Vio Bank review 2024: Competitive rates and low fees, but no full-service banking

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Vio Bank, the online division of MidFirst Bank, stands out for its high-yield savings products. Launched in 2018, this online-only bank offers some of the most competitive rates, particularly on its money market account and short-term CDs. 

With a low-fee structure and minimal opening deposit requirements, Vio Bank caters to savers looking to maximize their returns. However, its narrow product range and lack of physical presence mean it's not a one-stop solution for all banking needs. 

In this review, we'll dive into what Vio Bank does well, where it falls short, and whether it fits your financial goals.

About Vio Bank 

Vio Bank was established in 2018 as the online banking arm of MidFirst Bank. Vio focuses exclusively on providing high-yield savings products, including savings accounts, money market accounts, and certificates of deposit (CDs).

Key features of Vio Bank include:

• FDIC insurance up to $250,000 through MidFirst Bank
• Competitive interest rates, especially on money market accounts and short-term CDs
• Low minimum opening deposits ($100 for savings and money market, $500 for CDs)
• No monthly maintenance fees
• Online and mobile banking platforms with mobile check deposit
• Customer support is available seven days a week

However, Vio Bank's streamlined approach comes with limitations. For one, because it’s an online bank, there are no physical branches or ATMs. Vio also offers a limited product range, so you won’t find checking accounts, loans, or credit cards with this bank. 

Vio also has some restrictions on deposits and withdrawals, including no cash deposits and limits on mobile check deposits and external transfers. You may also face potential hold times of up to five days on ACH deposits. 

Vio Bank accounts 

Vio offers a high-yield savings account, a money market account, and a range of CD terms: 

Online savings account

Vio Bank’s Online Savings Account offers a competitive 1.10% APY on all balances. Interest is compounded daily, allowing your money to grow faster. 

While this rate is over double the national average for savings accounts, it’s much lower than the best high-yield savings accounts, which offer rates as high as 5.00% APY. 

The account is easy to open with a minimum deposit of just $100, and there are no monthly fees to worry about. However, be aware that you'll pay a $5 monthly fee if you receive paper statements instead of electronic ones.

Money market account

Vio Bank's Cornerstone Money Market Savings Account is the more attractive option for those looking to maximize their savings. This account offers a highly competitive 5.30% APY, over eight times the national average for money market accounts. 

Like the Online Savings Account, interest is compounded daily, and the minimum opening deposit is a manageable $100. You can also set up automatic transfers to help you reach your savings goals consistently.

CDs

Vio Bank's CDs offer fixed returns over terms ranging from 6 months to 10 years. You’ll need an opening deposit of $500 to get started, and rates are as follows:
 

Vio Bank's shorter-term CDs offer the highest yields, which means you can earn excellent returns without having to lock your money away for years. Longer-term CDs (48 months and above) have less competitive rates compared to some online banks.

Other Vio Bank products and services

Vio Bank focuses solely on savings products and does not offer additional banking services such as loans, credit cards, or Individual Retirement Accounts (IRAs). If you want a fuller suite of financial products, you may need to consider other banks or financial institutions.

Vio Bank fees

Vio Bank keeps fees to a minimum in line with many online banks. There are no monthly maintenance fees, overdraft fees, or fees for incoming wire transfers. However, there are a few fees to know about:

• Monthly fees: $0
• Overdraft fees: $0
• Incoming wires: $0
• Outgoing domestic wires: $30
• Electronic statements: $0
• Paper statements: $5
• ACH or check stop payment: $30
• Early withdrawal penalty for CDs with terms up to 12 months: $25 and 1% of the withdrawal amount
• Early withdrawal penalty for CDs with terms exceeding 12 months: $25 and 3% of the withdrawal amount

The $30 fee for outgoing domestic wires and stop payments is fairly standard among banks. The early withdrawal penalties for CDs are also typical, with shorter-term CDs incurring a smaller penalty (1% of the withdrawal amount) than longer-term CDs (3% of the withdrawal amount).

Vio Bank banking experience 

Online and mobile banking platform 

Vio Bank's online and mobile banking platforms are available to customers once they enroll in online banking. The online dashboard lets you view account activity, schedule transfers between linked accounts, review transaction history, and access account information.

The mobile app comes with the added convenience of mobile check deposit, allowing you to deposit checks using your phone. The app is available for download from the Apple App Store and Google Play Store.

Complaints centered around user experience, limited functionality, and login problems. You may find the online dashboard more user-friendly if you're an Android user. In contrast, Apple users have had a more positive experience, giving the app a 4.6 out of 5-star rating. 

Transferring money to and from Vio Bank

Vio Bank does not have physical branches, and you won't get an ATM card to make deposits or withdrawals. Your options for transferring funds are:

• ACH transfers: These typically take 1-3 business days. Incoming transfers may be held for up to 5 business days.
• Wire transfers: Same-day processing for incoming wires. Outgoing domestic wires incur a $30 fee.
• Mobile check deposit: Funds are usually available within 1-2 business days.
• External transfer service: Allows transfers up to $25,000 daily or $100,000 monthly.

Online bill pay is unavailable since Vio Bank does not offer a checking account. This may be inconvenient for some customers who prefer the flexibility of ATM access or the ability to pay bills directly from their account.

Customer service 

You can reach a banker by phone seven days a week. Support is available Monday through Friday from 7 a.m. to 9 p.m. CT, Saturday from 8 a.m. to 6 p.m. CT, and Sunday from 12 p.m. to 4 p.m. CT. 

You can also complete an online form to contact a banker via email. However, online chat is unavailable, which may be a drawback for customers needing real-time support.

Vio Bank has an A+ rating from the Better Business Bureau (BBB), but very limited customer reviews are available.

Account security 

Vio Bank leverages advanced technology, including multi-factor authentication and encryption, to restrict unauthorized access to accounts and protect sensitive data. It also offers up to $250,000 in FDIC insurance through MidFirst Bank. So, you’ll be protected if Vio suddenly fails and shuts its doors. 

Vio Bank employs advanced security measures to protect customer accounts and sensitive data. These include multi-factor authentication and encryption to prevent unauthorized access. Multi-factor authentication adds an extra layer of security by requiring users to provide additional verification (such as a code sent to their phone) in addition to their password when logging in.

How Vio Bank stacks up 

Lower overhead costs allow online banks like Vio to offer more competitive rates and lower fees. 

However, traditional banks typically offer a full suite of bank accounts, in-person service, and the ability to make cash deposits and withdrawals, which Vio Bank does not provide. 

Here's how Vio Bank compares to other online banks:

Vio Bank's money market account rate (5.30% APY) is significantly higher than that of its competitors. However, Vio Bank's standard savings account rate (1.10% APY) is much lower. 

The limited product range and mixed mobile app reviews suggest that Vio Bank is focusing its resources on providing top-tier rates for specific products rather than offering a comprehensive banking experience.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score:

The bottom line 

Vio Bank's strongest points are its competitive rates on money market accounts and CDs and its low-fee structure. However, it falls somewhat short in product diversity, physical access to funds, and some aspects of customer service and digital experience. 

You don’t have the luxury of opening a checking account or applying for a loan or credit card with Vio. Plus, the standard savings account pays lower returns making more traditional banking options better for managing your money. 

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.