Vio Bank VS Wells Fargo

Which bank is better for you?

  • 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
Advertiser Disclosure
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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
  • Financial Rates: 1.5 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.5 Star Icon
0.01%APY
Savings/MMA
Advertiser Disclosure
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Opportunity checking account
  • Business accounts are available
  • Checking account for teenagers
  • Low opening required amounts

Cons:

  • Low-interest rates
  • Accounts have monthly fees
  • Few CD options and high opening amount
  • No money market account offered
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 The CDs only have a fee if the money is withdrawn before the maturity date of the CD.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.

Wells Fargo Review

Wells Fargo offers an Opportunity Checking account. This account is for those who do not qualify for a regular checking account. It offers checks, a debit card, bill pay, and mobile banking. With the Opportunity account, there is a $10 monthly fee. There are options to waive the fee.

Many business accounts are available through Wells Fargo. Business savings and checking accounts are available. They offer CDs, loans, and credit cards. Commercial finance options are available. Wells Fargo offers retirement and investment options for businesses, along with payroll options.

Wells Fargo offers a checking account specifically for kids 13-17 years old. A parent must open the account with the child. There are no monthly fees and it offers a debit card and mobile banking. Parents can set limits on the number of purchases and withdrawals made from the account.

To open a Wells Fargo checking and savings requires a low opening deposit. The savings and checking accounts only need $25 to open. The accounts may require more money to earn interest, but to open the account only requires $25.

The interest rates for Wells Fargo accounts are low. They are not competitive with other online-only accounts. Even the highest interest rates offered are low compared to other online accounts.

Most Wells Fargo accounts have a monthly fee. The fees range from $10-30, depending on the account. Ways to waive the fees include:

  • Signing up for electronic statements
  • Having an average daily balance above a set amount
  • Setting up a reoccurring savings deposit
  • Account holder is between a certain age
  • Having a direct deposit over a certain amount
  • Combined account balances are above a set amount
  • Making a set number of debit card transactions

Wells Fargo does not offer many CD term lengths. There are only four CDs with an opening amount of $2,500. Those terms are three-month, six-month, and one-year CDs. The 9, 29, and 39-month CDs require $5,000 to open. The Step Rate CD is a 24-month term. To open requires $2,500 and must be done in a branch location.

Wells Fargo does not offer a money market account. They offer a basic and a Platinum savings account. Neither account offers interest rates competitive to online accounts.

Read the full Wells Fargo review.

Sponsored Offers

Advertiser Disclosure
Jenius Bank
Savings (Rate as of 3/29/2024)
APY 5.25%
Rate 5.25%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. No fees. Easy deposits and quick withdrawals.
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Barclays
Savings (Rate as of 3/29/2024)
APY 4.35%
Rate 4.35%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC
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