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

Find out if Vio Bank is the right online bank for you.

Whereas most banks try to provide customers with every financial product possible, from checking accounts and savings account to credit cards and insurance — Vio Bank keeps things simple by specializing exclusively in certificates of deposit and high-yield savings. Read on for a review of these online accounts to see if they’re right for you.

What You Need to Know About Vio Bank

Vio is the online bank division of MidFirst Bank, which its website notes is one of the five largest privately owned financial institutions in the U.S. MidFirst itself serves over 600,000 customers and received the J.D. Power Retail Banking Satisfaction Award for the Southwest Region in 2018 for its commitment to customer service.

Because Vio is an online-only bank, all interactions with your accounts and Vio are handled either online or by phone, not at any physical branch.

Who Vio Bank is best for:

  • Customers seeking high yields on savings
  • Customers who prefer online-only banking
  • Customers who only need a savings account or CD account

To open a Vio account, you will need your:

Save for Your Future
Sponsors of
  • Social Security number
  • Driver’s license information
  • Physical address

You can initiate a money transfer of your initial deposit from another one of your bank accounts by providing the:

Find Out: Pros and Cons of Online Savings Accounts

Vio Bank at a Glance

Here’s a quick rundown of what banking and savings options you can get through Vio Bank:

Vio Bank at a Glance
Vio Bank HighlightsVio Bank Lowlights
No monthly fee for high-yield savings
High APY
Multiple CD terms available
Limited product availability: no checking accounts or loans
No brick-and-mortar branches

See: Why Online Savings Accounts Have Higher Interest Rates

Best Features of Vio Bank

Vio Bank’s high-yield savings account and its CD accounts come with competitive APY rates. You’ll get a 1.75% APY with the high-yield savings account no matter what your balance is.

CDs require $500 to open but their APY is dictated by the term length rather than the balance. Six-month CD terms have 0.45% APY and five-year CDs have 0.65% APY. Outgoing wire transfers require a signed and notarized wire authorization form mailed to:

Vio Bank
P.O. Box 76149
Oklahoma City, OK 73147

The bank also takes precautions for fraud protection.

Vio Bank High-Yield Savings Account

Vio’s 1.75% APY applies to all balances within the high-yield savings account. This rate is higher than every savings account on GOBankingRates’ Best Savings Accounts of 2018, which makes Vio Bank a competitor among the best savings accounts available. The fact that there’s no balance minimum to get the APY means the account offers a bit more flexibility when it comes to budgeting for savings.

Opening the account requires a $100 minimum deposit, but you get six free withdrawals per monthly billing cycle. Plus, the account does not require a monthly fee.

Some account fees to consider:

  • Excessive transaction fee (more than six per cycle): $10
  • Closing account: $25
  • Dormant account: $5 (monthly charge after a year of inactivity)
  • Paper statements: $5
  • Returned deposit item: $7

The account comes with free online and mobile banking options.

Vio Bank CDs

Vio’s certificate of deposit terms range from as short as six months to as long as 10 years, and the rates are all above the national average. National CD rates per the FDIC are around or below 1.00% for all CD terms. Vio Bank’s six-month CD alone currently has a higher APY than half of the banks listed in the Best CD Accounts of 2018.

Vio Bank High-Yield Online CDs
6 months0.45%
9 months2.10%
12 months0.45%
15 months2.55%
18 months2.60%
24 months0.60%
36 months2.75%
48 months3.00%
60 months0.65%
84 months3.10%
120 months3.15%

All CDs require a $500 minimum deposit to open. CDs can be good for low-risk investing and saving for retirement, and with those high APYs, you could see more growth on your initial balance.

You can also transfer the interest from your CD account to another account by filling out an authorization agreement for automatic deposit. You can add payable-upon-death beneficiaries to your accounts.

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Check Out: 9 Tips for Choosing a CD Account

Is Vio Bank Right for You?

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 more than 2.00% 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 need to consider its parent company, MidFirst Bank, or another financial institution to suit those needs.

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This content is not provided by the companies mentioned. 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 or MidFirst Bank.

About the Author

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.