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Vio Bank and Ally are two online banks with strong high-yield accounts.
To help you figure out which is the better fit for you, we’ve analyzed the details of each of their bank accounts, then selected a winner for each category. We’ve also compared the financial institutions in trustworthiness, so you can see how a bank deals with customer issues and complaints.
- Ally High Yield Savings Account
Vio Bank Online High-Yield Savings Account
Standout feature
Annual Percentage Yield (APY)
Standout feature
Annual Percentage Yield (APY)
Start saving
Ally Bank, Member FDIC
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On Vio Bank’s website
Ally Pros and Cons
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Vio Bank Pros and Cons
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Ally vs. Vio Bank Savings Account Comparisons
Below, we’ve compared high-yield savings accounts offered by each bank.
| Ally High Yield Savings Account | Vio Bank Online High-Yield Savings Account | |
| APY | 3.85% | 1.10% |
| Minimum opening deposit | $0 | $100 |
| Monthly service fee | None | None |
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| Next steps | Start Saving | Learn More |
The Ally High Yield Savings Account is a great choice if you’d like a savings account with strong budgeting features.
Ally has a distinct saving feature called savings buckets. Savings buckets allow you to save for specific savings goals. You can assign labels for a goal — for example, “emergency savings” or “vacation” — and track your progress by setting a goal amount.
In comparison, the Vio Bank Online High-Yield Savings Account is a much more straightforward savings account. Vio doesn’t charge monthly service fees, which may be ideal if you’re looking to avoid common bank fees. However, it doesn’t offer savings buckets or automatic savings tools.
The Ally High Yield Savings Account currently pays a higher interest rate than the Vio Bank Online High-Yield Savings Account. However, keep in mind rates can change, so you may want to pay attention to more than interest rates when choosing an account.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Ally High Yield Savings Account
Details
Fees
Annual Percentage Yield (APY)
Minimum Deposit Amount
Ally vs. Vio Bank CD Comparisons
Below we’ve compared Ally and Vio Bank’s regular CDs.
| Ally High Yield CD | Vio Bank CD | |
| Terms lengths | 3 months to 5 years | 6 months to 10 years |
| Minimum opening deposit | $0 | $500 |
| APY | 2.50% to 4.80% | 2.75% to 5.05% |
| Early withdrawal penalties | 60 to 150 days of interest | 1% of amount withdrawn + $25; 3% of amount withdrawn + $25; OR all interest earned |
| Next steps | Start Saving | Learn More |
When it comes to CDs, you’ll likely prefer Ally for long-term CDs and Vio Bank for short-term CDs. Ally also has Raise Your Rate CDs and no-penalty CDs. Raise Your Rate CDs increase your rate over time, while a no-penalty CD lets you withdraw money early without a penalty.
Vio Bank also may be worth considering if you’re searching for CDs over 5 years. Vio Bank CDs range from 6 months to 10 years, so it has more long-term CDs than most banks tend to offer.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Annual Percentage Yield (APY)
Minimum Deposit Amount
Ally High Yield CD
Details
Annual Percentage Yield (APY)
Minimum Deposit Amount
Ally vs. Vio Bank Money Market Account Comparisons
See how the Ally Money Market Account stacks up to the Vio Bank Cornerstone Money Market Savings Account.
| Ally Money Market Account | Vio Bank Cornerstone Money Market Savings Account | |
| APY | 4.15% | 4.88% |
| Minimum opening deposit | $0 | $100 |
| Monthly service fees | None | None |
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| Next steps | Start Saving | Start Saving |
Both the Ally Money Market Account and Vio Bank Cornerstone Money Market Savings Account are great options because they have low minimum opening deposits and no monthly services fees.
While both money market accounts are similar at their core, minor differences can help distinguish which account may be more suitable for you.
The Vio Bank Cornerstone Money Market Savings Account pays a competitive interest rate that’s higher than what many traditional and online money market accounts offer right now.
The Ally Money Market Account pays a lower interest rate than the Vio Bank Cornerstone Money Market Savings Account, but you’ll be able to access your account through a debit card and paper checks. It has also paused its $10 excess transaction fee for making more than six withdrawals per month.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Start saving
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Start saving
Vio Bank Cornerstone Money Market Savings Account
Details
Fees
Annual Percentage Yield (APY)
Minimum Deposit Amount
Ally vs. Vio Bank Checking Account Comparisons
Vio Bank doesn’t offer a checking account. If you’d like to open one, then you’ll have to turn to Ally.
Ally has an interest-earning checking account that doesn’t charge monthly service fees, overdraft fees, or out-of-network ATM fees. The online bank also reimburses up to $10 in out-of-network ATM fees, and has spending buckets that can help you manage expenses.
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Start banking
Annual Percentage Yield (APY)
Minimum Deposit Amount
Fees
Start banking
Ally Interest Checking Account
Details
Fees
Annual Percentage Yield (APY)
Minimum Deposit Amount
Ally vs. Vio Bank: Which Bank is More Trustworthy?
We use ratings from the Better Business Bureau so you can see how a bank deals with customer issues.
Ally received a A rating from the BBB because it has three unresolved complaints. Vio Bank is a division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ rating.
A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if a financial institution might be a good fit.
Neither Ally nor Vio has any public scandals.
Ally vs. Vio Bank: Frequently Asked Questions
Is Vio Bank or Ally better?
It depends on which accounts you’d like to open.
Both banks have strong high-yield savings accounts with zero monthly service fees. If you’re interested in having robust savings tools to help you achieve financial goals, you might prefer the Ally High Yield Savings Account. The Vio Bank Online High-Yield Savings Account is a straightforward high-yield savings account that doesn’t have budgeting tools to help you save.
If you’re keeping an eye on competitive interest rates but still want access to your funds, the Vio Bank Cornerstone Money Market Savings Account may be a good option. The money market account pays 4.88% APY. However, Vio Bank doesn’t offer a debit card or paper checks, so you’ll need to link an external bank account to withdraw or deposit money into any of Vio Bank’s accounts.
For CDs, it could be a toss-up between the two banks. Something else to keep in mind is that Ally has Raise Your Rate CDs and NoPenalty CDs.
Ally will also be your go-to option for opening a checking account because Vio Bank doesn’t offer one.
Which bank, Vio Bank or Ally, has the highest interest rate?
Ally pays a higher interest rate on high-yield savings account, while Vio Bank has higher interest rate on its money market account.
Keep in mind interest rates fluctuate, though, you’ll want to consider more than savings rates when selecting a savings account.
Capital One 360 Performance Savings
Earn 3.90% Annual Percentage Yield (APY) on any balance. FDIC Insured.
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