Colorado Federal Savings Bank VS Vio Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 2.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Can open all accounts online
  • No monthly fees or required balances
  • Competitive interest rates
  • Savings has a low opening amount

Cons:

  • Limited accounts offered
  • Must link external bank account
  • Premier account requires large amount
  • CDs require a large opening deposit
  • Financial Rates: 3.5 Star Icon
  • Customer Service: 2.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.10%APY
Savings/MMA
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Pros:

  • Competitive interest rates
  • Low required opening amounts
  • Variety of CD terms available
  • No monthly fees

Cons:

  • Limited personal accounts offered
  • Customer service not available 24/7
  • No business accounts offered
  • Specific transfer regulations
Colorado Federal Savings Bank Review

Colorado Federal Savings Bank is an online bank. Opening an account is completed online. You do not have to mail information in or wait for the bank to send you information. All the information you need to open an account is on their website.

Colorado Federal Savings Bank accounts do not have monthly maintenance fees. The accounts are completely free. There are no fees to transfer money into the account with electronic transfers.

The interest rates for CFSB are competitive. Their rates are much higher than your typical brick-and-mortar rates. They are competitive with other online-only accounts. CFSB rates are not tiered. Any amount over the required opening deposit earns the competitive rates offered.

The high yield savings account only requires $1.00 to open the account and keep in the account. The interest rates are competitive. The only fee is if you withdraw more than six times each billing cycle.

CFSB offers limited accounts. Only an online savings account and CDs are available. No checking or money market account is available. There are no business accounts available. Only those few personal deposit accounts are available through CFSB.

To fund your CFSB accounts, you must link an external bank account. Once you link the accounts, you can make transfers between the two accounts. Electronic transfers between linked accounts are how you access your CFSB money.

CFSB has a Premier Savings account offering competitive interest rates. The minimum account balance is $50,000. To open the Premier Savings account, you must be a new customer. This means you have not maintained a CD or savings account with CFSB in the previous 60 days.

To open a CD through CFSB requires $5,000. There are six CD terms. They range from six-months to five-year terms. The only fee is if you withdraw your money before it reaches the maturity date. The interest rates for each of the terms are competitive.

Read the full Colorado Federal Savings Bank review.

Vio Bank Review

Vio Bank offers competitive interest rates on their CDs and high yield savings account. The interest rates are much higher than typical brick and mortar bank rates. Vio Bank interest rates are competitive with other online accounts. They monitor their interest rates to keep them competitive with national rates.

Vio Bank accounts have low opening required amounts. All the different CD terms only require $500 to open. The high yield savings account only requires $100 to open.

Vio Bank offers a good variety of CD terms. The CDs range in length from six-month to 120-month terms. Each of the CDs requires $500 to open. They are all FDIC insured and can be opened online. The CD terms all earn competitive interest rates.

The savings account at Vio Bank does not have a monthly fee. There is no required balance to avoid a monthly fee. The CDs only have a fee if the money is withdrawn before the maturity date of the CD.

Vio Bank offers limited personal deposit accounts. Only a personal savings account and CDs are available. The CD terms range from six-months to 120-months. No checking or money market accounts are available.

Customers cannot reach a Vio Bank representative 24/7. Customer service has specific hours of operation. They are open Monday through Friday from 7:00 a.m. to 9:00 p.m. Central Time. Saturday they are open from 8:00 a.m. to 6:00 p.m. Sunday they open from 12:00 p.m. to 4:00 p.m.

Vio Bank does not offer business accounts. Only personal deposit accounts are available. Those accounts include a personal high yield savings account and CDs. The CDs range in term from six-month CDs to 120-month CDs.

Money can only be transferred from the savings account to external bank accounts. If you want to make a wire transfer, you must submit the forms 72 hours before the transfer takes place. Federal regulations only allow six withdrawals per month from your savings account.

Read the full Vio Bank review.

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