Advertiser Disclosure

Vio Bank Review: Savings and CDs

June 3, 2019
Banking, Banking Basics, Banks & Credit Unions, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
4.0 NerdWallet rating

Where Vio Bank shines:

  • Stellar interest rates.
  • Low opening minimums.

Where Vio Bank falls short:

  • No branch or ATM network.
  • No checking account.

The bottom line

Vio Bank has high rates and low opening minimums on savings accounts and certificates of deposit. The bank, the internet division of the Oklahoma-based MidFirst Bank, doesn’t offer an ATM or branch network, so it’s best for setting aside cash to let it grow.

Here are more details about the bank’s savings account, CDs and bank experience.

» Need a home for your spending money? Take a look at NerdWallet’s best checking accounts

Savings accounts



Top rate. Vio Bank offers one of the highest savings rates: 1.75% APY. This rate applies to all balances.
No monthly fee. Like many other online savings, Vio’s account doesn’t charge a maintenance fee or make you go through hoops to waive one.
Low barrier to open. You just need $100 to get this account.


Two fees to watch for, though they’re easy to avoid. Vio charges a $5 dormant account fee, charged per month only if you make no activity in your account for a year. There’s also a $10 fee per transaction after six each month. Not all banks have this fee, but banks, by law, must limit certain transactions out of savings accounts, including online transfers and withdrawals, to six per month.

» Want to see more options? Check out other high-yield savings options

Certificates of deposit



Stellar rates: Unlike many banks, Vio boasts competitive rates for terms as short as six months and as long as 10 years.
Low minimum: You need $500 to open a CD. Some banks have minimums as high as $10,000.

» Compare rates on our list of best CD rates for the month

Bank experience



Straightforward website. Vio clearly lays out interest rates, opening minimums and other account details online.
Limited support channels. Vio Bank doesn’t offer live chat or Twitter support. Customer service hours by phone are 7 a.m. to 9 p.m. CT on weekdays, 8 a.m. to 6 p.m. on Saturdays and 12 p.m. to 4 p.m. on Sundays.
No ATMs, branches or checking accounts. Vio Bank is an online-only bank focused on savings.

Mobile app ratings are mixed. iOS users rate Vio’s app above 4 stars, but Android users give less than 3 stars. Both are out of five stars.

High rates, low minimums

Vio Bank is a strong option if you’re looking to save money in a high-yield online account without worrying about steep opening deposits. But if you want a bank with checking and savings, or you’d like to see more rates, check out our list of best savings rates and best CD rates.

Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, bank experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

About the author