Vio Bank Review: Up to 5.00% APY on Deposits

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Vio Bank is a digital bank that offers a handful of savings products, including a high-yield savings account, a money market account, and a certificate of deposit (CD) with a range of terms. While the bank's savings account interest rate is relatively low compared to other high-yield options, its money market account and CD rates are competitive.

If you're looking for a place to stash some cash for short- or mid-term goals and want to maximize your interest earnings, here's what you should know about Vio Bank before you open an account.

Highlights

Vio Bank

• The bank offers an APY of up to 5.00%, depending on which account you choose.
• Minimum deposits are relatively low.
• All three accounts charge no monthly maintenance fee.
• Interest is compounded daily on all accounts.
• CD terms range from six months to 10 years.

Who Is Vio Bank Best For?

Vio Bank offers impressive interest rates on its money market account and CDs, but its high-yield savings account doesn't stack up well against the competition. With that said, you may consider Vio if any of the following is true:

• You want a high-yield money market account but don't need flexible access to your funds.
• You're looking for a short-term CD with a high interest rate.
• You want an extremely long CD term.
• You don't want to deal with high minimum deposit requirements.

Vio Bank Online Savings Account

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• Interest rate: 1.10% APY
• Minimum opening deposit: $100
• Minimum balance requirement: None
• Monthly maintenance fee: None

The Vio Bank Online Savings Account offers a high yield compared to traditional savings accounts — the national average interest rate is just 0.39%, according to the FDIC. But with high inflation rates, many of the best high-yield savings accounts, particularly from other online banks, are offering APYs upward of 4.00%.

The account also has a minimum deposit requirement of $100, which is low, but some banks don't require an opening deposit at all to get started. That said, there is no monthly service fee, but there is a $5 monthly fee if you opt to receive paper statements. You'll also pay a $10 fee per withdrawal if you exceed the six-withdrawal monthly limit.

The only way to access your funds is through a transfer to another bank, which can take up to five business days to complete.

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Vio Bank Cornerstone Money Market Savings

• Interest rate: 4.77% APY
• Minimum opening deposit: $100
• Minimum balance requirement: None
• Monthly maintenance fee: None

It's called a money market savings account, but the Cornerstone Money Market Savings Account acts more like a high-yield savings account. Unlike traditional money market options, this one doesn't offer expanded access to your money in the form of a debit card, ATM card, or paper checks. In fact, the only way to get your funds is through a bank transfer, which can take up to five business days to process.

That said, the account offers an incredibly high APY, which outpaces many of the best money market accounts available.

There's no monthly service fee, but you'll need at least $100 to get started, and the same $5 monthly paper statement fee and $10 excessive withdrawal fee as the Online Savings account apply.

Vio Bank Online CD

• Interest rate: 2.75% – 5.00% APY
• Minimum opening deposit: $500
• Term lengths: 6 – 120 months
• Early withdrawal fee: 1% or 3%, depending on term, plus $25

Vio Bank's Online CD is a standard fixed-rate CD that offers a high yield in exchange for locking up your funds for a set period of time. While many of the best CD rates require you to pick a term of a year or longer, Vio Bank's Online CD's best rate is for its shortest term of six months. That said, you can also lock in a decent rate for up to 10 years.

Here's a quick look at what the bank offers:

There is a $500 minimum deposit requirement, but that's low compared to some banks, which can require thousands of dollars. Once your account matures, you'll have 10 days to withdraw or add funds before it may automatically renew. If you withdraw your funds early, you may be subject to a penalty of 1% or 3% of the amount withdrawn, depending on your CD term, plus a $25 fee.

Banking Experience

If you choose to go with Vio Bank, here's what you can expect from your experience:

• How to withdraw and deposit funds: The bank only allows you to withdraw money through a transfer with an external bank, but you can deposit funds via bank transfers, wire transfers, and mobile check deposits.
• Mobile app experience: Vio Bank's mobile app has a solid 4.6-star rating on the Apple App Store, but its Google Play Store rating is just 3.2 stars. You can use the app to check your balance, view statements, make check deposits, and more.
• Customer service: The bank offers limited customer support for an online bank, with 24/7 access limited only to its automated information line. You can also submit a request online through a form on the bank's website, request a callback, or chat online.

Drawbacks

Before you open an account with Vio Bank, here are some of the main downsides to consider:

• Limited access to funds: As mentioned above, you'll have limited access to your money, and bank transfers to an external account can take several days to complete.
• No cash deposits: Like most online banks, Vio doesn't accept cash deposits, making it less appealing for people who prefer to use cash.
• No checking account: Many other online banks offer both savings and checking products, making it easier to manage your money with one financial institution. Unfortunately, Vio Bank isn't one of them.

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How to Open an Account

It only takes about five minutes to open an account with Vio Bank. You need your Social Security number, driver's license, and mailing address, plus your bank account information, so you can make your initial deposit.

About Vio Bank

Vio Bank is a division of MidFirst Bank, the largest privately-owned bank in the U.S. In fact, while Vio Bank services your account, your funds will actually be held with MidFirst Bank and will benefit from its FDIC insurance coverage.

Is Vio Bank Worth It?

Depending on the type of account you want, Vio Bank may or may not be worth it to you. In particular, consider the bank if you just want a high-yield savings account option (with the money market account) and aren't concerned about having ready access to your funds.

You may also think the bank is worth your business if you want a high interest rate on a short CD term or a super long CD.

That said, if you want an online bank with a checking account or you prefer to have more flexible access to your money, Vio Bank may not be the right fit for you.

Frequently Asked Questions

• Where is Vio Bank Headquartered?

  Vio Bank is headquartered in Oklahoma, which is where its parent company MidFirst Bank operates.

• What Is the Phone Number for Vio Bank?

  You can contact the bank's customer service team at 888-999-9170. Representatives are available from Monday to Friday from 7:00 a.m. to 9:00 p.m. Central time, Saturday from 8:00 a.m. to 6:00 p.m. Central time, and Sunday from 12:00 p.m. to 4:00 p.m. Central time.

• How Long Does it Take to Transfer Money To or From Vio Bank?

  If you're transferring money between two Vio Bank accounts, the transfer time is immediate. However, transfers to external banks can take up to five business days to process.