Vio Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.7

Bankrate Score

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Low Minimum Deposit

No monthly fees

Vio Bank is a great option for digitally savvy savers looking to earn a competitive yield.

  • Savings
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    5.0
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.7

    Bankrate Score

    Vio Bank is an online-only financial institution serving savers nationwide.

    What we like

    • Vio Bank offers competitive rates for savers.

    • Minimum deposit requirements are low.

    • Customers can choose from a variety of CD terms.

    What we don't

    • The bank offers a small range of products.

    • Customers don't have access to budgeting tools or the ability to make person-to-person payments.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Vio’s high-yield savings account has consistently stayed at the top of the competition with its high yields. All balances earn the same yield, there are no monthly fees and there’s a low minimum deposit ($100) requirement.

    What we like

    • Vio consistently ranks as one of the highest yielding savings accounts.

    • The APY is available on all balances.

    • There's no monthly fee.

    • The $100 minimum deposit requirement is low.

    What we don't

    • You will pay $5 per month if you receive paper statements.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Vio Bank offers traditional CDs with terms ranging from six months to 10 years. The minimum deposit for each of these accounts is 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.

    What we like

    • The early withdrawal penalties are harsh.

    • There are no special types of CDs or promotions available.

    What we don't

    • The early withdrawal penalties are harsh.

    • There are no special types of CDs or promotions available.

    • APYs are not very strong.

    Bank experience

    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.

    Vio Bank offers generous customer service hours. You can reach a bank representative on weekdays from 7 a.m. to 9 p.m. Central, Saturday from 8 a.m. to 6 p.m. and Sunday from 12 p.m. to 4 p.m.

    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 to find out how much their savings will be worth in the future.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund is a banking reporter at Bankrate. Previously, she was a writer at The Points Guy, where she covered everything from the latest travel news to credit card reviews. Liz is passionate about helping others reach their financial goals and aims to accomplish that through her writing. Her goal is to get others as excited about maximizing their money as she is, which is why she particularly enjoys the challenge of breaking down otherwise intimidating or hard-to-understand topics — especially for beginners. Liz is based in New York City and grew up between Michigan and Virginia. She earned a bachelor’s degree in journalism from the University of Missouri.