Vio Bank Review: High Rates and No Monthly Fees
Written by
Daria Uhlig
Edited by
Susan Kim
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GOBankingRates Score
Vio Bank
-
Savings Account
4.0
-
CD Accounts
4.3
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Money Market Account
4.5
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Banking Experience
4.0
Pros
- High-yield savings
- Affiliated with the largest privately held bank 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 business 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 money market account to grow your money risk-free, Vio Bank could be a great option.
Vio Bank Review
Vio Bank has a small selection of savings products offering high rates and low minimum opening deposits.
Savings Account
Vio Bank’s online savings account is a basic account with no monthly fees to chip away at your savings — unless you receive paper statements, for which you’ll pay $5 per month. It only takes a few minutes and a minimum $100 deposit to open an account. Savings earn a annual percentage yield, which is somewhat low for an online bank but much better than the national average rate of 0.46%.
The major downsides of the online savings account all have to do with access. Because it’s an online-only account with no debit card, you can’t deposit or withdraw cash. However, you can deposit checks by using your phone and sign up for direct deposit. In addition, you can link accounts at other banks and transfer funds between them. The caveat is that only savings and money market accounts are eligible for funds transfers.
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CD Accounts
Vio’s certificates of deposit all pay higher rates than its online savings account, and the shortest term, six months, offers the best rate. However, 12-month CDs earn a respectable APY. Vio offers terms as long as 10 years, and the minimum opening deposit is $500. While you can find lower minimums or no minimums elsewhere, $500 is reasonable for an account intended for medium- and long-term savings goals.
Early withdrawal penalties can be steep. Vio says it approves requests for early withdrawals at its discretion, so there’s no guarantee that your funds will be available before the CD matures. If you are allowed to withdraw some or all of your funds seven to 31 days after opening the account, you’ll forfeit 100% of the interest earned on your money. After 32 days, the penalty is 1% to 3% of the amount withdrawn, depending on the CD term, plus a $25 fee.
Money Market Account
The best savings account Vio offers is its Cornerstone Money Market Savings Account. It, like the online savings account, requires just $100 to open, and it has no monthly fee unless you opt for paper statements. But balances earn an excellent APY of , and you can auto-transfer funds to stay on track with your savings goals.
Overall, you have nothing to lose and a lot to gain by selecting Vio’s money market account over its savings account. The low minimum opening deposit and high rate make it one of GOBankingRates’ Best Money Market Accounts of 2024.
Banking Experience
The banking experience can make or break a financial institution’s relationship with its customers.
Mobile App
Vio Bank’s mobile banking app lets you manage your accounts using your iPhone, iPad, Android smartphone or Android tablet. In addition to checking balances and transaction histories, you can transfer funds between linked accounts.
The app may be best suited to iOS users, who give it a 4.6-star rating. The Android version gets just 3 stars, with users complaining about the lack of a fingerprint or PIN option for easy access in addition to bugs and limited functionality.
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 even 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. CT, Saturdays from 8 a.m. to 6 p.m. CT and Sundays from 12 p.m. to 4 p.m. CT.
Comparable Online Bank Options
See how the competitors stack up against Vio Bank.
Ally Bank
Ally Bank was recently ranked No. 1 among GOBankingRates’ Best Online Banks of 2024. Ally offers more products than Vio, with an option for an individual retirement account, a checking account and even mortgages and personal loans. Vio’s money market account wins out over Ally, with a interest rate compared to at Ally. Ally’s six-month CD has a APY, which falls short of Vio’s . Ally’s CD term options max out at a five-year CD with an APY of .
EverBank
EverBank, formerly known as TIAA, landed on several of GOBankingRates’ Best Banks of 2024 rankings, including Best Checking Accounts, Best Money Market Accounts, Best CD Accounts and Best Online Banks. Unlike Vio, EverBank has a checking account, and balances earn an above-average rate of APY. In addition, the savings account pays APY, far surpassing Vio’s . However, Vio wins out with its money market account, which earns APY compared to EverBank’s one-year intro APY of and its ongoing APY of to , depending on the balance.
Final Take
Vio is a simple, straightforward online bank backed by the largest privately held bank in the country, MidFirst Bank. Your money is FDIC insured up to $250,000, and with a money market account or CD in particular, your savings can grow quickly thanks to high interest rates, compounded daily.
If your financial goals include building up savings 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.
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 $36.6 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 $36.6 billion.
- What is the minimum amount to open a savings account at Vio?
- You can open a Vio savings account with $100.
- What is Vio Bank's savings rate?
- Vio Bank's online savings account offers an APY of 1.10%. The Cornerstone Money Market Savings account delivers an APY of 5.30%.
- Does Vio Bank have any fees?
- Vio Bank has no overdraft fees and no monthly fees for any of its accounts. If you prefer to receive paper statements, you'll pay $5 per month.
Dawn Allcot contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 26, 2023.
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.
To determine rankings for the Best Money Market Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (4) was weighted 4 times.
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