Posted by Chuck on June 7, 2019
High-Yield APY Accounts

Published on June 7th, 2019 | by Chuck

62

Vio Bank 2.52% APY Savings Account – Available Nationwide

Offer at a glance

  • Interest Rate: 2.52% APY
  • Minimum Balance: $100
  • Maximum Balance: $250,000 (FDIC limit)
  • Availability: Nationwide
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Vio Bank offers a high yield savings account Account with an interest rate of 2.52% APY.

 

The Fine Print

  • Only $100 minimum to open.
  • 6 free withdrawals per monthly statement cycle (like all savings accounts)
  • Interest earned will be reported on a form 1099-INT.

Avoiding Fees

This account has no monthly fee.

Our Verdict

It’s fun watching the rates creep up; it took a while until we got to 2.50%, then it held there for a bit, until recently it crept up to 2.51% and now 2.52%. Ultimately, these tiny additions are insignificant, but we’ll usually put out a post when a new top-rate is reached. Vio was previously at 2.46% and now at 2.52%, so they seem to be intent on remaining competitive.

If anyone has used this bank, please share your experiences in the comments below. Check out our list of Best High Yield Savings Accounts for a full comparison list.

Thanks to reader Ken



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Ilya
Ilya

The “our list of Best High Yield Savings Accounts” is 404ing

jana
jana

Same here-link doesnt work

Keith
Keith

Is wealthfront going to match the increase

Thomas
Thomas

How the heck would anyone know that?

Frank
Frank

Well Bank Insider below seems to know…

Ann
Ann

Not the most convincing presentation, lol.

Bank insider
Bank insider

Yes

Julio A. Villanueva
Julio A. Villanueva

Actually Vio Bank just matched WealthFront. It seems this is going to be a head to head battle for a long time

Av
Av

It is very interesting how they are doing small increases on the past at least was 5 points up from 2.5 to 2.55. I believe this will be the trend specially if federal reserve don’t increase the interest rate and the mortgage rate continue really down

Billy Bob
Billy Bob

The question is whether the federal reserve is going to decrease the rate or not.

Ben
Ben

Do they pull Chexsystem? Credit card funding? Been using PNC high yield saving since last year … not sure if I want to make the jump.

Avi
Avi

They use ibanking system for their application, I have never seen any bank use ibanking without pulling Chex report.

Ben
Ben

Thank you!

Matt S
Matt S

same! i like the PNC interface and i like them…but the rate is now not nearly as competitive as it was a year ago.

Staradmiral
Staradmiral

Terms and conditions state a transfer limit of $5000. Makes it hard to get your money out when you need it. Ill stick with wealthfront

Mikey
Mikey

Some banks with a similar 5K limit will quietly raise it considerably upon request after you’ve been a customer for awhile.

Billy Bob
Billy Bob

Exactly what AllAmerica Bank (i.e., Redneck Bank) does with a simple phone call that a human answers.

Thomas
Thomas

Also with Redneck Bank you’ll be able to pull more than $5k out, you just cant push. Not sure about Vio though.

Ann
Ann

That’s how it works almost everywhere (no limits on pulls).

Evan
Evan

Do you know off the top of your head what wealthfronts limit is?

Danny
Danny

Got this response from Wealthfront re: deposit limits:

There is a daily ACH bank transfer limit of $250K. This means if you schedule a bank transfer larger than $250K, the deposit or withdrawal will be sent over multiple business days.
Let me know if you have questions.

Best,
Amber
Wealthfront Client Services
support@wealthfront.com

Danny
Danny

https://www.viobank.com/Documents/Vio/Vio_OnlineBankingAgreement.pdf
“External Transfers (inbound and outbound combined) are limited to and may not exceed $5,000 daily and per transaction and are limited to and may not exceed $20,000 per calendar month.”

Oliver
Oliver

Holding out for 2.53 😄

Mikey
Mikey

Those of us who have been stuck at 2.5% for months can do the math exactly as you did, Chuck. I wouldn’t reward a bank with a single penny of my savings when all they’re doing is offering as little as possible just to jump higher on lists of accounts with best rates. No thanks.

Billy Bob
Billy Bob

Problem is All America Bank, which I have maxed, is about to lower their rate to 2.4%. If this is true, I don’t want to reward that behavior.

Nick
Nick

Comenity direct still at 2.48% with no artificial limit of 50K.

Of course there are others on that list with an APY a bit higher but I’m not too keen on using the small institutes that few has heard of before and can’t even do identity verification on their own (such as, Red neck bank) so they have to pass my info around with 3rd parties and still mess up the process. 0.02% APY is not worth the risk of identity theft.

Mikey
Mikey

AA/Redneck is definitely dropping to 2.4 but is honest and transparent enough to note the change on the website. Will stay with them (with a lower balance, obviously) because they’ve been very good in the past about adjusting the rate up for current customers when it’s raised without us having to call in or go through drama. I don’t like the drop either but they’re too good to entirely merit account closure. Stick with them with a low balance for awhile.

MrObvious
MrObvious

That all makes sense. Huh. Reward those that lower, but not those that raise.

Gadget

MrObvious, I think Mikey was implying it’s about keeping your options open. If you already have a free account open, setup, functional, that typically runs near the top of the pack and has fair policies, reduce the balance, but leave it open. In a couple months, they might be top dog, and it’s a lot easier to transfer money back in than open a new account. Depends on your prerogative – if keeping an account open is a burden, then don’t. But that $20 bucks I leave behind is hardly a “reward” for them and shows my sentiment. The other advantage to keeping an account open is you may be targeted for something. Downside – might not be eligible for a new account bonus, but most of these high interest banks don’t offer sign-up bonuses.

Right now I am riding at 4.3% “boosted” with Empower, but when my “boost” runs out, I am dropping that balance too.

Mikey
Mikey

Thanks for clarifying. I didn’t intend for the reduction of my balance by 95% to be interpreted as a reward since I’m still keeping 5% there. The bank being rewarded will be Northern who recently locked in their 2.5% rate. Hate to sound like a broken record, but any bank with a clean 2.6% offer now would be amazed at how many of us are out here ready to transfer in. Anyone needing a massive influx of funds, now is not the time to be shy.

Schmekel
Schmekel

I will move my funds out of AA and Redneck when they lower.
I would do this even if I was moving funds to a bank with the same rate they are lowering to.

I am sure when a bank lowers rate they watch carefully what effect it has.
I want to help make them reluctant to lower rates in the future – and possibly move their rate back up – by moving my funds out.
If all did this, there would be a lot less rate lowering.

Schmekel
Schmekel

PS – Will definitely leave a dollar (or whatever the minimum is) in both accounts in case they improve.

CreditHunter
CreditHunter

If the Fed cuts interest rates, the banks’ hands will be forced regardless

Ken
Ken

I’m thinking about moving my money here. Been having problems trying to ad my wife as a joint owner to my PNC account. Spent close to an hour on the phone to get it setup and a month and a few calls later I find out that they never submitted it. Don’t want to waste my time with them again and don’t want to reward that behavior since there are multiple banks with higher rates than PNC

Julio A. Villanueva
Julio A. Villanueva

I just opened an account 1 week ago with $500. So far 10¢ interest 😁😁

Frank
Frank

Seems aggressive with FED saying they’ll drop rates if they need to

barrytuneup
barrytuneup

CIT is going from 2.45 to 2.05..Downer

SMan
SMan

I checked few minutes ago it is 2.40 APY. CIT website says “Savings Builder Up to 2.40 % APY Minimum balance of $25,000 or $100 monthly deposit. $100 minimum opening deposit.”

edy
edy

I did the same thing and called CIT. I can verify that the Savings Builder is @ 2.40 and there is no sign of dropping per the representative.

Mikey
Mikey

Thank you for the heads up. I encourage all to share rate changes as they occur.

barrytuneup
barrytuneup

seems I was incorrect.. But I do see the 2.4% rate as of 5/31. CIT Bank

Dan
Dan

What happened to the high interest savings account page?

https://www.doctorofcredit.com/high-interest-savings-to-get/

henryr
henryr

hesitate to open this account because of ”
$5 Per month after 12 months of inactivity”
https://www.viobank.com/Documents/Vio/Vio_OnlineSavings_FeeSchedule

henryr
henryr

I hesitate to open this account because of ”
$5 Per month after 12 months of inactivity”
https://www.viobank.com/Documents/Vio/Vio_OnlineSavings_FeeSchedule.pdf

Nick
Nick

FYI VIO has horrible user review rating on depositaccounts.com

Yes, Chase is reviewed much better than VIO, Citi is reviewed much better than VIO, even Wells Fargo compares favorably to VIO in terms of user rating 😉

btw. Might be a good idea for DOC to add a similar feature (user submitted star ratings for CCs or Banks)? There are a lot of useful insights/info in user comments on this site, but it is difficult to get an overview or compare across institutions, esp difficult for popular posts with a lot of useful comments.

edy
edy

I HEAR THERE IS A 5K WITHDRAWAL LIMIT PER DAY!!!! Maximum 20K per month? Can someone verify this? A bit discouraging and alarming to have such restrictive limits on our own funds.

edy
edy

Nevermind I see this was already discussed in this thread.

das1996
das1996

Can’t you use a different bank with higher limits to pull funds?

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