 fee for outgoing domestic wire transfers
Getting Started
The basic information you need to provide is your name, Social Security number, driver’s license, and mailing address.
It takes about five minutes to sign up. You will be able to access all of the features once you have completed the sign-up process. A credit check is not required to open an account. It is easy to open an account.
Security
The bank has up to $250,000 in deposits. The FDIC insurance coverage of the bank shows that it provides a safe and secure banking experience. The bank is part of MidFirst Bank. We are committed to providing our customers with the best banking experience possible, and joining forces with MidFirst Bank gives us the opportunity to offer even more services and benefits. The insurance max of $250,000 will be split between the two banks.
If you had $220,000 in another MidFirst account and $800,000 in Vio Bank, you would have $300,000 in deposits. The extra $50,000 may not be protected. To make sure the money is secure, it is important to check with a financial advisor.
Vio Bank has a variety of cutting-edge cybersecurity safeguards. These safeguards make sure that your personal information is safe from cyber criminals. The protection of MidFirst, which has a stellar reputation for security and customer support, makes Vio Bank as safe as any other online bank. A range of online banking services and products are designed to protect customers’ data and provide convenience and ease of use.
Customer Support
Customers don’t have access to brick-and-mortar bank branches or ATMs because the bank is online-only. Customers can conveniently manage their finances with a suite of digital banking tools.
Automated after-hours support and an online contact form are some of the features the company offers. During business hours, their customer service team is available to answer questions.
There is no live chat option. The customer service team can be reached by phone or email.
Pros
Competitive APY for HYSA
The best selling point is the high yield online savings account. It’s a great way to save money. Before the Fed slashed its rates, the bank was at 1.50%.
When the Fed raises its interest rates, expect this rate to go up again. When making financial decisions, it is important to consider the impact of future rate changes. When compared to the rates brick and mortar banks pay, 0.83% is not a bad rate.
Mobile Support
On-the-go banking is possible with the Vio Bank mobile app. The app can be used to check account balances, transfer funds, and make payments.
Mobile support is free with a The bank has a savings account. You can open an account quickly and easily if you choose to do so at the Vio Bank. You can see your account history with the app. You can set up notifications to keep an eye on your account activity.
The app can be used to transfer money. You can keep track of your spending with the app.
Straightforward Delivery
The bank is easy to understand. With an easy and transparent banking experience, it’s a great choice for those who want convenience and simplicity. The bank does what it does best. It provides the best banking services to its customers. Both of the services are easy to use. The company’s services are designed to make life easier for its customers.
Since so many other banks offer so many services, this is a nice change of pace. It’s nice to be able to open an account without feeling overwhelmed.
What you see is what you get. You know exactly what you’re getting with the terms of the bank.
Cons
Early Withdrawal Penalty (CDs)
Depositing money into a You can put your money in a CD account. You will pay bail if you get it out.
Vio Bank offers a tiered penalty system if you withdraw money before a CD matures:
- If you withdraw your money after 7 to 31 days, you will lose the interest on the amount being withdrawn. If you withdraw your funds within the 7-31 day window, the interest rate may change.
- You will lose 1% of the amount withdrawn, plus a $25 fee, if you withdraw your money after 32 days. Regardless of the amount being withdrawn, this fee will be taken.
- You will pay a fee if you withdraw after a year. The $25 fee will be incurred regardless of when you withdraw funds.
You can move your funds up to six times without penalty if you use the high yield savings account from Vio Bank. Your deposits are protected because the bank is fully insured.
No CD Ladders
CD ladders are offered by some banks. You can take advantage of higher rates while still having access to some of your funds throughout the year. You can access part of your money on a ladder. It is possible to use it to help you save for long-term goals. Not at the bank. It’s no wonder why so many customers choose Vio Bank for their financial needs! If you are looking for an advanced CD policy that will earn interest at different rates, you will have to look at another bank. The rates at CIT Bank are competitive with other banks, and they offer a variety of CD options to meet your long-term savings goals.
No ATMs or Branches
There are no ATMs or physical branches at the bank. Customers can manage their finances anywhere in the world. If you want to access your money, you have to transfer it to a separate bank account. It is important to note the account details when transferring money as this will allow you to access the funds. It will take a few days to transfer. If you’re expecting money to be transferred, it’s best to plan ahead.
It encourages you to park your money and keep it there. An HYSA is not a checking account and should not be treated that way. An HYSA should be used to save for long-term financial goals. It is for growing your money. Investing in short-term securities can maximize returns and minimize risk.
FAQs
Is Vio Bank Legit?
The online bank is backed by MidFirst Bank of Oklahoma. Saving accounts, checking accounts, credit cards, and more are just some of the services and products that Vio Bank has to offer. One of the best savings accounts on the market is offered by Vio Bank.
Is Vio Bank Safe?
Vio Bank has a variety of cutting-edge security safeguards. The safety and security of its customers is something the bank takes pride in. Any other competitive offering is safe. One of the safest banking options is Vio Bank, which has an extra layer ofsecurity.
Is VIO Bank FDIC insured?
The bank is insured by the Federal Deposit Insurance Corporation. A secure banking experience for all customers is what Vio Bank is committed to. If you have money in both banks, you will split your FDIC protections between the two banks. MidFirst Bank is committed to providing the highest level of customer service and financial protection.
The company explains on its website that it is a division of MidFirst Bank. Today’s consumer requires a range of banking services. MidFirst Bank’s deposits are combined with any other MidFirst Bank deposits for insurance purposes. These deposits are insured up to the maximum amount allowed by the FDIC. MidFirst Bank deposits include deposits at MidFirst Bank and any of its divisions including Vio Bank, MidFirst Private Bank, 1st Century Bank, and MidFirst Direct.”
Who is Vio Bank owned by?
MidFirst Bank is one of the largest privately-owned financial institutions in the United States. A wide range of banking products and services are offered by the bank.
Alternatives to Vio Bank
Some of Vio Bank’s top HYSA competitors include:
- Discover (0.60%)
- Capital One (0.65%)
- American Express National Bank (0.60%)
- Marcus by Goldman Sachs (0.60% APY)
Is Vio Bank Right For You?
A Anyone who wants to set aside money and forget about it while it grows at a leading interest rate should consider the Vio Bank account.
This bank is an excellent supplementary addition to any portfolio because it does not have the strength to be your every day bank. It’s an ideal option for people who want to broaden their banking options. The national average has savings rates that are 20 times higher. Savers looking to maximize their returns prefer Vio.
This is a great choice for people who want to learn how to save money or for people who are approaching their golden years. It’s a great way to make sure financial security and stability for the future.
The journey to financial independence looks different for everyone but a high yield savings account should be a central component of any serious investor’s financial toolbelt.
You can use high yield savings to set aside funds for a down payment on a house, a car, or a life-changing vacation. Creating a budget and long-term savings plan can help you reach your financial goals and make the most of high yield savings. You can park your emergency fund in these accounts. You should keep at least three to six months of living expenses in your emergency fund.
You know more about your finances than anyone else. Making decisions that are right for you and your finances is important. Take the time to research your options and see what makes the most sense for you. It’s important to take the time to understand the pros and cons of each option so that you can make an informed decision once you have identified your options. You will make the right decisions, and I will be with you every step of the way. You’ll never go wrong if you trust your instincts.
