Vio Bank High Yield Savings Account Rates and Reviews
Are you planning for a new savings account? Do you find Vio bank worth considering? Are you a bit confused? We understand your confusion, and the following article will answer all your queries. Vio bank has become the first choice for many since it offers high-yield saving rates. You can get a 0.50% annual percentage yield from your savings. You might not expect this benefit from most of its leading competitors.
The rate applies to all your balances, and you can open an account with only $100. The best thing is that there will not be any monthly charge. But there will be two fees, and you can avoid them with careful planning. The bank will charge a $5 fee per month when you want paper statements. You will have to pay $10 per transaction if you withdraw more than six times a month. You can avoid these fees by not asking for a paper statement and limiting your monthly withdrawals to six. However, the deposit limit will be considerably high and can impress any. The deposit limit is $100,000 per day, and the monthly limit is $250,000. You can deposit to your account through wire transfer or using the app.
Vio bank will have flexibility when it comes to the deposits and when saving is your objective, you might consider this bank. However, there will be some downsides. You cannot withdraw your money immediately for any emergency. We will cover both the positives and negatives in the following. Keep reading to know whether Vio bank is a suitable option for you or not.
WHAT ARE THE EXPECTED BENEFITS?
* No Monthly Fee: You might know that many banks charge a monthly fee for maintenance. However, you will have an exception with Vio bank. The savings account of the Vio bank will not have monthly fees, and you will not have to spend extra every month. Also, some banks will charge you when the balance is less than a fixed amount, but you will not have this complexity while using a savings account in Vio bank. There will not be any minimum balance requirements.
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* High APY: You can compare other savings accounts with the Vio Bank High Yield Online Savings Account and know the difference. Yes, Vio bank features a high APY compared to many leading banks, and you can expect more benefits from your savings account.
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* FDIC Insured: Your savings accounts in the Vio bank will have FDIC insured benefits up to $250,000. Vio bank offers this benefit to all high yield savings accounts.
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* Easy Usage: The Vio bank website has the desired information to help first-time users. You can visit the website and open your account within minutes. You will find everything transparent and easy to follow. You will find a brief application form that you need to fill out to open your account. You can do everything by using the website, and also, you can deposit your checks using the mobile app of Vio.
These are the compelling benefits of having a Vio savings account, and these advantages can inspire any to open a Vio bank high yield savings account. But if you want the best outcome, you should know the downsides. Compare positives and negatives before making a decision. Here are some downsides of having a Vio bank high yield savings account.
AREAS FOR IMPROVEMENT
* No ATM Card: If you are the one who loves to use ATM or debit cards, you might not find Vio bank savings account worth considering. Yes, you will not receive an ATM or debit card from the bank. You can transfer your money to any linked checking account, and it might take several days to get the fund for your use. Therefore, you cannot use your money for emergencies.
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* Limited Customer Help: If you want to reach the customer support team, you can access the support through the phone. More importantly, they will be available for limited hours, and you cannot get real-time help. Also, the bank offers online chat, but it will be available for a few hours. If you want a bank always available to answer your queries, you might not find Vio bank worth considering.
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* Opening Deposit: There will be a minimum amount for opening a savings account with Vio bank. However, many banks will allow you to have a savings account without a minimum deposit. The amount will be only $100 for Vio bank. It might not impact your budget, and you will have the deposit amount in your balance.
WAYS TO ACCESS YOUR SAVINGS ACCOUNT
There are many ways you can access your savings account. But you will not have an ATM card as mentioned above. Here are the ways you can consider accessing your savings account.
* Deposits: You can deposit a fund into your account in different ways. You can consider an electronic transfer from any linked account. Other options are wire transfer and physical checks. The best way is the electronic transfer since it will be easier. There is no limit on how many times you can transfer, and you can set up recurring deposits to build savings. The bank will not have checking accounts for money transfers. Hence, you will have to use an external account for deposits, and the processing might take several days. When it comes to checks, you can mail or deposit them through wire transfer. Also, you can use its mobile app to deposit your fund.
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* Withdrawals: You will have two options to withdraw your money from the account. You can consider wire transfer or electronic transfer to any linked account. However, these methods will take several days, and you cannot access your fund fast. You can expect immediate money transfers from other leading banks. While using Vio bank, you can schedule your transfer in advance and use it whenever needed.
WRAPPING IT UP
A Vio bank high-yield online savings account is a suitable option for those who want no monthly fees, a minimal deposit, and a high APY. However, the bank will not provide an ATM card, and you cannot access your fund in emergencies.