Vio Bank Review 2022: High Interest Rate Options and Easy-To-Use Mobile App

GOBankingRates Score

4.2
Quick Take: Vio is the online-only division of MidFirst Bank, which recently made GOBankingRates.com's list of the top 100 banks in the U.S. MidFirst is the country's largest privately held bank and is FDIC-insured. That means the money you hold in Vio is backed by the federal government for up to $250,000. Vio offers simple, straightforward products including CDs, a money market savings account, and a regular savings account, all accessed online or via the mobile app.
  • APYs
    4.0
  • Benefits
    3.8
  • Products
    4.0
  • Customer Service
    5.0
How did we calculate this?

Pros

  • Easy to use app
  • High-yield savings
  • Affiliated with one of the best brick-and-mortar banks in the country
  • Competitive interest rates

Cons

  • Five business day hold on deposits
  • External transfers can take up to five business days
  • No debit card

Vio Bank Overview

As an online-only bank, Vio lacks some of the features of brick-and-mortar institutions. External transfers can take up to five days and there is no debit card, so you don’t want to stash your emergency savings here in case you need to access it quickly, for something like unexpected car or home repairs. However, if you want a high-yield savings to hold money for a planned event, such as a wedding or a vacation, Vio Bank could be a great option.

Key Features

These are some of the features of Vio Bank.

APYs

Here’s more on Vio Bank’s APY rates.

CD Accounts

With a $500 minimum to open a CD, Vio is accessible and convenient to many people. The APY ranges from % for a short-term, 6-month CD, up to % for a four-year CD. A 5-year CD, which is a common investment for many people, earns 0%. Vio also offers a 10-year CD with an APY of .00%.

Cornerstone Money Market Savings Account

Vio’s Cornerstone Money Market Savings Account offers an APY of 0% compounded daily and only requires a minimum of $100 to open.

Online Savings Account

The standard online savings account has a % APY, compounded daily, with a $100 minimum to open an account.

Benefits

Vio’s biggest benefit is its products: high-yield, straightforward savings accounts and CDs. The bank also provides an easy-to-use mobile app compatible with both Android and iPhone operating systems.

The money market and standard savings accounts offer six withdrawals per monthly statement cycle without fees, plus no monthly fee. If you exceed six withdrawals, you’ll be charged $10 for each additional transaction. The bank does not charge overdraft fees for a negative balance.

Products

Vio doesn’t offer a checking account or a debit card. However, this can be an advantage if you want to keep your money safe without being tempted to spend it. Vio offers more variety in CD terms than many other banks, with CDs ranging from 6 months and up to 10 years. The bank also offers a money market savings account and a regular savings account, both with a minimum opening deposit of $100.  

Customer Service

Vio offers multiple ways for customers to get in touch with the service department, including email, phone, or online chat. The phone lines have better hours than you might expect a brick-and-mortar bank to be open, with customer service representatives available from Monday through Friday from 7 a.m. to 9 p.m. CST, Saturdays from 8 a.m. to 6 p.m. CST and Sundays from 12 p.m. to 4 p.m CST. You’d be hard-pressed to find a brick-and-mortar bank open on Sunday.

How Vio Stands Out

Vio sets itself apart with some of the highest interest rates for online savings, money market and CD accounts. It also offers a choice of 10 different terms for its CDs, ranging from 6 months up to 10 years. It has a responsive and accessible customer service department, which you may not find with every online bank.

Comparable Online Savings Bank Options

See how the competitors stack up against Vio Bank.

Ally Bank

Ally Bank was recently rated as GOBankingRates.com’s best online bank. Ally offers more products than Vio, with an option for an IRA, a checking account, and even mortgages and personal loans. Vio’s money market account wins out over Ally, with a 0% interest rate compared to .00% at Ally. Ally’s 6-month CD has a % APY, which wins out over Vio’s %. However, Ally has fewer choices for CD terms, maxing out at a 5-year CD with an APY of .00%.

TIAA

TIAA made the Top 100 Banks list at GOBankingRates.com and was also ranked third for online banks. It compares favorably to Vio thanks to its wide variety of products, including an interest-earning checking account. However, Vio wins out with more options for savings, and a 0% APY on its Cornerstone Money Market Savings Account — compared to 0% for TIAA, and % for regular savings, compared to TIAA’s 0%. Vio also has a smaller minimum deposit of just $100, compared to TIAA’s $500.

How To Apply

  1. Click “Open An Account” on the Vio bank home screen on your computer or mobile device.
  2. Choose from a CD, a money market account, or an online savings account.
  3. If you’re choosing a CD, you’ll want to choose your terms before you click “Open an Account.”
  4. Choose a joint or individual account.
  5. Then fill out the application, including your social security number.
  6. For a joint account, you’ll need social security numbers for both applicants.

Once you’re done, you’ll want to fund your account via a check you can mail in or via ACH transfer from another banking institution. If you opt to fund your account through ACH external transfer, Vio will place two small deposits into your other bank as a test. You’ll need to verify those transactions, labeled “MidFirst Bank Test Tran” before your ACH will be initiated. This process can take up to four business days.

Who Vio Is Best For

If your financial goals include building up a savings account with a high yield to prepare for a trip, save for a down payment on a home or pay for an event, Vio’s high APYs and low minimum deposits to open an account make it a great choice.

Final Take

Vio is a simple, straightforward online bank backed by one of the largest and most reputable financial institutions in the country, MidFirst Bank. Your money is FDIC-insured up to $250,000 and your savings can grow quickly thanks to high interest rates, compounded daily.

Vio Bank FAQ

Here are the answers to some of the most frequently asked questions about Vio Bank.
  • Is Vio Bank trustworthy?
    • Vio Bank is the online division of MidFirst Bank, which holds $33.1 billion in assets and is FDIC-insured. The site is secured with encryption controls validated with digital certificates from Symantec.
  • Who is Vio Bank owned by?
    • Vio is owned by MidFirst Bank, the largest privately held bank in the U.S., with assets of $33.1 billion.
  • What is Vio Bank's savings rate?
    • Vio Bank's Online Savings Account offers an APY of 0.75%. The Cornetstone Money Market Savings Account delivers an APY of f 2.80%.
  • Does Vio Bank have any fees?
    • Vio Bank has no overdraft fees and no monthly fees for any of its accounts. If you exceed six withdrawals from your savings or money market account during any monthly statement period, each additional withdrawal carries a fee of $10. If you prefer to receive paper statements, you'll pay $5 per month.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 7, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her two kids and husband. Find her on Twitter, @DawnAllcot.
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