Vio Bank Review 2024
Updated April 4, 2024 at 4:54 pm
In our Vio Bank review, we’ll go through everything you need to know about this online financial institution and its several savings products.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
•Associated fees
•ATM access
•Balance requirements
•Customer service
•Interest-earning potential
Vio Bank Overview
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Expert Take: Vio Bank is a customer-friendly online financial institution specializing in high-yield savings products such as online savings accounts, certificates of deposit (CDs) and money market accounts (MMAs). This online bank operates as a division of MidFirst Bank, the largest privately owned banking institution in the country, so your eligible deposits are always protected while earning top returns. Unfortunately, Vio Bank checking accounts do not yet exist, so it’s not a great option for everyday banking needs.
Pros
- High annual percentage yield (APY) on various online savings products
- Deposits are FDIC insured up to the allowed maximum ($250,000)
- Wide range of CD terms to choose from
Cons
- No-penalty CD options are not available, meaning that an early withdrawal penalty applies to all products
- No in-person banking services
- No Vio Bank checking accounts
Vault’s Viewpoint on Vio Bank
Vio Bank may not be a household name, but it operates as a division of MidFirst Bank, the largest privately held bank in the nation. Vio Bank provides several savings products to banking consumers, each with an above-average interest rate and no monthly fees. You can open any of these accounts with a relatively low minimum deposit, ranging from $100 for savings and money market accounts to $500 for Vio Bank CDs.
Since Vio Bank is an online institution, it’s best suited for banking customers who don’t mind managing their accounts online or through a mobile app, without access to local or in-person services. Ideally, Vio Bank customers will already have an everyday checking account with another financial institution, since there is no Vio Bank checking account or similar product available. However, you can still transfer between these types of accounts in just a few business days, so it’s great for anyone who prefers their savings to be “out of sight, out of mind” while earning high returns.
It’s also great for anyone who wants to maximize their savings returns, especially those who want flexibility when it comes to CD term lengths. However, since Vio Bank doesn’t have any no-penalty CD options, it’s important that customers choose a CD term they can stick with to avoid early withdrawal penalties.
Vio Bank Certificates of Deposit
Vio Bank CDs Overview
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Online certificates of deposit (CDs) are a great way to maximize the return on your savings in exchange for locking those funds away for an agreed period. Vio Bank CDs are available with terms of six months to 10 years with a low $500 minimum deposit.
Pros
- Open a certificate of deposit (CD) with as little as $500
- CD terms range from six months to 10 years
- Competitive rate of return (APY) compared to other financial institutions
Cons
- Early withdrawal penalty applies to all terms and CD options
- No adjustment offered if rates go up before your CD is funded or shortly after funding
- No checking accounts offered at Vio Bank, so it won’t be your everyday bank option
Additional Information
- APY: 2.75% to 5.15%
- Term Length: 6 months to 10 years
- Minimum Deposit: $500
- Early Withdrawal Penalty: CD terms 31 days or fewer: Up to all of the interest earned on the amount being withdrawn. CD terms of 32 days to 12 months: Up to 1% of the amount withdrawn, plus a $25 fee. CD terms greater than 12 months: Up to 3% of the amount withdrawn, plus a $25 fee
Vio Bank offers a wide range of CD term lengths with competitive interest rates and a low opening minimum of just $500. Vio Bank CDs automatically renew, and there are early withdrawal penalties on all term lengths if you need to pull your money out sooner than scheduled. Vio Bank does not offer no-penalty CDs.
Vio Bank Savings Accounts
Vio Bank Savings Account Overview
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Vio Bank savings accounts require a minimum deposit of $100 to open but have no monthly maintenance fees or minimum balance requirements. While the APY isn’t the highest available from an online institution, it’s notably more than the national average.
Pros
- FDIC-insured deposits
- Better-than-average APY, regardless of balance
- No monthly maintenance or non-sufficient funds fees
Cons
- Fees for paper statements and outgoing wires
- No local branches or ATMs
- No checks or debit card access
Additional Information
- APY: 1.10%
- Minimum Deposit: $100
- Monthly Maintenance Fee: None
Vio Bank’s savings accounts offer a no-fee way to tuck your money away and a decent yield in the process. There’s only a $100 minimum deposit to open a new account, and the APY is higher than the national average and some competitor institutions.
Vio Bank Money Market Accounts
Vio Bank MMA Overview
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Money market accounts (MMAs) through Vio Bank are also fee-free and only require a minimum deposit of $100 to open. They offer customers an interest return that’s nearly five times higher than the standard Vio Bank savings account, along with the same security of FDIC coverage.
Pros
- High APY on deposits, regardless of balance
- No monthly fees or minimum balance requirements
- Low minimum to open
Cons
- No paper checks or ATM access
- $5 paper statement fee
- No local branches or in-person services
Additional Information
- APY: 5.30%
- Minimum Deposit: $100
- Monthly Maintenance Fee: None
With a Vio Bank MMA, called the Cornerstone Money Market Savings Account, you can ramp up your savings return even higher. These accounts are subject to the same $100 opening deposit requirement and also don’t charge monthly fees.
About Vio
Vio Bank is the online banking subsidiary of MidFirst Bank, the largest privately owned financial institution in the United States. While MidFirst Bank has been around since 1911, Vio Bank was launched in 2018 to offer online savings solutions to customers across the country.
Vio Bank is accredited by the Better Business Bureau (BBB) with an A+ rating. Its parent institution, MidFirst Bank, was awarded high ratings in both the 2018 and 2019 J.D. Power U.S. Retail Banking Satisfaction Study.
Vio Bank Fees
There are no monthly maintenance fees at Vio Bank, nor will you pay any fees to manage your account online or through the mobile app. However, there are a few fees you might encounter depending on which savings products you own and how you manage them. These service request fees include:
- Paper statement fee: $5
- Stop payment fee: $30
- Outgoing domestic wire: $30
- Deposit verification: $15
There are no overdrafts allowed on money market accounts or online savings accounts, so customers don’t have to worry about overdraft or non-sufficient funds (NSF) fees. You also won’t pay any fees for incoming wires, whether domestic or international.
Who Is Vio Bank Best For?
Vio Bank is a great option for anyone looking for an online banking institution with competitive APYs and no-fee savings accounts. As long as you’re comfortable conducting all of your account activity online and don’t need in-person services, Vio Bank’s online platform and mobile app offer versatile account management tools to help you manage deposits, withdrawals and transfers.
Since Vio Bank only offers savings products, it’s best for someone who already has an existing checking account at another bank and is just looking to earn a higher return on savings.
Who Should Consider an Alternative to Vio Bank?
If you’re looking for a one-stop shop, Vio Bank probably won’t be the financial institution for you. While Vio Bank currently offers several savings products—including savings accounts, money market accounts and CDs—it doesn’t have checking accounts or other everyday banking products.
You also won’t find banking-adjacent financial products at Vio that many other banking institutions offer, like credit cards, loans, investments or insurance. Vio Bank is an online bank, too, so you won’t have access to in-person banking services or brick-and-mortar branch locations if you ever need them.
How Does Vio Bank Stack Up to Its Competitors?
Now that you’ve read the product-focused portion of our Vio Bank review, here’s a look at how it compares to other online banking institutions.
Vio vs. Ally Bank
Both Vio Bank and Ally Bank are online banks with competitive financial products and interest rates across the country. Both institutions offer money market accounts, savings accounts and CDs. While Vio Bank’s CDs range in term length from six months to 10 years, Ally Bank’s CDs range from three months to five years. Ally also has a no-penalty CD option, while Vio Bank’s CDs are all subject to early withdrawal penalties.
Ally also offers a wider range of financial products and services. For example, Ally has a spending account—their version of everyday checking—along with a variety of loans including personal loans, home mortgage loans and auto loans. Ally also has credit card, investing and retirement products to choose from, providing a more comprehensive approach to customers’ financial needs. Read more in our full Ally Bank review.
Vio vs. Marcus by Goldman Sachs
Another online banking institution to consider is Marcus by Goldman Sachs. Like Vio Bank, Marcus offers savings products such as high-yield savings accounts and CDs, though Marcus doesn’t have money market accounts, and CD terms only range from six months to six years. Marcus does offer no-penalty CDs, however, which Vio Bank doesn’t have at this time. Both online banks have a $500 minimum opening deposit for CDs.
Marcus Invest is an online investment portfolio that customers can open with as little as $5, with many different allocations and investments available depending on your goals and timeline. Vio Bank does not have any investment products. Additionally, Marcus offers co-branded rewards credit cards through GM, which allow you to earn points on vehicle-related purchases as well as everyday spending, which you can then use toward a new vehicle.
Vio vs. Discover
Many customers think of credit cards when they hear the name Discover, but this global brand also offers online banking solutions for customers seeking a range of financial services. Like Vio Bank, Discover Bank offers an online savings account, money market account and CD options. Discover CD terms range from three months to 10 years, offering a very similar timeline to Vio. However, Discover CDs require a minimum deposit of $2,500, putting them out of reach to some customers who have a lower starting deposit available.
Both Vio Bank and Discover have free online savings accounts with no monthly maintenance fees or NSF fees, but Discover has no minimum deposit requirement compared to Vio Bank’s $100 minimum and also has a notably higher APY on online savings balances compared to Vio. Discover outperforms Vio Bank with an everyday online checking account as well as retirement account options. Of course, Discover also offers its better-known products—credit cards and loans—which you won’t find with Vio.
Frequently Asked Questions
Is Vio a Bank?
Yes, Vio Bank is an online banking institution that is backed by MidFirst Bank, the largest privately-owned bank in the country.
Is Vio Bank FDIC Insured?
Yes, Vio Bank is FDIC-insured and this coverage extends to all eligible Vio Bank deposits. Vio Bank deposits are held as deposits of MidFirst Bank and are protected by the standard FDIC coverage limits of $250,000 per owner, per account type and per financial institution.
How Long Does It Take To Transfer Money From Vio to Another Bank?
If you’re transferring money from Vio Bank to another financial institution, the funds may take as many as five business days to process. Incoming deposits are typically held for five business days as well. Internal accounts between two Vio Bank accounts are usually processed immediately.
Editorial Disclosure: We may receive a commission from affiliate partner links included on our site. However, this does not impact our staffs’ opinions or assessments.
