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Vio Bank Review 2024

Updated January 2, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.6 stars out of 5

Savings

Rating: 3.3 stars out of 5

MMA

Rating: 4.9 stars out of 5

About Bankrate Score

Overview

Vio Bank is an option for savers who are comfortable with online banking and looking to earn solid yields on CDs, savings accounts or money market accounts. Low minimum deposit requirements and no monthly fee for all accounts make Vio deposit products highly accessible for customers nationwide.

Highlights

  • Low Min Deposit
  • No Monthly Fees
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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 yields on its money market account and its certificates of deposit.

  • 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.

  • The yield on the savings account, while solid, is low compared to what other online banks are offering.

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

  • Vio doesn’t offer a debit card or check-writing privileges for any of its accounts.

Vio Bank banking products

3.3
/5
Rating: 3.3 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
1.10%
Rating: 2 stars out of 5
2/5
Info
Minimum balance to earn interest:
$100.00
Rating: 4 stars out of 5
4/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info
FEATURES
Invest Rate
1.10% APY
Info
Loan
$100 minimum deposit to open

Vio Bank savings overview

Vio’s savings account offers a yield that’s well above the national average, but it’s lower than what many online banks are offering. 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 an above-average yield that is paid on all balances, though much higher yields can be found elsewhere.

  • 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.

  • Many online banks offer much higher APYs.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Vio Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
Paper Statements $5

Customer experience

Digital 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 high score in the Apple App Store, but Android users are much less enthusiastic in their reviews on Google Play.

Customer service hours. 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 from 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. Midfirst Bank was established in 1911. The bank currently has more than 80 branches and approximately $36 billion in assets.

How does Vio Bank compare to other banks?

Vio Bank vs. Ally Bank

As both are online-only banks, you’ll find many of the same perks at Vio Bank as you’ll find at Ally. This includes high yields on deposit products, low minimum deposit requirements and no monthly fees. Moreover, since both are online-only, neither bank has physical branches you can visit, so you’ll need to be comfortable doing all of your banking online or through the bank’s mobile app.

However, Ally Bank offers a larger array of financial products and services, including several types of CDs, an interest-bearing checking account, credit cards and investing accounts. Moreover, yields at Ally tend to be higher, with the exception of Vio’s money market account.

Vio Bank FAQs

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.