Review
Updated
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 savings APY isn't as high as with some of the 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.
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 = Poor4.00/5
Bottom Line
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 review
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 investment that keep your funds accessible.
High Yield Online Savings
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.
Compare savings accounts
Check out our list of the best savings accounts to see how Vio Bank's High Yield Online Savings stacks up. We've included some of our top picks below.
Rates as
of March 29, 2023
| Offer |
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|---|---|---|---|
| Account |
Goldman Sachs Bank USA.
Sponsored Listing
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| Rating |
Rating image, 5.00 out of 5 stars.
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 = Poor5.00/5 |
Rating image, 5.00 out of 5 stars.
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 = Poor5.00/5 |
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5 |
| APY | 3.75% | 3.75% | 4.20% |
| Min. to earn APY | $0 | $1 | $100 |
| Next Steps |
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 10 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 may not work for some people who can't lock up that much money. It's still a low minimum compared to many of its online competitors, though. Vio Bank CDs are FDIC insured up to $250,000.
Pulling funds out of your Vio Bank CD will result in early-withdrawal penalties of up to 3% of the amount withdrawn, plus a $25 fee.
Rates as of March 27, 2023
Vio Bank High-Yield CD
MINIMUM DEPOSIT $500
| 5 Yr. APY | 2.75% |
|---|---|
| 4 Yr. APY | 2.75% |
| 3 Yr. APY | 3.50% |
| 2 Yr. APY | 3.50% |
| 1.5 Yr. APY | 4.50% |
| 1 Yr. APY | 4.85% |
| 6 Mo. APY | 4.50% |
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 March 27, 2023
| Offer |
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|
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|---|---|---|---|
| Account | Discover High Yield CD | Marcus by Goldman Sachs High Yield CD | CIT Bank CD |
| 5 Yr. | 4.10% | 3.80% | 0.50% |
| 4 Yr. | 4.10% | 4.00% | 0.50% |
| 3 Yr. | 4.30% | 4.00% | 0.40% |
| 2 Yr. | 4.30% | 4.35% | 0.40% |
| 1.5 Yr. | 4.75% | 4.75% | 4.60% |
| 1 Yr. | 4.50% | 4.40% | 0.30% |
| 6 Mo. | 3.40% | 3.75% | 4.15% |
| Min. Deposit | $2,500 | $500 | $1,000 |
| Early Withdrawal Penalty | Yes | Yes | Yes |
| Next Steps |
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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.
Vio Bank customer service and experience
With no check writing or debit card access, Vio 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 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 Bank
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 aren't looking for a full-service bank
- You're OK doing all of your banking online
Our Banking Expert
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.
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