Vio Bank Review 2020: Simple, High-Interest Online Savings Products

Learn more about savings options in this Vio Bank review.

Saving money for short-term goals shouldn’t be difficult. Vio Bank keeps everything simple by offering a savings account and certificates of deposits — nothing more. Vio Bank might be just right for you if you’re looking for straightforward savings products with an above-average annual percentage yield.

Vio Bank is the online bank division of MidFirst Bank, one of the largest privately owned banks in the United States. With more than $20 billion in assets and an impressive customer service record, the parent company has an established reputation for providing quality services.

Read this Vio Bank review to learn more about how this bank compares to the competition.

Who Is Vio Bank Best For?

Vio Bank doesn’t have any physical locations, so it’s best for customers who are comfortable managing their accounts online. All interactions between customers and their accounts take place on the bank’s website or mobile banking app and by phone.

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  • Competitive interest rates on savings products
  • Affordable minimum deposit requirement for savings account
  • No monthly maintenance fee for savings account
  • Multiple term options available for CDs


  • No checking accounts or other banking products
  • No access to branches or ATMs
  • Early withdrawal penalty for CDs
  • Higher interest rates for CDs offered by other banks

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Who Might Want To Choose Vio Bank?

People who would rather bank online than interact with a live teller might want to choose Vio Bank. It’s also a solid choice for you if you don’t need a savings account linked to your checking account. You can keep your money out of sight in an account that earns higher interest than most brick-and-mortar banks, but you still have access to it when you need it.

Who Might Want To Skip Vio Bank?

People who are not comfortable using technology to manage their accounts are probably better served through a bank that has a local branch. Vio Bank may not be the best option for everyone, even if you like online banking. You may prefer to do all your banking at a single financial institution. It’s also not a substitute for a checking account. If you need checks or a debit card to pay your bills, look for a bank that offers those services.

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More on This: Where To Get 5% Interest Savings Accounts

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Types of Accounts Available

Vio Bank has two different savings products: a high-yield savings account and certificates of deposit. See how they compare with similar products offered by other banks.

Vio Bank Savings Options at a Glance
High-Yield Savings Certificates of Deposit
Minimum Deposit $100 $500
Monthly Fees N/A N/A
APY 0.50% Up to 1.50% APY
  • Insured by Federal Deposit Insurance Corp.
  • No minimum balance required for interest rate
  • Interest compounded daily
  • Option to automatically transfer interest earned to other accounts
  • Insured by FDIC
  • Terms from 6 months to 10 years
  • Interest compounded daily

Learn More: What Is APY?

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High Yield Savings

Vio Bank offers a high-yield savings account with an APY of 0.50%, making it one of the best savings accounts available. Best of all, this rate applies to all savings account regardless of the balance.


  • $100 minimum deposit
  • No minimum account balance requirement
  • Six free withdrawals per cycle


  • Competitive APY on savings account
  • No monthly maintenance fee
  • FDIC insurance up to $250,000
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  • No access to physical branches
  • No ATMs to withdraw money

Find Out:  Are High-Yield Savings Accounts Worth It?

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Certificates of Deposit

Vio Bank’s CDs are an option for those who don’t need immediate access to their savings. CD terms range from six months to 10 years and have interest rates up to 1.50% APY. Interest compounds daily to maximize your investment.


  • Interest compounded daily
  • Guaranteed rate of return
  • FDIC protection up to $250,000


  • Selection of CD terms available to suit a variety of financial goals
  • Can automatically transfer interest earned to other accounts
  • Initial deposit as low as $500


  • Higher interest rates available elsewhere
  • Early withdrawal penalty

Keep Reading: The Ultimate Guide To Investing in Certificates of Deposit

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How To Bank With Vio Bank

Opening a Vio savings or CD account takes just a few minutes on the bank’s website. Before you start the online application, make sure you have Social Security numbers and driver’s licenses for you and any joint account holders. You will also need to provide your address.

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Funding Your Account

After opening your account, you have 14 days to fund it. You can do this through an ACH transfer from another account, a personal check or wire transfer. Here’s what you need to know.

ACH or Wire Transfer

To fund your account through an ACH or wire transfer, you need Vio Bank’s routing number. If you opt for an ACH transfer, Vio Bank will verify your account before letting you complete the transfer.

If you’re planning to fund your account through a transfer, you will need to set up external accounts in Vio’s online banking system. The system will ask you to provide the account information and will send you a verification deposit to make sure you gave accurate account details. You can then use the same account to make deposits in the future without reentering the information.

Personal Check 

If you choose to fund your account with a personal check, you may deposit it through the mobile banking app or mail the check to the bank’s headquarters.

Funding Via CD

There is also an option to fund an account using funds from a matured certificate of deposit. To take advantage of this, you have to call customer service within 10 days of the maturity date. A representative will guide you through what to do next.

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Vio Bank offers free online banking services through the computer or a mobile app. You can enroll in this service through the company’s website or directly in the app on a tablet or smartphone. You’ll need the account number and information sent to you in the welcome email you received when you opened your account.

The online banking system gives you real-time information about your account and lets you make transfers to and from your Vio Bank accounts. You can also search transactions, view statements, notices and forms online or download account information into Quicken.

Find Out: How To Open a Bank Account Online

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Although you don’t pay a monthly maintenance fee for your Vio Bank savings account or to receive electronic statements, you may incur other fees for activity on your account. For example, federal law restricts the number of withdrawals account holders can make from their savings accounts. If you exceed that amount, the bank can charge a fee. You might also pay if you ask the bank to verify a deposit or to provide copies of checks deposited into your account.

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Other fees to consider include:

  • Excessive transfer fee (more than 6 per cycle): $10
  • Paper statements: $5
  • Returned deposit item: $7
  • Outgoing domestic wire transfer: $30 (as of March 1, 2020)
  • Research requests: $40 per hour

Fees and early withdrawal penalties apply to CDs. You will pay $25 plus a percentage of the amount you withdraw, depending on the CD term. A description of these fees is available on the bank’s CD disclosure.

Read Next: 13 Banking Fees You Should Never Pay

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Availability of Funds

Funds you deposit into your account may not be immediately available. The bank may hold the deposits for five business days, and in some cases, the hold can be longer. You will be able to see the deposits in your balance even though you don’t have access to them, and they will earn interest during this time.

Explore More: Best National Banks of 2020

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Is Vio Bank Worth Your Wallet?

Vio Bank might be suited for you if you’re looking for a savings-focused bank with competitive APYs. The bank’s High Yield Savings is useful to have as a long-term account, and its CD interest rates are hard to beat. Even a six-month CD can accumulate interest quickly at 0.10% APY. With high rates, even customers depositing more conservative amounts could see an uptick in their savings.

The bank doesn’t offer any other services, however. Its utility is limited to savings. If you need checking, credit or more, you might want to consider its parent company, MidFirst Bank, or another financial institution to suit those needs.

Keep Reading: Best Online Banks of 2020

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More Bank Reviews

This article has been updated with additional reporting since its original publication.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 13, 2020.

This content is not provided by Vio Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Vio Bank.

About the Author

Sean Dennison

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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