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Vio Bank Review 2022

Updated December 2, 2022
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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CDs

Rating: 3.4 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 4.9 stars out of 5

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Overview

Vio Bank is an option for consumers comfortable with banking online who are looking to earn competitive yields on CDs, savings accounts or money market accounts.

Highlights

  • Low Min Deposit
  • No Monthly Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Vio Bank is an online-only financial institution serving savers nationwide. The bank consistently offers top-tier rates on their money market account, but those looking for a checking account will need to go with another option.

Pros

  • Checkmark

    Vio Bank offers competitive rates for savers.

  • Checkmark

    Minimum deposit requirements are low.

  • Checkmark

    Customers can choose from a wide range of CD terms.

Cons

  • Vio bank doesn’t offer checking accounts.

  • Customers have access to limited budgeting tools and a peer-to-peer payment tool such as Zelle isn’t offered.

Vio Bank bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Vio Bank savings overview

Vio’s high-yield savings account consistently offers competitive yields. All balances earn the same APY, there are no monthly fees, and there’s a low minimum deposit requirement of $100.

Pros

  • Checkmark

    The account offers a competitive yield that is paid on all balances.

  • Checkmark

    There's no monthly fee.

  • Checkmark

    The $100 minimum deposit requirement is low.

Cons

  • Customers are charged $5 a month to receive paper statements.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.1 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

The Vio Bank mobile app offers digital-banking staples, such as mobile check deposit, account alerts and statement access, but it doesn’t offer more cutting edge features, such as a peer-to-peer payment option like Zelle. The app gets a solid score in the Apple App Store, but Android users are much less enthusiastic in their reviews on Google Play.

Vio Bank customers can reach a bank representative weekdays, 7 a.m. to 9 p.m., Central time, Saturday, 8 a.m. to 6 p.m., and Sunday noon to 4 p.m.

About Vio Bank

Vio Bank is the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. It launched in 2018.

Vio Bank, like most internet-based banks, is best for consumers who are comfortable banking online, who are also looking for higher yields than what many brick-and-mortar banks pay.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.