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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 vs. Vio Bank
Ally High Yield Savings Account
Vio Bank Online High-Yield Savings Account
$0 minimum opening deposits
Straightforward savings accounts with zero monthly fees
Pros and cons of Ally
Pros and cons of Vio Bank
Ally vs. Vio Bank savings account comparisons
Below, we’ve compared high-yield savings accounts offered by each bank.
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.
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
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 to Vio Bank. Most Ally CDs pay a higher interest rate than Vio Bank 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.
If you’re set on getting a CD that’s over five years, Vio Bank may still be worth considering. Vio Bank CDs range from 6 months to 10 years, so it has more long-term CDs than most banks tend to offer.
Ally High Yield Certificate of Deposit
Annual Percentage Yield (APY)
2.00% to 4.25%
Minimum Deposit Amount
$0
Ally High Yield Certificate of Deposit
Annual Percentage Yield (APY)
2.00% to 4.25%
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
2.00% to 4.25%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No required opening deposit
Low early withdrawal penalties
No terms over 5 years
No physical branch locations
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally vs. Vio Bank money market account comparisons
Out-of-network ATM reimbursements of up to $10 per month
24/7 customer service
Easy-to-use mobile app
Link to other Ally bank accounts
Not the highest money market account APY
No physical branch locations
$10 excess transaction fee (paused during COVID-19)
Highlights
Access to checks and a debit card
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Vio Bank Cornerstone Money Market Savings Account
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$100
Vio Bank Cornerstone Money Market Savings Account
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$100
Details
Annual Percentage Yield (APY)
4.01%
Minimum Deposit Amount
$100
Pros & Cons
High interest rate
$100 minimum opening deposit
No monthly fee if you sign up for online statements
$5 monthly fee if you receive paper statements
No physical branch locations
No checks
No debit card
Highlights
No monthly service fee, but you’ll pay a $5 monthly fee if you get paper bank statements
Interest compounded daily, paid monthly
FDIC insured
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.
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Pros & Cons
Competitive APY
No initial deposit
No minimum account balance
No monthly service charge
Connect your account with Zelle
Easy-to-use mobile app
Early direct deposit
Reimburses up to $10/month in out-of-network ATM fees
Online bill pay
24/7 customer service
No overdraft fees
Overdraft protection
No physical branch locations
No way to deposit cash
Highlights
You can deposit checks right from your smartphone
Ally reimburse’s up to $10 per statement cycle for fees charged at other ATMs nationwide
Transfer money with your voice through Ally Skill™ for Amazon Alexa
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
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 C- rating from the BBB because it has a high volume of customers complaints and two 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.
Frequently asked questions
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 an ideal option. The money market account earns 4.01%. 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.
Ally CDs pay higher rates than most Vio Bank CDs, though. You may lean more toward Ally if you’d like to open a CD. Ally also has no-penalty CDs and Raise Your Rate CDs.
Ally will also be your go-to option for opening a checking account because Vio Bank doesn’t offer one.
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