With interest rates expected to remain elevated in the near future, online savings accounts are offering attractive interest rates in the 3–4.5% range, making them an attractive place to park cash amid the economic uncertainties that have come with the AI boom, software selloff, and ongoing geopolitical conflicts.
When it comes to high-yield savings accounts, though, the banks that offer the highest interest rates often also have the most requirements — things like minimum balances or monthly deposit minimums.
Lending Club, for instance, offers a highly competitive 4% APY, but in order to earn that rate, accountholders must deposit at least $250 per month. CIT Bank, which offers an even higher 4.1% APY, doesn’t require monthly deposits, but accountholders must leave at least $5,000 in the account to earn the high yield — lower balances earn a much lower rate below the national average.
There is one bank, though, that offers a high-yield savings account with no minimum balance or recurring monthly deposits required to earn a high interest rate. All you need is $100 to open an account.
Vio Bank’s savings account offers 4.03% APY with no minimum balance
Vio Bank is an online-only financial institution that offers high-yield savings accounts, money market accounts, certificates of deposit, and other financial products.
And while you may not have heard of Vio, you can rest assured that it’s a legitimate financial institution. In fact, its parent bank, MidFirst, is the largest privately held bank in the U.S. with over $41 billion in assets.
As of this article’s last update, Vio’s high-yield savings account pays a 4.03% annual percentage yield, one of the highest in the industry. Best of all, the account doesn’t require recurring deposits or a minimum balance to earn this rate.
The account can be opened with as little as $100, and balances are insured up to $250,000 by the FDIC. So long as you opt into paperless statements, the account also charges no fees, making it among the easiest online high-yield savings accounts to open and maintain.
What’s the catch? Downsides of Vio’s high-yield savings account
There’s no catch, but there are a few details prospective accountholders should be aware of before moving their savings to Vio.
- The account charges $5 per month if you decide to receive paper statements. (To avoid this fee, opt to receive paperless statements instead.)
- A $100 minimum deposit is required to open the account. (Once open, the account has no minimum balance requirement.)
- This account cannot be opened with a trust. (In other words, this account must be held by an individual.)
- The 4.03% APY the account earns may change at any time. (This is the case with most high-yield savings accounts, whose interest rates vary as the federal funds rate changes.)
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