Vio Bank Review September 2024: Good for savers who want a competitive money market or CD rate but no checking account option

All rates and fees are current as of July 23, 2024, and are subject to change. 

Vio Bank

MMA:	Earn up to 5.3% APY
Savings accounts:	Open with as little as $100
CD rates:	Earn up to 4.70% APY

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Pros and Cons

Pros

• Competitive CD and money market APYs: Vio Bank’s CD and money market APYs are above 4% for most terms. This is significantly higher than national averages and on par with some of the most competitive APYs offered by major banks.
• Wide range of CD terms: Vio Bank’s CD terms range from six months to 10 years, which gives savers the opportunity to choose a term that aligns with their savings goals.

Cons

• Not the most competitive savings APY: Vio’s savings account currently offers a 1.10% APY, which is almost three times the national average but still not as high as other accounts on the market.
• No checking account: Vio doesn’t provide any form of checking account, so it’s not a great option for someone looking for a full-service online bank.

Who is Vio Bank good for?

Vio Bank could be a good option for anyone looking to open an MMA with a high APY or customers looking for a wide range of CD term lengths, which could be helpful for setting up a CD ladder.

Who shouldn’t use Vio Bank?

Vio Bank doesn’t offer any form of checking account, so it’s not a good option for anyone looking to do all their banking in one place. It’s also a fully online bank, so it won’t be a good fit for customers looking to bank in person. Additionally, Vio Bank doesn’t provide any business banking products.

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Vio Bank rates and products

Vio Bank offers an online savings account, MMA, and various CD terms to choose from. It does not currently offer a checking account option. 

Savings account

Vio Bank offers an Online Savings account with a 1.10% APY on all balances, which is better than the national average, but there are other high-yield savings accounts on the market with much higher rates. It has no monthly fees and requires a $100 opening deposit.

Vio Bank savings rates compared to current top rates*

While Vio Bank is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts 

Vio Bank’s 5.3% APY puts it in line with some of the best money market accounts out there today. Interest is compounded daily and paper statements can be received for $5 a month.

Certificates of deposit

Vio Bank offers a wide range of CD term lengths, from six months to 10 years. The highest APY of 4.70% applies to its six-month term length.

Note that early withdrawal penalties apply to all CDs if you want to get any funds out before maturation: 

• CD term penalty amount 7-31 days: All of the interest earned on the amount being withdrawn 
• 32 days to 12 months: One percent of the amount withdrawn, plus a $25 fee 
• Greater than 12 months: Three percent of the amount withdrawn, plus a $25 fee

Other services Vio Bank offers 

In addition to its deposit accounts, Vio bank offers: 

• Savings calculators and educational resources: The bank’s website offers a suite of educational articles on saving and investing as well as calculators for determining compound interest gains, savings goals, and more. 

The Vio Bank platform and customer support 

Vio Bank customers can access their accounts via mobile app, which has a 2.8-star rating on Google Play and 4.6 stars on the Apple App Store. Customers can use the app to view account balances, transfer funds between linked accounts, search transaction history, and more. 

For account holders who need assistance, Vio’s customer service representatives are available via phone from 7 a.m. through 9 p.m. Central time, Monday through Friday; 8 a.m. until 6 p.m. CT on Saturday; and noon to 4 p.m. CT on Sunday. Representatives can also be reached via chat on the bank’s website.

Is Vio Bank secure?

Vio Bank’s parent company, MidFirst Bank, was part of a large data breach that occurred in May 2023 which exposed millions of consumers’ personal information, including names, Social Security numbers, and account information. Since then, MidFirst has boosted its security and encouraged customers to enroll in its alert system. 

Additionally, Vio Bank is Federal Deposit Insurance Corp. (FDIC)-insured, meaning your money is safe (up to $250,000 per customer) in the rare case of a bank failure.

Vio Bank user reviews

Vio Bank has a 2-star rating on Deposit Accounts based on 113 reviews. Many customers complained about a difficult application process and about ultimately being denied after multiple attempts with no explanation. However, positive reviews mention quick, knowledgeable customer service and great rates. 

Compare Vio Bank alternatives

Vio Bank	Alliant Credit Union	Axos Bank
Top savings APY	Top savings APY	Top savings APY
1.10%	3.10%	0.61%
Top checking APY	Top checking APY	Top checking APY
N/A	0.25%	3.30%
Top CD APY	Top CD APY	Top CD APY
4.70%	4.75%	0.20%
Other services	Other services	Other services
MMA and educational resources	Auto loans, credit cards, and custodial accounts	Mortgages, personal loans, auto loans, and investment accounts
Learn more	Learn more	Learn more
View offer at MoneyLion	View offer at Alliant	Read our review of Axos

Is Vio Bank right for you?

Vio Bank could be right for you if you’re looking for a high-interest MMA or a wide range of CD term lengths. However, if you’re looking for in-person banking or you want to do all your online banking in one place, this won’t be the institution for you.

Frequently asked questions