Vio Bank Review: Savings and CDs

Vio Bank's high-yield money market account offers a good rate. But the bank lacks a checking account and ATM services.
Spencer Tierney
By Spencer Tierney 

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Overall bank rating

Vio Bank
  • Money market

  • CD rates

  • Banking experience

4.5

NerdWallet rating 

The bottom line:

Vio Bank has a competitive interest rate and reasonable opening minimum on its money market savings account and offers a suite of certificates of deposit. But 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.

Best for: Digital banking customers who want a solid interest rate, don’t need checking services under the same roof and use the iOS app.

Pros

  • Competitive rates on the money market savings account and CDs.
  • No monthly fees.

Cons

  • No branch or ATM network.
  • Doesn't accept cash deposits.
  • Transfers involving an external bank account may be slow.

Full review

Vio Bank Cornerstone Money Market Account
Vio Bank Cornerstone Money Market Account

Money market

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.17%
With $0.01 min. balance for APY

High rate and no monthly fees. Vio Bank offers a highly competitive rate: 4.17% annual percentage yield on all balances. You need $100 to open this account and there's no monthly fee.

Two fees to know. There are two fees you should watch out for, though they’re easy to avoid. Vio charges a $5 monthly fee if you want paper statements and a $10 fee per transaction once you make more than six withdrawals per month. Not all banks charge for excessive withdrawals from savings accounts.

External transfers may take a week. Transfers between Vio accounts are instantly processed, but transfers involving an external bank can take up to five days (not including weekends and holidays). This timing is slower than some other online banks that can do transfers that take three days or less. (Learn more about bank transfer delivery times.)

Vio Bank’s deposit limit is high. You can deposit up to $25,000 per day via online transfer and $100,000 per day in checks using the app.

» Want more options? See the best high-yield savings accounts

Vio Bank CD
Vio Bank CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
1-year APY
4.50%
3-year APY
3.50%
5-year APY
2.75%
Minimum deposit
$500

High rates, many terms, low minimum. Vio offers a wide range of CD terms, from six months to 10 years, with competitive rates. You only need $500 to open a CD. Some banks have minimums as high as $10,000.

» COMPARE: Best CD rates

Banking experience

4.0

NerdWallet rating 

Straightforward website but limited support channels. Vio’s website clearly lays out interest rates, opening minimums and other account details online. But the bank's support channels are limited. Customer service hours by phone are 7 a.m. to 9 p.m. CT on weekdays, 8 a.m. to 6 p.m. CT on Saturdays and 12 p.m. to 4 p.m. CT on Sundays. It doesn’t offer Twitter support.

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 close to 3 stars. Both are out of five stars.

Vio Bank Cornerstone Money Market Account
Vio Bank Cornerstone Money Market Account

Money market

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.17%
With $0.01 min. balance for APY

High rate and no monthly fees. Vio Bank offers a highly competitive rate: 4.17% annual percentage yield on all balances. You need $100 to open this account and there's no monthly fee.

Two fees to know. There are two fees you should watch out for, though they’re easy to avoid. Vio charges a $5 monthly fee if you want paper statements and a $10 fee per transaction once you make more than six withdrawals per month. Not all banks charge for excessive withdrawals from savings accounts.

External transfers may take a week. Transfers between Vio accounts are instantly processed, but transfers involving an external bank can take up to five days (not including weekends and holidays). This timing is slower than some other online banks that can do transfers that take three days or less. (Learn more about bank transfer delivery times.)

Vio Bank’s deposit limit is high. You can deposit up to $25,000 per day via online transfer and $100,000 per day in checks using the app.

» Want more options? See the best high-yield savings accounts

How does Vio Bank compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5

APY 

4.00%

With $0 min. balance for APY

APY 

3.75%

With $0 min. balance for APY

APY 

3.30%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus 

$200

Requirements to qualify

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.