Editorial Review

Vio Bank Review: Savings and CDs

Vio Bank's high-yield savings account offers a good rate. But the bank lacks a checking account and ATM services.

Spencer TierneyMay 27, 2020

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Overall bank rating

Vio Bank

at Vio Bank,

Member FDIC

  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

3.5

NerdWallet rating 

The bottom line: Vio Bank has a competitive rate and low opening minimum on its savings account and offers a suite of 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.

Pros

  • Savings account with an attractive rate.

  • Low opening minimums.

Cons

  • No checking account.

  • No branch or ATM network.

Full review

Vio Bank High Yield Online Savings Account

at Vio Bank,

Member FDIC

at Vio Bank,

Member FDIC

APY

1.11%

With $0 minimum balance

Vio Bank offers a strong high-yield savings rate: 1.11% annual percentage yield. This rate applies to all balances. You need $100 to open this account and there's no monthly fee if you opt for online statements.

Watch out for two fees, though they’re easy to avoid. Vio charges a $5 monthly fee if you want paper statements and a $10 fee per transaction if you make more than six withdrawals per month. Not all banks charge for excessive withdrawals, but banks, by law, must limit certain transactions out of savings accounts, including online transfers and withdrawals, to six per month.

Vio Bank CD

Vio Bank CD

2.0

NerdWallet rating 
APY

0.20%

Minimum Deposit

$500

Vio offers a wide range of CD terms, but other online banks offer higher rates. Its 10-year rate earns 0.80% APY.

You only need $500 to open a CD. Some banks have minimums as high as $10,000.

Banking experience

3.5

NerdWallet rating 

Vio has a straightforward website that clearly lays out interest rates, opening minimums and other account details online. But the bank's support channels are limited. It 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.

The online-only bank is really for earning interest on savings. There are no ATMs, branches or checking accounts.

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

Vio Bank High Yield Online Savings Account

at Vio Bank,

Member FDIC

at Vio Bank,

Member FDIC

APY

1.11%

With $0 minimum balance

Vio Bank offers a strong high-yield savings rate: 1.11% annual percentage yield. This rate applies to all balances. You need $100 to open this account and there's no monthly fee if you opt for online statements.

Watch out for two fees, though they’re easy to avoid. Vio charges a $5 monthly fee if you want paper statements and a $10 fee per transaction if you make more than six withdrawals per month. Not all banks charge for excessive withdrawals, but banks, by law, must limit certain transactions out of savings accounts, including online transfers and withdrawals, to six per month.

How does Vio Bank compare?

RATING 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, banking 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.