Vio Bank Review 2019

Vio Bank Logo


Vio Bank is an online-only financial institution serving savers nationwide. Consumers in the market for a high-yield savings account or CD have access to competitive rates.

High APYs
Low Minimum Deposit
No Monthly Fees


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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About Vio Bank

Vio Bank is an online-only financial institution. It launched in summer 2018 as the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. The bank serves local communities in multiple states, including Texas, Colorado, California and Arizona.

Vio Bank was established for consumers who are comfortable banking online and who are looking for an institution offering exceptional rates and top-notch customer service. In addition to providing a couple of deposit products, the bank gives customers access to calculators that they can use to determine how much they should save in order to meet certain goals, prepare for an emergency or find out how much their savings will be worth in the future.

Vio Bank is a great option for digitally savvy savers looking to earn a competitive yield. But if you want a bank with a wider range of products to choose from, you might be better off looking elsewhere.


  • Vio Bank offers competitive rates for savers.
  • Minimum deposit requirements are low.
  • Accounts can be managed online and through the Vio Bank app.


  • The bank offers a small range of products.
  • There are few advanced features beyond the basic calculators.
  • Customers don't have access to budgeting tools or the ability to make person-to-person payments.

Vio Bank Services

Savings Rating


The high-yield savings account has a competitive yield and is available on all balances. There are no monthly fees tied to the account, and a low deposit amount ($100) is needed to open an account. As is the case for most savings accounts, only six free withdrawals are permitted per statement cycle.


  • The account has an APY among the top yields available.
  • The APY is available on all balances.
  • Interest is compounded on a daily basis.


  • While the APY is competitive, a handful of banks offer higher APYs.

Savings accounts available from other banks

CDs Rating


Vio Bank offers traditional CDs with terms ranging from six months to 10 years. The minimum deposit for each of these accounts is relatively low ($500). CDs can be renewed automatically once they mature unless the bank prohibits account holders from locking up their savings for another term. Early withdrawal penalties vary depending on the term length. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.


  • Yields are some of the highest available nationwide.
  • Interest is compounded daily.
  • Interest can be withdrawn prior to maturity.
  • Customers can choose their interest payment frequency.


  • The early withdrawal penalties are harsh.
  • There are no special types of CDs or promotions available.
  • Some online banks offer higher yields.

CDs available from other banks

2.20% APY
2.10% APY
2.20% APY
Bank Experience Rating


At Vio Bank, you will get access to digital banking staples, such as mobile check deposit and account alerts. However, there’s nothing cutting-edge about what the bank app currently offers. But it’s still early days for an online-only division of MidFirst Bank. Already, Vio Bank offers reasonable customer service help hours. You can reach a bank representative over the phone seven days a week. On weekdays, customer service representatives are available from 8 a.m. to 10 p.m. Eastern. On Saturday, you can reach them from 9 a.m. to 9 p.m. And on Sunday, you can reach them from 1 p.m. to 5 p.m.

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