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Account Opening
I opened my savings account on 7/5/2019 without any hiccups. The trial deposits appeared in my funding account on 7/8/2019 and I was able to confirm and the account was opened. My initial deposit posted on 7/9/2019. I received an email on 7/9/2019 confirming my account opening with instructions on how to setup online banking which I successfully did. So far so good.
I will update my post when I attempt other transactions.
Not Perfect, But No Bank Is
I don't have money to invest, I'm just working on building my savings. BofA has been plodding my account along with One Penny per month for a long time. I took a chance on Vio, and I was amazed when I got almost $2.00 in interest in two months. Yeah, I'm not getting rich anytime soon, but compared to BofA that is astronomical. My biggest complaint is that it takes 3 weeks for deposits to be accessible. That is a long time for my money to be in limbo in case of an emergency! I did a test withdrawal to see how long that would take, and it showed up in my other account the very next day. All in all, I would say the limbo time is worth the high interest rate.
Any Way To Avoid $5 Inactivity Fee
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
Glad I Read Other Review BEFORE Moving To VIO Bank
In a good economy, banks are constantly raising interest rates on savings account to compete with each other.
On June 12, i discovered the 2.52% APY rate that VIO Bank began offering on June 7 so I phoned with questions about limits on external transfers. Dominique was very cordial and answered all my questions. THEN, I read reviews on this site which contradicted what I was told by phone. Phones again and Casey gave me different information which mirrors the negative reviews on this website.
BOTTOM LINE: VIO Bank may currently offer the highest savings rate by .02% APY but the differences in terms and other possible "hiccups" is not worth the risk for me (and possibly you too).
Data as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4063 |
| Year Established | 1911 |
| Employees | 2614 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.77% |
| Return on Equity - YTD | 18.88% |
| Annual Interest Income | $193.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $19.34B$14.90B |
| Loans | Q1 2019vs Q1 2018 | $14.26B$10.99B |
| Deposits | Q1 2019vs Q1 2018 | $9.07B$8.18B |
| Equity Capital | Q1 2019vs Q1 2018 | $1.73B$1.57B |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $112.5MM$116.6MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $74.0MM$51.6MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $23.1MM$22.2MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Online Savings Account 2.52% APY
Flexibility to grow your money and access it when needed.
We regularly monitor the competition to ensure our rates are
some of the best in the nation.
Interest is compounded daily, growing your money fast.
Your money is FDIC insured up to $250,000.00
Only $100 minimum to open.
Six free withdrawals per monthly statement cycle.
No monthly fee.
Always verify rates and promotions with the bank or credit union. We are not Vio Bank; we are a rate comparison website and cannot provide official rates or promotions.
Vio Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.52% | $100 | - | High Yield Online Savings Account |
Vio Bank CD Rates
Vio Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 501 NW Grand Boulevard - Oklahoma City, OK 73118