Earn up to 0.7% APY on a 10-year term. There’s no monthly maintenance fee with Vio Bank, but there is a $100 minimum requirement to open a Vio Bank savings account. Interest on these CDs is compounded daily. ... (APY) are subject to change without notice and are effective as of 1/9/2021. Vio Bank's High Yield Online Savings Account has an unusually high APY and no monthly maintenance fee. An online-only bank, Vio also offers certificates of deposit (CDs). FDIC insured. Compound Interest Calculator CD Account from Vio Bank, A Division of MidFirst Bank with 0.15% APY . Vio Bank offers High Yield Savings accounts and certificates of deposit with some of the greatest rates in the nation, allowing you to save for retirement. Use calculators; Home equity calculator ... Vio Bank is an online-only financial institution serving savers nationwide. As you can see for small sums the APY is quite close to the annual interest rate and makes little difference, especially over short periods of time. Some of Vio Bank’s top HYSA competitors include: Discover (0.60%) Capital One (0.65%) American Express National Bank (0.60%) Marcus by Goldman Sachs (0.60% APY) Is Vio Bank Right For You? Fees may reduce earnings on the account. Advertising Disclosure |, Vio Bank, A Division of MidFirst Bank Interest Earned, Disclosure Governing Your Use of this Website. https://www.gigacalculator.com/calculators/apy-calculator.php, the annual percentage yield / effective interest rate of a deposit, the final amount of money you will be able to save if you specify starting capital and deposit term. Optionally, you can enter the starting balance of your deposit as well as its term, which will allow our tool to calculate the total capital growth and earnings from interest you can expect. Small differences in savings or CD rates may seem trivial. This is a tiered variable rate account. Vio Bank may be the right choice if you're seeking a competitive high-yield savings account. The accounts below offer some of the best rates in the country can be opened online, and are available nationally. You need $100 to open this account and there's no monthly fee. Try our savings interest calculator to see how much interest you could be earning with a Marcus Online Savings Account vs. other banks. You can speak with one of our friendly customer service representatives by calling us at 888-999-9170:. This rate applies to all balances. The above assumes no additional deposits to simplify the comparison. Vio Bank does not offer a checking account nor ATM network, but if you want to stash your cash and watch it grow, this high-yield savings account is a smart choice with its generous APY. 7. Of course a big part of your savings growth is your specific account’s annual interest rate (APR). Vio Bank offers a range of different term lengths for those looking to earn higher interest rates by keeping their money on deposit for a long time. Our online APY calculator is a versatile tool which calculates: Start by entering the simple annual interest rate (ARP) and continue by specifying the compounding period - you may need to consult your bank on this detail, but it is often disclosed on offers and deposit descriptions. Contact the bank for the terms and conditions that may apply to you. Its headquarters is located at 501 NW Grand Boulevard - Oklahoma City, OK 73118. While some financial institutions will list the annual percentage yield (APY), a.k.a. Definitely open an account so you can start saving with a fantastic account while offering a competitive APY Rate. Basically: It makes your money work for you. Thanks to the variety of options in the second box, you can compare a number of offers which have different compounding periods. Vio Bank offers a high yield savings account Account with an interest rate of 2.52% APY. Our savings interest calculator is designed with transparency in mind to help you achieve your financial goals. Scenario 2: What is a better offer for depositing $1,000 for a year: 3.4% interest rate compounded monthly or 3.39% compounded daily? Use the savings calculators below to assist in reaching your goals. Vio Bank CD rates were recently lowered but are still competitive for online rates and still well above traditional brick and mortar bank CD rates. Vio Bank is offering a great APY Rate for its High Yield Online Savings Account.There is no minimum opening balance or deposit required to open an account and it’s easy to sign up online! Early Termination Fee: None listed 1 year CD rates at Vio Bank were lowered to 1.69 percent with an APY of 1.70 percent, down from 1.74 percent with an APY of 1.75 percent. to see how much larger your accounts can be by moving to higher earning savings and CD rates. should certain assumptions prove incorrect. which may apply. 3 Vio Bank is a division of MidFirst Bank, and Vio Bank deposits are considered MidFirst Bank deposits for purposes of FDIC coverage. Use the information provided by this software critically and at your own risk. Our interest calculator will output: the Annual Percentage Yield (APY), the value of your deposit or investment at the end of the period, the interest accrued, and the percentage capital growth. Availability: Nationwide 3. Credit Inquiry: Soft Pull 4. Credit Funding: Unknown 5. This is a simple calculator which is a good starting point in estimating the interest rate and returns from a bank deposit or a similar investment, but is by no means the end of such a process. Although it doesn’t have any physical branches, customer support representatives are available daily by phone. Ultimately, these tiny additions are insignificant, but we'll usually put out a post when a new top-rate is reached. No brokered or institutional deposits. But, The interest rate and corresponding APY for savings is variable and is set at our discretion. It has no monthly fees and a strong 0.76% APY. You get the best effective rate when you have daily compounding (daily interest, also called continuous compounding) and slightly worse with monthly or yearly compounding. Ally Bank vs. Vio Bank. Vio Bank offers two deposit products: a High Yield Savings account and CDs of various maturities. Compound Interest Calculator Savings Account from Vio Bank, A Division of MidFirst Bank with 0.57% APY Small differences in savings or CD rates may seem trivial. Its low $500 minimum deposit makes it attractive to those opening a CD for the first time or looking to open multiple CDs. Interest rates may change as often as daily without prior notice. Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the United States and an FDIC member. In such cases it is best to calculate the annual percentage yield, so you know how much your Certificate of Deposit will actually generate for you. For example, with an annual interest rate on a Certificate of Deposit of 2% and quarterly compounding, the calculation is APY = ((1 + 0.02/4)4 - 1) * 100 = ((1.020154) - 1) * 100 = (1.02015 - 1) * 100 = 2.015% annual percentage yield. This APY calculator bases its calculations on two values - interest and compound frequency. As of June 12, 2020, the online savings account rate was 1.35% on all balances, which is considerably higher than Ally Bank’s. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time. Vio Bank is another online bank with a high yield savings account. Vio Bank is a division of MidFirst Bank. Vio Bank is an Internet only bank and does not have branch locations. The compounding frequency, which is the time period at which interest is added to the principal, can have a slight positive effect on the effective interest rate of a Certificate of Deposit (CD) versus the nominal annual interest rate. Routing Number: 303087995. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. * The Annual Percentage Yield (APY) is accurate as of . Small differences in savings or CD rates may seem trivial. We are not to be held responsible for any resulting damages from proper or improper use of the service. Vio Bank’s High-Yield Online Savings account has one of the top yields around, and all balances receive this APY. Use our calculator on the right below - 1st offer results Annual Percentage Yield (APY) = 3.4535% Ending Balance = $1,034.53 It launched in summer 2018 as the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. Vio Bank offers one of the best high-yield savings rates available: 0.57% annual percentage yield. The Vio Bank High Yield Online Savings account is a good choice for anyone looking for a high-yield savings account. Free loan calculator to determine repayment plan, interest cost, and amortization schedule of conventional amortized loans, deferred payment loans, and bonds. ), enter the amount and the period on which you will make it, as well as whether you will make it in the beginning or the end of the period. Finally, if you plan on making regular contributions: adding to the deposit on a regular basis (monthly, yearly, etc. Our online calculators, converters, randomizers, and content are provided "as is", free of charge, and without any warranty or guarantee. Vio Bank is an online-only financial institution. Monthly Fee: None 8. You can find an account’s rate on our savings account comparison page or on the bank… What Saving More Can Do Change your rate of saving (%) to see how it impacts how much you save over time. You’ll enter this number into the calculator to see the rate at which your initial deposit and any other potential contributions grow. Vio Bank account features. Member FDIC. Find out all the details in our review. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. Annual Percentage Yield (APY) = 2.5315% Ending Balance = $10,512.70 Total Interest Earned = $512.70. Pentagon Federal Credit Union – 0.55% APY, $5 minimum opening deposit Here is your opportunity to earn an interest rate of 1.50% APY on your funds. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. Open a new account and start earning interest and get started today! About Vio Bank. Varo offers an option to earn a substantially higher APY of 2.80%, after … The difference between the bank rate entered and the average rate may not remain constant throughout the term. See our full terms of service. Monday - Friday, 7:00am - 9:00pm (CT) Saturday, 8:00am - 6:00pm (CT) Use this online APY calculator to easily calculate the APY (Annual Percentage Yield) of a deposit based on the simple annual interest rate and the compounding period. If you choose, you can have the interest paid out periodically to another account, but be aware that your actual APY may be lower if you do this. Tier one $0-$9,999 earns 0.61% APY; tier two $10,000-$24,999.99 earns 0.61% APY; tier three $25,000-$49,999.99 earns 0.61% APY; tier four $50,000-$99,999.99 earns 0.61% APY; tier five >$100,000 earns 0.61% APY. Also, learn more about different types of loans, experiment with other loan calculators, or explore other calculators addressing finance, math, fitness, health, and many more. Note that none of these calculation takes into account bank fees, taxes, servicing fees, etc. Rate Offer: 1.50% APY Rate 2. Each tool is carefully developed and rigorously tested, and our content is well-sourced, but despite our best effort it is possible they contain errors. If you'd like to cite this online calculator resource and information as provided on the page, you can use the following citation: Georgiev G.Z., "APY Calculator", [online] Available at: https://www.gigacalculator.com/calculators/apy-calculator.php URL [Accessed Date: 01 Feb, 2021]. balances over time when you examine the difference in compound interest over time. It's fun watching the rates creep up; it crept up recently to 2.51% and now 2.52%. A Vio Bank account is a solid option for anyone who wants to set aside money and forget about it while it grows at a leading interest rate. For example, with an annual interest rate on a Certificate of Deposit of 2% and quarterly compounding, the calculation is APY = ((1 + 0.02/4) 4 - 1) * 100 = ((1.02015 4) - 1) * 100 = (1.02015 - 1) * 100 = 2.015% annual percentage yield. 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