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Vio Bank Review 2022

Published March 2022 by René Bennett

AT A GLANCE
4.1

Bankrate Score

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Low Minimum Deposit

No monthly fees

Vio Bank is an option for consumers comfortable with banking online who are looking to earn competitive yields on CDs, and savings and money market accounts.

  • Savings
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    5.0
  • MMAs
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    4.9
  • CDs
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    3.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Overall

    4.1

    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 wide range of CD terms.

    What we don't

    • 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.

    Savings accounts

    5.0

    Bankrate Score

    Vio’s high-yield savings account consistently offers competitive yields. All balances earn the same APY, there are no monthly fees, and there’s a low minimum deposit requirement of $100.

    What we like

    • The account offers a competitive yield that is paid on all balances.

    • There's no monthly fee.

    • The $100 minimum deposit requirement is low.

    What we don't

    • Customers pay $5 a month to receive paper statements.

    Money market accounts

    4.9

    Bankrate Score

    Vio’s Cornerstone Money Market account offers a competitive rate. Like Vio’s other products, its money market account requires a low minimum opening deposit. Customers can make six free withdrawals from the account per month.

    What we like

    • The Cornerstone Money Market account has a highly competitive yield.

    • There is a low $100 minimum to open the account.

    • You won’t have to pay a monthly fee.

    What we don't

    • The account does not come with an ATM or debit card.

    • If you make more than six withdrawals a month, a $10 fee per withdrawal applies.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    1.70 % APY

    2yr

    Term

    $ 0

    Min. deposit

    Vio Bank offers traditional CDs with terms ranging from six months to 10 years. The minimum deposit for each account is $500, lower than some other banks. CDs automatically renew once they mature.

    Early withdrawal penalties vary depending on the term length, but they are stiff. For one-year CDs, for example, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

    What we like

    • There is a wide variety of terms available.

    • Some banks have much higher minimum deposit requirements.

    What we don't

    • Early withdrawals come with a high penalty.

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

    • APYs aren’t top notch.

    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 solid 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 noon to 4 p.m. The bank’s site also offers a 24/7 automated chat service.

    About Vio Bank

    Vio Bank is the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. It launched in 2018.

    Vio Bank, like most internet-based banks, is best for consumers who are comfortable banking online, who are also looking for higher yields than what many brick-and-mortar banks pay.

    In addition to its deposit products, the bank has online calculators that can help customers determine how much to save depending on their goals.

    René Bennett Twitter Created with Sketch. @

    René Bennett Twitter Created with Sketch. @

    René Bennett is a writer for Bankrate, equipping readers with the knowledge they need for best saving practices. He reports on personal finance and, as someone coming out of college, understands how difficult it can be to make choices about money, so he endeavors to make navigating those choices as straightforward as possible. With a background in writing and a bachelor’s degree in English from New York University, René is devoted to balancing clarity of style with accurate and informative content in his reporting. He has written on a number of topics, from savings accounts to roller coasters.