New Rate Leader - Vio Bank's High Yield Online Savings, 2.52% APY

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Deal Summary: High Yield Online Savings, 2.52% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

Vio Bank has just added six bps to its High Yield Online Savings (HYOS) account, making it the rate leader for nationally available savings accounts with low minimum balance requirements. Currently earning 2.52% APY on all balances, the HYOS requires a minimum $100 opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.52%$100-Vio BankHigh Yield Online Savings Account
Rates as of September 18, 2019.

In the ten months since Vio Bank opened its virtual doors with a product line consisting of the HYOS and several CDs, the HYOS has added a total of 42 bps in ten rate increases.

Today wasn’t as good a day for Vio Bank’s shorter-term CDs, with most rates dropping by 5 bps.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.85%$500-Vio Bank36 Month High Yield Online CD
1.80%$500-Vio Bank24 Month High Yield Online CD
1.75%$500-Vio Bank18 Month High Yield Online CD
1.70%$500-Vio Bank9 Month High Yield Online CD
1.70%$500-Vio Bank12 Month High Yield Online CD
Rates as of September 18, 2019.

Funding and Accessing the HYOS

The initial deposit (minimum $100) must be made by ACH from the linked bank account named on the online application. After the account is established, up to five external bank accounts can be linked and deposits from those linked accounts can be made via ACH or wire. The speed of incoming ACHs is anywhere between 2-5 business days, with hold times for incoming ACH being 2 or 3 business days.

This is a “true” savings account, having no ATM/debit card. Any withdrawals must be made through ACH or wire. Withdrawals initiated through Vio Bank’s online banking platform are limited to $5k per day, with an aggregate monthly total of $20k. Withdrawals initiated by an external bank have no dollar limits. There is a $10 excessive transaction fee “for each limited withdrawal in excess of six withdrawals per monthly statement cycle.” The Online Banking Agreement provides a great deal of useful information about the ins-and-outs of Vio Bank transactions.

Potential Fees

Since I first wrote about the HYOS account, the number of fees has actually decreased: no charge if the account is closed within 90 days of opening (was $25) and the charges for incoming wires, either domestic or international, have been eliminated. While there is no monthly maintenance or service fee, there are a couple potential charges to be aware of, including,

  • $5 per month after 12 months of inactivity
  • $5 per month for paper statements
  • $18 for an outgoing domestic wire

Beneficiaries

Multiple payable-on-death (POD) beneficiaries are allowed. While there is no set number, the online application can only accommodate two beneficiaries to be named at a time. Social Security numbers are NOT required for beneficiaries. Charities/non-profits cannot be named, but trusts can be named as a beneficiary.

Availability

Headquartered in Oklahoma City, Vio Bank offers accounts to US persons, defined as “a citizen or resident of the United States,” 18 years or older with a valid Social Security number.

Only individual and joint accounts can be opened with Vio Bank, with custodial accounts and trust accounts not permitted. As mentioned above, trusts can be named as a beneficiary.

As an internet bank, Vio Bank has no brick-and-mortar branches. Opening a High Yield Online Savings account (or any other Vio Bank product) can only be done online.

Bank Overview

As an online division of MidFirst Bank, Vio Bank operates under MidFirst Bank’s FDIC Certificate and shares its financial history.

Vio Bank/MidFirst Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.27% (excellent) based on March 31, 2019 data. In the past year, the Bank increased its total non-brokered deposits by $816.53 million, an excellent annual growth rate of 10.22%. Please refer to our financial overview of Vio Bank/MidFirst Bank (FDIC Certificate # 4063) for more details.

Note: Vio Bank’s FDIC Coverage page states,

Deposits held at Vio Bank are deposits of MidFirst Bank and are combined with any other MidFirst Bank deposits for FDIC insurance purposes. MidFirst Bank deposits includes deposits at MidFirst Bank and any of its divisions including Vio Bank, MidFirst Private Bank, 1st Century Bank, and MidFirst Direct.

MidFirst Bank, one of the five largest privately-owned banks in the United States, traces its roots to Midland Mortgage Company, which was founded in 1950 by a group of Oklahoma City area bankers. The name was changed to MidFirst Bank in 1982, following the purchase of a thrift charter. Through continued growth and market expansion, today’s MidFirst Bank has assets in excess of $19.3 billion and 77 branch locations in Colorado, Oklahoma, and Arizona.

As mentioned above, MidFirst Direct is also a division of MidFirst Bank, and like Vio Bank, it also offers an online savings account and online CDs. I first reported on MidFirst Direct in 2012, when it offered very competitive online CD rates. DA began tracking MidFirst Direct’s High Yield Online Savings (HYOS) account in January 2016; at that time, the HYOS earned 0.45% APY. While the HYOS has seen several rate increases, the rate is still low when compared to other internet savings accounts. For current rates and rate histories, please refer to the rates section of our MidFirst Direct information page.

How the High Yield Online Savings Compares

When compared to 213 Savings Accounts tracked by DepositAccounts.com that are available nationwide and do not require a large minimum balance, Vio Bank’s High Yield Online Savings APY currently ranks first.

The above rates are accurate as of 6/7/2019.

To search for the best Savings Account, both nationwide and state specific, please refer to DepositAccounts.com’s Savings Account Rates page.

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
buckeye61
buckeye61   |     |   Comment #1
Interesting! The question is, will they still be a "Rate leader" after the FED starts cutting rates(July?) and financial institutions adjust their rates accordingly.
garyh1961
garyh1961   |     |   Comment #11
yes good question... Rates higher today and drop in 2 weeks
Att
Att   |     |   Comment #2
Northern Direct has been the leader. They guaranteeing their
2.5% savings account rate till the end of the year
Mikey1
Mikey1   |     |   Comment #4
Yes, I just moved funds to Northern from Redneck with their rate drop later this month to 2.4%.
HARK!
HARK!   |     |   Comment #17
I have not heard of a rate drop.....where did you hear this??
Mikey1
Mikey1   |     |   Comment #23
It’s on their website. Drops at start of next statement period.
HARK!
HARK!   |     |   Comment #26
Thanks just saw it......DARN!!
DLW
DLW   |     |   Comment #34
I went to Northern Direct website and they only offer CDs and Money Market. Where is the HYSA?
willy12
willy12   |     |   Comment #35
Its always been a Money Market. Which is better than a savings in that you can write checks.
Mikey1
Mikey1   |     |   Comment #3
The shameless tweaking of their rate simply to be ranked first fools no one. Faithful readers of this blog are too well-informed to be manipulated. Try again, VIO, when you’re seriously interested and not just trying to grab headlines.
sheep
sheep   |     |   Comment #6
chasing .002% isnt manipulated?
HARK!
HARK!   |     |   Comment #16
.0002.....makes it even worse. No thanks
RichReg
RichReg   |     |   Comment #41
@ Mikey1;
3 months long enough to be serious?
They're still on top.
willy12
willy12   |     |   Comment #5
Does VIO have any meaning or is it like Marcus?

Given their history of top rates, I doubt this is a bait & switch but I'm not opening another account over .002%.

I am moving most of my remaining AA funds to Northern before the 21st though.
deplorable 1
deplorable 1   |     |   Comment #8
Right if you are already getting 2.5% elsewhere no point in switching for .002%. However if you don't have a 2.5% liquid account already this isn't a bad option. Like others I'm wondering how long they will be a rate leader. I'm still shocked by the recent rate drop at Redneck which breaks their long track record of rate increases. It seems like I have to maintain a small collection of liquid accounts to ensure a top rate and the flexibility to move money quickly.
Mikey1
Mikey1   |     |   Comment #24
I agree that there’s a difference between those of us already at 2.5% and someone new who might be examining rates for the first time. For these individuals 2.52% “stands out”. I think a subtle point I’m making is that current AA/RED customers “hang in there” with a minimal investment because of the bank’s solid history of increases despite this stumble. It’s a head scratcher what this drop is meant to achieve anyway, as it alienates many of us while simultaneously makes the bank less competitive in terms of new accounts and business.
deplorable 1
deplorable 1   |     |   Comment #31
Right I'm not dropping Redneck just keeping a low balance. If everyone else does this they may push their rate back up again if they need cash.
Svensk
Svensk   |     |   Comment #14
Marcus is named after Marcus Goldman who founded Goldman Sachs...
QED
QED   |     |   Comment #7
In the realm of liquid funds, you can get a 2.5% APY NPCD at PurePoint having a 13 month rate lock. ACH transfers in are instantaneous and ACH transfers out are overnight, both with very high limits, i.e., $250,000/day and $1,000,000 per rolling month.

In my view, for liquid funds, PurePoint's NPCD offering is more attractive than this Vio Bank account. Just the thirteen month rate lock alone is sufficient reason to choose PurePoint, given possibility interest rates could decline later this year.
willy12
willy12   |     |   Comment #9
My problem with no penalty CDs is they are not really convenient in terms of paying bills.

At Northern, I can pay a $37 credit card bill and send my broker $1500 without breaking a larger npcd.

True, my rate is only guaranteed thru year end but another extension would not surprise me at that time given they increased their previously guaranteed rate. (And that rate is only for those grandfathered which makes it easier for the bank)
Att
Att   |     |   Comment #10
willy12 I like that Northern has a checks too. I write checks to pay contractors and others that require check payment. Northern all around is one of the top options.
deplorable 1
deplorable 1   |     |   Comment #19
Also EBSB for us grandfathered folks has kept their rate at 2.5% as well with no rate guarantee. It will be interesting to see which banks keep their rate at 2.5% or better the longest.
51hh
51hh   |     |   Comment #20
It (EBSB) just dropped a notch/bit (now 2.43% APY or 2.4% APR), call CSR or go online to check.
Dan
Dan   |     |   Comment #21
EBSB didn't drop for me. Online banking still shows:

Interest rate:
2.47%
Mikey1
Mikey1   |     |   Comment #25
Still shows 2.47%/2.50% for me as of Sunday 6/9/19. Worthy of a phone call. Assume depositaccounts.com will update the rate if true. Keep the conversation active and the information flowing.
deplorable 1
deplorable 1   |     |   Comment #22
Still shows at 2.47% APR and 2.49% APY for me. Using my APY calculator with daily compounding shows the APY should be 2.5%.
51hh
51hh   |     |   Comment #27
Thanks.


I will certainly be annoyed if I am the only one marked out for a tiny rate cut:) (2.4% APR online for me).  I did call twice to confirm that it is a global rate cut for all, but will show up respectively as individual statement evolves (my statement of 31 May listed 2.44% APY).


Stay tuned for my strong protest, yes indeed, for a 0.07% cut:D

The only exception I can think of is that I opened the HYS at a local branch In Mass, did you all open accounts via EBSB Direct? 
deplorable 1
deplorable 1   |     |   Comment #28
EBSB direct for me. Last month it was showing at 2.59% APY. The rate seems to change over there. Use your account balance to calculate your interest using 2.47% APR and see if the interest is correct. You may be receiving the correct interest and the posted numbers are wrong.
51hh
51hh   |     |   Comment #30
Thanks, deplorable 1 and Dan. The minimum for high rate is still $5K.


The important information I got (from my own educated guess and confirmed by a CSR and a VP today) is that this small rate reduction (0.07%) applies only to those who opened accounts at branches. However, the overall trend for both EBSB and EBSB Direct are downward; they are not looking to be rate leaders, so to speak. :)
annoymous
annoymous   |     |   Comment #36
check again now, as of June 12, 2019 the EBSB direct , rate is 2.37% and 2.40% yield.
51hh
51hh   |     |   Comment #37
Anno.: Same for me (opened in branches). Is this from EBSB Direct or accounts opened in branches? Thanks.
51hh
51hh   |     |   Comment #38
Noticed that EBSB direct is catching the "downward" trend as well.

Still a good rate, but I am opening an NBD MM account just in case.
Dan
Dan   |     |   Comment #29
The EBSB Direct was a blended rate. I can't remember what the min balance was to earn the 2.5%. Did you happen to withdrawal money recently?
Clueless
Clueless   |     |   Comment #13
Can someone confirm that the Northern deal is only good for existing accounts? New accounts don't get that rate and lock ... correct?
Anonymous
Anonymous   |     |   Comment #18
Yes, that's true.
Dan
Dan   |     |   Comment #32
Northern Bank Direct back to offering their 2.5% money market account with rate guaranteed through end of 2019.

https://www.northernbankdirect.com/money-market
RichReg
RichReg   |     |   Comment #33
If you're not in this fund, no time like the present ; because suddenly offering it to everyone tells
me it could be a short-lived offer like last year. Hope they're prepared for a boat-load of incoming funds,, ..wonder if the checks are still free?
HappyPanda
HappyPanda   |     |   Comment #39
Has anyone opened a VIO account? I'd like to know when one makes a ACH transfer using their OWN web system, does interest start to accrue on the same business day you initiate transfer or does it start to accrue interest only once they've cleared the funds for use? This would matter.
RichReg
RichReg   |     |   Comment #43
Banks pay you interest on the day of the actual deposit according to regulation ; VIO is no different. This is regardless of hold lengths so in other words, your funds may be on hold for 4 or 5 days, but you earn interest during that period.
SaberPop
SaberPop   |     |   Comment #40
I am a resident of Hawaii and my application was denied because the savings account are not offered in my state.
unmesh
unmesh   |     |   Comment #42
I just opened an account. I should have looked into this before opening the account but adding POD beneficiaries requires mailing in a notarized form :-(
Vio Bank Ups High Yield Online Savings To 2.46% APY
Deal Summary: High Yield Online Savings, 2.46% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

With today’s 5 bps rate increase, Vio Bank’s High Yield Online Savings (HYOS) account is now the rate leader for nationally available savings accounts with low minimum balance requirements. The HYOS now earns 2.46% APY on all balances, and requires a minimum $100 opening deposit.

Since its introduction in late August (when Vio Bank opened its virtual doors), the HYOS has added a total of 36 bps in...

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Availability: Nationwide (internet bank)

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Availability: Nationwide (internet bank)

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Funding and Accessing the Savings Account

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Deal Summary: High Yield Online Savings, 2.25% APY on all balances, $100 min opening deposit.

Availability: Nationwide (internet bank)

In early August, MidFirst Bank’s newest internet division, Vio Bank, opened its virtual doors for business. The inaugural product line included a variety of CDs and the High Yield Online Savings account, which had an initial 2.10% APY. This morning, Vio Bank increased that rate to 2.25% APY on all balances.

Funding and Accessing

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Vio Bank Opens Its Virtual Doors With Savings Account
Deal Summary: High Yield Online Savings, 2.10% APY on all balances, $100 min opening deposit.

Availability: National (internet bank)

About two weeks ago, Vio Bank, the new internet division of MidFirst Bank, opened its virtual doors for business. The product line debuted with a High Yield Online Savings account, earning 2.10% APY on all balances.

Funding and Accessing

The High Yield Online Savings account requires a minimum $100 opening deposit. The initial deposit must be made by ACH from the linked bank account named on the online...

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