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