Vio Bank Review 2020

Published March 2020 by Amanda Dixon

AT A GLANCE
4.0
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Bankrate Score

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High APYs

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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. But if you want a bank with a wider range of products, you might be better off looking elsewhere.

  • Savings
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    4.9
  • CDs
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    3.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    1.75 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    TIAA Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.0

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    Bankrate Score

    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.

    What we like

    • Vio Bank offers competitive rates for savers.

    • Minimum deposit requirements are low.

    • Offers 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

    4.9

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    Bankrate Score

    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.

     

    What we like

    • The account has an APY among the top yields available.

    • The APY is available on all balances.

    • Interest is compounded on a daily basis.

    What we don't

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

    CD rates

    3.1

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    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 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.

    What we like

    • Interest is compounded daily.

    • Relatively low minimum deposit requirements.

    • Offers a range of CD terms.

    What we don't

    • The early withdrawal penalties are harsh.

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

    • Some online banks offer higher yields.

    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.

    Already, Vio Bank offers generous customer service hours. You can reach a bank representative over the phone seven days a week.

    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.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.