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Vio Financial institution is a wholly on-line financial institution and a division of MidFirst Financial institution, which is the biggest privately held financial institution in the USA. Vio’s merchandise embrace a financial savings account, cash market account, and certificates of deposit (CDs) that vary from six months to 10 years.
All charges and charges are present as of April 26, 2023, and are topic to vary.
Vio Financial institution choices
Vio Financial institution affords a web based financial savings account, a cash market account, and numerous CD phrases to select from. It doesn’t at present provide a checking account possibility.
Checking and financial savings accounts
- On-line Financial savings Account
- Minimal opening deposit: $100
- Withdrawal restrict: Six free withdrawals per month-to-month assertion cycle
- APY: 1.10%
- Charges:
- Month-to-month charge: $0
- Paper assertion charge: $5
- Cease fee cost (examine or ACH): $30
- Incoming home wire: $0
- Worldwide wire: $0
- Outgoing home wire: $30
- Extra assertion request: $2
- Copies: $1 per doc
- Analysis requests: $40 per hour
- Verification of deposit account: $15
Cash market accounts
- Cornerstone Cash Market Account
- Minimal opening deposit: $100
- Withdrawal restrict: Six free withdrawals per month-to-month assertion cycle
- APY: 4.77%
- Charges:
- Month-to-month charge: $0
- Paper assertion charge: $5
- Cease fee cost (examine or ACH): $30
- Incoming home wire: $0
- Worldwide wire: $0
- Outgoing home wire: $30
- Extra assertion request: $2
- Copies: $1 per doc
- Analysis requests: $40 per hour
- Verification of deposit account: $15
- Compounding frequency: Curiosity is compounded each day
Certificates of deposit
- On-line certificates of deposit
- Minimal opening deposit: $500
- APY:
- 6-month CD: 5.00%
- 9-month CD: 4.75%
- 12-month CD: 4.65%
- 18-month CD: 4.50%
- 24-month CD: 3.50%
- 36-month CD: 3.50%
- 48-month CD: 2.75%
- 60-month CD: 2.75%
- 84-month CD: 2.75%
- 120-month CD: 2.75%
- Early withdrawal penalty: The withdrawal penalty will rely in your time period
- 7-31 days: All the curiosity earned
- 32 days to 12 months: 1% of the quantity withdrawn, plus a $25 charge
- Higher than 12 months: 3% of the quantity withdrawn, plus a $25 charge
Different providers Vio Financial institution affords
Along with its deposit accounts, Vio financial institution affords:
- Financial savings calculators and academic sources: The financial institution’s web site affords a collection of instructional articles on saving and investing, in addition to calculators for figuring out compound curiosity features, financial savings targets, and extra.
The Vio Financial institution platform and buyer help
Vio Financial institution prospects can entry their accounts through cellular app, which is out there for obtain on the Apple App Retailer and Google Play and has a 3-star ranking. Clients can use the app to view account balances, switch funds between linked accounts, search transaction historical past, and extra.
For account holders who want help, Vio’s customer support representatives can be found through cellphone from 7:00 a.m. by 9:00 p.m. CT, Monday by Friday; 8:00 a.m. till 6:00 p.m. CST on Saturday; and 12:00 p.m. to 4:00 p.m. CST on Sunday. Representatives can be reached through chat on the financial institution’s web site.
Execs and cons of Vio Financial institution
If you happen to’re contemplating banking with Vio, listed below are a couple of of the key professionals and cons to pay attention to.
Execs
- Aggressive CD and cash market APYs. Vio Financial institution’s CD and cash market APYs are above 4% (for many phrases). That is considerably increased than nationwide averages and on par with a few of the best APYs provided by main banks.
- Wide selection of CD phrases. Vio Financial institution’s CD phrases vary from six months to 10 years, which provides savers the chance to decide on a time period that aligns with their financial savings targets.
Cons
- Larger minimal stability requirement for deposit accounts. Vio’s accounts require a minimal $100 deposit—some accounts even require $500 to get began. For brand spanking new savers, this might pose a problem.
- Not essentially the most aggressive financial savings APY. Vio’s financial savings account at present affords a 1.10% APY, which is sort of thrice the nationwide common however nonetheless not as excessive as different accounts in the marketplace.
Incessantly requested questions
The place is Vio Financial institution headquartered?
Vio Financial institution is owned by MidFirst Financial institution which is headquartered in Oklahoma Metropolis, Oklahoma.
What’s the rate of interest for a financial savings account at Vio Financial institution?
Vio Financial institution’s on-line financial savings account at present affords a 1.10% APY.
Does Vio Financial institution have a minimal stability requirement?
Vio Financial institution doesn’t have a minimal stability requirement, nevertheless it does have a minimal opening deposit of $100–$500 to get began and open an account.
EDITORIAL DISCLOSURE: The recommendation, opinions, or rankings contained on this article are solely these of the Fortune Recommends™ editorial group. This content material has not been reviewed or endorsed by any of our affiliate companions or different third events.
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