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Editor’s Note: The APYs listed in this article are current at the time of publication. They can fluctuate (up or down) based on changes in the Fed’s rate. CNBC will update as changes are made public.
It’s no secret that savers earn much less interest on their savings accounts than they did a year ago. Due to the economic fallout from the coronavirus pandemic, interest rates have fallen across the board.
For high yield savings accounts, banks offer an Annual Percentage Return (APY) that is about less than half of what it was at this time last year. But although rates have come down, some online banks are still trying to get ahead of others. Vio Bank, the online division of MidFirst Bank, offers one of the highest APY rates for high yield savings accounts.
Vio Bank High Yield Online Savings Account ranked as the ‘Best for Earning High APY’ on CNBC Select’s Best High Yield Savings Accounts list because clients can currently earn 0, 57% interest.
Below, we take a close look at the Vio Bank High Yield Online Savings Account by breaking down its Annual Percentage Return (APY), access to your money, benefits, and fees so you can decide if it is. High Yield Savings Account is right for you. .
Vio Bank High Yield Online Savings Account Review
Vio Bank High Yield Online Savings Account
Information about Vio Bank High Yield Online Savings Account was independently collected by CNBC and was not reviewed or provided by the bank prior to posting. Vio Bank is a division of MidFirst Bank, member of the FDIC.
Annual percentage return (APY)
The minimum balance
None, if you opt for dematerialized statements (otherwise, $ 5 per month)
Maximum number of transactions
Up to 6 free withdrawals or transfers per statement cycle * The withdrawal limit of 6 cycles of instructions is removed during the coronavirus outbreak under Regulation D
Excessive transaction fees
Offer a checking account?
Offer an ATM card?
Vio Bank APY High Yield Online Savings Account
The current APY is 0.57%. Vio Bank High Yield Online Savings Account users need to make a minimum deposit of $ 100 to open an account and start earning interest.
Vio Bank earns interest on your savings on a daily basis, as the best high-yield savings accounts do most of the time. The APY offer reflects the total amount of interest the account would earn over a year.
Access to your money
Customers can top up and transfer funds internally between two Vio Bank savings accounts, and this is processed immediately. To transfer funds between a separate bank via an ACH transaction, account holders can use Vio’s external transfer service (with an external transfer limit of $ 25,000 per day and $ 100,000 per month). External transfers can take up to five business days to process.
Vio Bank customers can deposit money into their account by sending a check, depositing a check through the Vio mobile app (with a limit of $ 100,000 per day and $ 250,000 per month) or by wire transfer. banking.
Account holders can perform all transactions (deposit or withdrawal) up to six times per month for free, as required by law. Note that this withdrawal limit is currently lifted during the coronavirus outbreak under Regulation D, a federal law that limits the number of times deposit account holders can access their money each month.
The biggest advantage of the Vio Bank High Yield Online Savings Account is its above average APY.
While it doesn’t offer a checking account or an ATM network, it’s a good choice for savers if all they want to do is hide their money and watch it grow.
Account holders can easily reach customer service by phone seven days a week or via the live chat available on the bank’s website.
A minimum deposit of $ 100 is required to open a Vio Bank high yield online savings account, which is lower than some of the other high APY savings accounts require.
There are no additional monthly fees if you opt for paperless. Otherwise, there is a monthly fee of $ 5 for anyone receiving a paper bill.
Vio Bank does not charge a fee for incoming transfers (the cost of sending a domestic transfer is $ 30) or fees for outgoing or incoming external transfers.
You’ll want to make sure you keep your account active, because if you go 12 months without making any transactions (either a deposit or a withdrawal) you will be billed a dormant account fee of $ 5 each month.
Account holders benefit from the six free withdrawals per month as required by law (limit lifted during the coronavirus epidemic under Regulation D). Then Vio Bank charges $ 10 per transaction.
At the end of the line
To determine which high-yield savings accounts offer the best return on investment, CNBC Select analyzed dozens of US savings accounts offered by online and traditional banks, including major credit unions. We’ve lowered our ranking by only considering savings accounts that offer an above-average APY, no monthly maintenance fees, and low (or no) minimum balance requirements.
While the accounts we’ve chosen in this article consistently rank among the highest APY rates, we’ve also compared each savings account on a range of features, including account usability and accessibility. , as well as factors such as insurance policies and customer reviews. when available. We also took into account the users’ deposit options and the compound frequency of each account.
All accounts included on this list are insured by the FDIC up to $ 250,000. Note that the rates and fee structures for high yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate with the Fed rate. Your income depends on the associated fees and the balance in your high yield savings account. To open an account, most banks and institutions require a deposit of new money, which means that you cannot transfer the money you already had in an account at that bank.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.