Vio Bank Ups High Yield Online Savings To 2.46% APY

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.46%$100-Vio BankHigh Yield Online Savings Account
Rates as of May 22, 2019.

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

Funding and Accessing

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 only allows for 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

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. Custodial accounts and trust accounts are not permitted, but 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 6.18% (excellent) based on December 31, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $939.98 million, an excellent annual growth rate of 12.04%. 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.

As mentioned above, MidFirst Direct is also a division of MidFirst Bank. Like Vio Bank, MidFirst Direct offers an online savings account and online CDs. I first reported on MidFirst Direct in 2012 when it offered very competitive online CD rates. We began tracking MidFirst Direct’s savings account in January 2016 when the rate was 0.45%. The rate has risen, but it 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.

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 $17.2 billion and 77 branch locations in Colorado, Oklahoma, and Arizona.

How the High Yield Online Savings Compares

When compared to 202 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 3/27/2019.

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, nationwide deals, Internet banks

Comments
buckeye61
buckeye61   |     |   Comment #1
Very competitive rate with some good account features, but you have to wonder how long these rates will hold. Even if the FED has just paused, the market is pricing in a rate cut later in the year and that is prompting some institutions to preemptively lower rates.
Dan
Dan   |     |   Comment #2
How is this at the top? Aren't Redneck, All America, and Western State Bank all still at 2.5%?
AnnO
AnnO   |     |   Comment #3
Those are all money market accounts, which have a different ranking list than savings accounts.
larry
larry   |     |   Comment #4
Comment #3 Earn up to a $500/600 bonus and a 2.00% APY with the Cap1 bonus with their money market. Heard there is a cap1 mm bonus that does not have the 2016 language. The ROI on that would be pretty good even though it's only a 2.00% APY.
Anonymoose
Anonymoose   |     |   Comment #5
Any more info on that? Only deal I find is the EARN500, which excludes anyone who had an open account after 1/1/2016.
larry
larry   |     |   Comment #6
Looks like they changed it or redirected the link. I posted the info last week in a reply to d1. It was the 500 offer and the only restriction at that time was if you ever had a money market before and nothing about 2016. Guess Cap1 people are reading the comments here because the expiration date was in the summer. How I found it was reading through the comments at doc and someone posted the new link.
garyh1961
garyh1961   |     |   Comment #8
I believe this is money market also. Says more than 6 withdrawals a month you get charged. That is the same as ll other money markets. Federal banking guidelines
garyh1961
garyh1961   |     |   Comment #7
yes they are still 2.5 % Thats the best with money being liquid yes.
Vio Bank Nudges Online Savings To 2.39% APY
Deal Summary: High Yield Online Savings, 2.39% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

When I saw that Vio Bank had added two bps to its High Yield Online Savings account today, my initial response was to simply update my November blog post. Something along the lines of, “There were two small rate increases this month on the High Yield Online Savings – 2 bps on January 14 (2.37% APY) and 2 bps on January 25 (2.39% APY).”

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Vio Bank Boosts High Yield Online Savings Rate
Deal Summary: High Yield Online Savings, 2.35% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

About four months ago, MidFirst Bank’s newest internet division, Vio Bank, made its debut on the internet bank stage. 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 upped that rate to 2.35% APY on all balances.

Funding and Accessing the Savings Account

A High Yield Online Savings account can be...

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Vio Bank Ups High Yield Online Savings APY
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

A High Yield Online Savings account can be opened with a minimum $100 deposit....

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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...

Continue Reading


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