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Vio Bank






A subsidiary of MidFirst Bank, the largest privately owned bank in the US, Vio Bank itself is a purely an online bank. You'll need to manage all your bank account transactions online -- either on the bank's website or in its mobile apps. 

Vio Bank requires initial online savings deposit of at least $100 to open an account. There's no monthly fee unless you want paper statements, which will cost $5. Vio also charges a $10 fee for "excessive transactions," i.e. more than six withdrawals per month.

We chose Vio Bank as the best digital savings account because its APY is higher than competitors and applies to all of your money, regardless of your balance. It also charges no maintenance or overdraft fees.


Interest rate: 0.50% APY

Availability: All 50 states

Minimum deposit: $100

Monthly fees: $5 when you choose to receive paper statements


































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Bank/institution





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Vio Bank Online High Yield Savings Account











APY





0.5%





0.4%-0.7%





0.02%





0.05%-0.7%





0.5%











Minimum deposit





$0





$0





$0





$0





$100











Estimated annual earnings on $1,000 deposit





$5





$7





$0.20





$0.50





$5











Estimated annual earnings on $10,000 deposit





$50





$70





$2





$54





$50











Branch access





No





No





Yes





No





No











Monthly fee





$0





$0





$25





$0





$5 when you choose to receive paper statements













FAQs







What is a savings account?


















A savings account is a safe place to keep money you don't intend to spend right away. It is a bank account that generally provides a higher rate of interest on your balance, while limiting the number of withdrawals you can make per month. Most savings accounts will restrict you to six withdrawals per month (the federal limit).

Savings accounts are generally insured by the Federal Deposit Insurance Corporation for up to $250,000. Saving accounts can be used to build an emergency fund or save money for a specific financial goal like a vacation, new car or [url=].























How do savings accounts work?


















Savings accounts work similarly to most banking accounts -- you can deposit and withdraw money, and you'll earn compound interest on the balance in your account. You'll need to fund your savings account in order to earn any interest, and most savings accounts will provide different interest rates based on your balance.

Some savings accounts will charge monthly maintenance fees, though they can usually be waived by maintaining a minimum balance or reaching a minimum threshold of direct deposits per month. 

Your withdrawals from savings accounts are usually limited to six per month by federal law. If you break that rule you may face a fee or a conversion of the account into a checking account.























What are the different types of savings accounts?


















The potential number of savings accounts is as many as banks want to create -- students, seniors, veterans and other categories of banking customers have unique savings accounts available to them. 

In general, however, there are three different kinds of savings accounts.

Standard deposit account: Our best saving accounts list is composed of these banking accounts. They provide a standard rate of interest for your balance that is usually higher than checking accounts while limiting your access to the money. They generally limit you to six withdrawals per month, although ATM withdrawals can sometimes be excluded from that restriction.

Money market account: Money market accounts can often bridge the gap between checking and savings accounts. While they will usually require higher balances and base their rates on the money market, they do let you write checks. The same six-withdrawal limit applies to money market accounts. Money market accounts are not stock investments in money-market funds.

Certificates of deposit: Certificates of deposit, or CDs, generally provide extra interest for committing your money to a specific term when it cannot be withdrawn. CD terms start at three months or so and can run up to five or 10 years. CDs can be so that a one-year CD can be rolled over into a two-year CD, and then three-year CD, etc.























What are the major differences between checking and savings accounts?


















Most checking accounts are designed to facilitate transactions and payments, whether via a debit card, mobile app such as Apple Pay or a paper check. Most checking accounts don't offer interest; those that do usually provide a very low rate of 0.1% or less. 

Savings accounts offer significantly higher interest rates and online-only banks typically offer the highest yields. These accounts provide a safe place to store money while keeping it accessible. Until recently, savings account holders were generally limited to making six transactions per month. 























How many withdrawals can I make from a savings account?


















In normal times, the Federal Reserve limits account holders to six withdrawals a month (to preserve liquidity for financial institutions). In response to the pandemic, the Federal Reserve made a [url=]rule change to Regulation D allowing unlimited money withdrawals without a monthly fee penalty.























What is a high-yield savings account?


















A high-yield savings account offers a higher interest rate than a traditional savings account. These accounts may have certain deposit requirements, monthly fees or be available only to customers in certain states. 

Traditional savings accounts at a bank will have interest rates ranging from 0.05% to 0.1% while high-yield savings can go as high as 1%. 























Why are interest rates so low right now?


















Interest rates in the US and around the world have been low for a long period, mostly since the economic crisis of 2008-2009. Interest rates are generally set low during times of economic downtown or uncertainty in order to spur investment and spending. Low interest rates tend to reward borrowers rather than lenders.

In the US, the Federal Reserve sets a target rate range, which influences the specific interest rates set by individual banks. Since 2009, the Fed has consistently kept rates low, which has led to low interest rates for savings accounts. At the moment, the  is 0.06%.

That noted, many banks will offer a higher savings rate to attract new customers. The market for high-yield savings accounts is competitive, with some banks offering particularly high rates for an introductory period of time. Because of this, interest rates at financial institutions may change regularly.























Do you have to pay taxes on the interest earned from a savings account?


















Yes. Your bank will send you a 1099-INT form each year when your savings account earns more than $10 in interest. 























Methodology


















CNET reviews savings accounts by comparing them across set criteria, including annual percentage yield, monthly fees, minimum deposits or balances and access to physical branches. Because APYs at individual accounts can vary, we look at the estimated annual interest on $1,000 and $10,000 levels of savings.

We reviewed more than two dozen leading traditional banks and online financial offerings to determine our best savings accounts. Along with the aforementioned criteria, we also considered sign-up bonuses and other rewards. All savings accounts must also be insured by the FDIC.

















Savings accounts researched



Affirm Savings

Ally Online Savings Account

American Express High Yield Savings Account

Axos High Yield Savings

Bank of America Advantage Savings

Barclays Online Savings


BrioDirect High-Yield Savings


Capital One 360 Performance Savings

Chime Savings Account


Citi Accelerate


Citizens Online Savings Account

Consumers Credit Union Savings


Discover Online Savings Account


Lending Club High-Yield Savings


Marcus High Yield Savings


Nationwide My Savings


PenFed Credit Union Premium Online Savings Account


PNC High Yield Savings

Popular Direct Select Savings

Sallie Mae SmartyPig


Synchrony High Yield Savings


Schwab Bank High Yield Investor Savings


Synchrony High Yield Savings


Vio Bank High Yield Online Savings Account

Wells Fargo Platinum Savings



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The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.