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.
Nov 22, 2021

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Overall bank rating

Vio Bank
  • Savings

  • CD rates

  • Banking experience


NerdWallet rating 

The bottom line:

Vio Bank has a competitive interest rate and reasonable opening minimum on its 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: Online-only savers who want a solid interest rate, don’t need checking services under the same roof and use the iOS app.


  • Savings account with competitive interest rate.


  • No checking account.
  • No branch or ATM network.
  • Doesn't accept cash deposits.

Full review

Vio Bank High Yield Online Savings Account
Vio Bank High Yield Online Savings Account


Member FDIC


 NerdWallet rating 
With $0 min. balance for APY

Vio Bank offers one of the best high-yield savings rates currently available: 0.60% annual percentage yield.

This rate applies to all balances. You need $100 to open this account and there's no monthly fee.

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 if you make more than six withdrawals per month. Not all banks charge for excessive withdrawals from savings accounts.

Vio Bank’s deposit limit is high: You can deposit up to $100,000 per day and $250,000 per month in checks using the app or via wire transfer.

Vio Bank CD
Vio Bank CD


Member FDIC


 NerdWallet rating 
1-year APY
3-year APY
5-year APY
Minimum deposit

Vio offers a wide range of CD terms with competitive rates. You only need $500 to open a CD. Some banks have minimums as high as $10,000.

Banking experience


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. 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 4.5 stars, but Android users give around 3 stars. Both are out of five stars.

Complaints to the Better Business Bureau and to NerdWallet allege that Vio Bank has abruptly closed accounts that still held customers’ money without providing context on the closures. "Accounts are closed only for legitimate business purposes, such as prevention of fraud, or as may be required by law," says Derek Caswell, senior vice president of marketing and retail products at MidFirst Bank, parent bank of Vio Bank. If an account is closed, the bank has a process for returning verified funds to former customers. Vio Bank isn’t the only bank that suspends or closes accounts in response to potential fraud.


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.