Ally vs. Vio Bank Review: Which Online Bank Is Right for You?

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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 Pros and Cons

 Vio Bank Pros and Cons

Ally vs. Vio Bank Savings Account Comparisons

Below, we’ve compared high-yield savings accounts offered by each bank. 

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.

Ally vs. Vio Bank CD Comparisons

Below we’ve compared Ally and Vio Bank’s regular CDs.

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.

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.

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.

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. 

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