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 vs. Vio Bank

Ally Savings Account

Vio Bank Online High-Yield Savings Account

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$0 minimum opening deposits

Straightforward savings accounts with zero monthly fees

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 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 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 Savings Account

Insider’s Rating

A five pointed star

4.75/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.25%

Minimum Deposit Amount

Pros

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High APY

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No minimum opening deposit

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No monthly service fees

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Savings buckets help you save for different goals

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Surprise savings transfers help you save extra money from your checking account

Cons

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No physical branch locations

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No way to deposit cash

Insider’s Take

The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn’t charge standard bank fees. You may earn 4.15% APY, and the account doesn’t have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.

Ally Savings Account
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Product Details

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

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 short-term CDs and Vio Bank for long-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 five years. Vio Bank CDs range from six months to 10 years, so it has more long-term CDs than most banks tend to offer.

Ally High Yield CD

Insider’s Rating

A five pointed star

4.5/5

Annual Percentage Yield (APY)

3.00% to 5.15%

Minimum Deposit Amount

Pros

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Competitive APY

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No required opening deposit

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Low early withdrawal penalties

Cons

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No terms over 5 years

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No physical branch locations

Product Details

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

Vio Bank CD

Insider’s Rating

A five pointed star

4/5

Annual Percentage Yield (APY)

2.75% to 5.35%

Minimum Deposit Amount

$500

Pros

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Competitive APY

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Variety of term lengths

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$500 minimum deposit

Cons

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No physical branch locations

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High early withdrawal penalties

Product Details

Terms ranging from 6 months to 10 years
Early withdrawal penalties: Pay all interest earned on terms of 31 days or less; pay 1% of the amount withdrawn + $25 on terms of 32 days to 12 months; pay 3% of the amount withdrawn + $25 on terms of more than 12 months
Interest compounded daily, paid monthly
FDIC insured

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.

Vio Bank Cornerstone Money Market Savings Account

Insider’s Rating

A five pointed star

4/5

Fees

$5 monthly service fee

Annual Percentage Yield (APY)

5.28%

Minimum Deposit Amount

$100

Pros

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High interest rate

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$100 minimum opening deposit

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No monthly fee if you sign up for online statements

Cons

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$5 monthly fee if you receive paper statements

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No physical branch locations

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No checks

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No debit card

Product Details

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, and has spending buckets that can help you manage expenses.

Ally Spending Account

Insider’s Rating

A five pointed star

4.75/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

0.10% to 0.25%

Minimum Deposit Amount

Pros

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Spending buckets to manage expenses

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Competitive APY

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No initial deposit

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No minimum account balance

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No monthly service charge

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Connect your account with Zelle

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Easy-to-use mobile app

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Early direct deposit

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Reimburses up to $10/month in out-of-network ATM fees

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Online bill pay

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24/7 customer service

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No overdraft fees

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Overdraft protection

Cons

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No physical branch locations

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No way to deposit cash

Product Details

You can deposit checks right from your smartphone
Manage expenses by creating spending buckets
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

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 an A rating from the BBB because it hasn’t resolved five customer 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 FAQs

If you’re interested in having robust savings tools to help you achieve financial goals, you might prefer the Ally Savings Account. If you’re keeping an eye on competitive interest rates, the Vio Bank Cornerstone Money Market Savings Account may be a good option because it has a higher rate than Ally money market and savings accounts. Ally will also be your go-to option for opening a checking account because Vio Bank doesn’t offer one.

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.

Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles.
You can reach out to her on Twitter at @sophieacvdo or email [email protected].
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