Review
Updated
Fact Checked
Ashley Maready
With low minimums and high APYs, Vio Bank is an excellent choice for those looking to maximize their savings. While it doesn't carry a wide array of banking products, its deposit accounts are competitive, though its APY on savings accounts isn't as high as other top online banks we've reviewed. Find out more in our in-depth Vio Bank review.
Vio Bank
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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You may not be familiar with Vio Bank, the online division of MidFirst Bank, but it offers a lot to get your attention -- competitive APYs, no monthly fees, and low minimum deposits. It's also a great option for longer CD terms up to 10 years.
Pros
- Competitive rates
- Low minimum on savings account
- No monthly fees
- CD terms up to 10 years
Cons
- No local branches
- No ATM network
- No checking accounts
Vio Bank savings accounts
If you're looking for a safe place to park your money, Vio Bank's online savings account could be a great option. Whether you're building an emergency fund or have another savings goal, high-yield savings accounts are a solid option that keep your funds accessible.
Vio Bank High Yield Online Savings Account
The Vio Bank High Yield Online Savings Account checks enough boxes to make it a top choice for online savings. The account features a competitive APY on all balances. It has a $100 minimum deposit to open an account. This is relatively low, although some online savings accounts have no minimums. You'll never pay monthly fees on Vio's savings account. Vio Bank High Yield Online Savings Accounts are FDIC insured up to $250,000, the standard limit for FDIC-insured bank accounts.
One downside is that its high-yield savings account is anything but high-yield. The rate is very low compared with other banks and your money could grow more when deposited in top-paying accounts. Be sure to compare Vio Bank's savings account with those offered by other banks and credit unions before making your decision.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Vio Bank money market accounts
Money market accounts are a good way to get a high interest-bearing bank account with some of the best features of a checking & savings account.
Vio Bank Cornerstone Money Market Savings
The Vio Bank Cornerstone Money Market Savings account offers a competitive interest rate and no monthly fees as long as you agree to receive electronic statements. With a minimum deposit of $100, this account is a great option for those looking to grow their savings without having to constantly worry about fees eating up their earnings. And, with FDIC insurance, you can rest assured that your money is safe and secure in this account.
Vio Bank CD accounts
CDs typically offer higher interest rates than savings accounts in exchange for leaving your money untouched for a set amount of time. Vio Bank offers CDs with a range of term lengths, too, so they're perfect for people who want to build a CD ladder to maximize their savings without tying up all their cash for the long term.
High Yield Online CD
Vio Bank High Yield Online CDs come in nine term lengths ranging from six months to 10 years. Like most banks, Vio has no monthly fees attached to its CDs. Opening a CD account through Vio Bank requires a $500 minimum deposit, which is low compared with other CD providers but may not be ideal for everyone, especially if you're building a CD ladder. Vio Bank CDs are FDIC insured up to $250,000.
Pulling funds out of your Vio Bank CD before it matures will result in an early-withdrawal penalty, which is determined by your CD terms. For reference, here's how much penalty you might pay:
| CD term | Penalty amount | Additional fee |
|---|---|---|
| 7 to 31 days | All of the interest earned on your withdrawal. | None |
| 32 days to 12 months | 1% of the amount withdrawn | $25 |
| 12 months or more | 3% of the amount withdrawn | $25 |
Data source: Vio Bank.
Rates as of April 25, 2024
APY = Annual Percentage Yield
Vio Bank High-Yield CD
Bottom Line
Want a competitive APY on a shorter-term CD? Look no further than Vio Bank -- and you can bring just $500 to open a CD there. Longer-term CD rates aren't so competitive, though.
MINIMUM DEPOSIT $500
| 6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 5.20% | 5.00% | 4.50% | 4.75% | 3.50% | 2.75% | 2.75% |
Compare CD rates
Vio Bank offers competitive rates, but you might find the best CDs at other online banks. Check out our comparison below to see how Vio Bank compares to other top picks.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
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| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Alternatives to Vio Bank checking accounts
Vio Bank currently doesn't offer a checking account. Check out our list of the best checking accounts to find the right choice for your everyday spending.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
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Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
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Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
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Vio Bank customer service and experience
With no check writing or debit card access, Vio Bank customers are limited to transferring money in and out through external bank accounts -- which could take several days. Vio Bank's mobile app received high ratings in the Apple App Store, but its Android version doesn't fare as well. The app lets customers check balances, manage their accounts, and deposit checks.
Vio Bank relationship benefits
Some banks use relationship benefits to draw in new customers. Often found at brick-and-mortar banks, relationship benefits can include perks like waived fees and access to higher APY tiers. Vio Bank, as an online bank, doesn't currently offer any relationship benefits. With competitive APYs and no fees on its deposit accounts, Vio Bank customers already get the best deal without extra relationship perks.
Alternatives to Vio Bank
Vio Bank is worth a look, but it may not be the best fit for everyone. Here are two other online banks to consider. Always shop around when choosing a new place to bank.
Ally
Ally Bank is one of the most popular online banks, and for good reason. It offers a wide range of banking products, perfect for someone looking for a full-service experience. Ally is known for competitive APYs and no monthly fees. It's also home to an interest-bearing checking account.
Discover® Bank
Another online bank with no fees and more account options is Discover® Bank. Discover is known for having almost no fees on its deposit accounts. It's also another option for people looking for longer CD terms of up to 10 years.
Is Vio Bank right for you?
Vio Bank is a great banking choice if:
- You want high-yield interest without paying monthly fees
- You're not looking for a checking account, or you don't mind having your checking account at a separate bank
- You aren't looking for a full-service bank
- You're OK doing all of your banking online
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Yes, Vio Bank is safe. The bank is a division of MidFirst Bank, which manages more than $37 billion worth of assets. Deposits made within Vio Bank are FDIC insured for up to $250,000 per depositor.
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Yes, transfers made through the Vio Bank External Transfer Service are limited to $25,000 per day and $100,000 per month. Since Vio Bank doesn't offer a checking account, you'll want to keep these limits in mind, as you might need to transfer money from your savings account to an external account in order to access it.
Our Banking Experts
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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