Vio Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Savings
MMA
About Bankrate Score
Overview
Vio Bank is an option for savers who are comfortable with online banking and looking to earn competitive 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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
-
Vio Bank offers a competitive money market account rate and an above average rate on its CDs and savings account.
-
Minimum deposit requirements are low.
-
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 doesn’t offer a debit card or check-writing privileges for any of its accounts.
Vio Bank banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/23/2023
Vio Bank savings overview
Pros
-
The account offers an above-average yield that is paid on all balances.
-
There's no monthly fee.
-
The $100 minimum deposit requirement is low.
Cons
-
Customers are charged $5 a month to receive paper statements.
-
Many online banks offer higher APYs.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Vio BankAPYAPYNational average APYSee table viewHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 |
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 nearly 80 branches and approximately $37 billion in assets.
Vio Bank, like most internet-based banks, is best for consumers who are comfortable banking online and seeking higher yields than what many brick-and-mortar banks pay.
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 high 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 from noon to 4 p.m.
How does Vio Bank compare to other banks?
Vio 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
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.
