Vio Bank Review: No Fees on Savings Accounts and CDs
Review
Updated
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You may not be familiar with Vio Bank, the online division of MidFirst Bank, but it offers a lot to get your attention -- competitive APYs, no monthly fees, and low minimum deposits. It's also a great option for longer CD terms up to 10 years.
We gave Vio Bank a 4.00 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
| Vio Bank accounts | Motley Fool Money's star rating (out of 5) |
|---|---|
| Vio Bank | 4.00 |
| Vio Bank High Yield Online Savings Account | 3.00 |
| Vio Bank Cornerstone Money Market Savings | 4.50 |
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
The Vio Bank High Yield Online Savings Account checks enough boxes to make it a top choice for online savings. The account features a competitive APY on all balances. It has a $100 minimum deposit to open an account. This is relatively low, although some online savings accounts have no minimums. You'll never pay monthly fees on Vio Bank's savings account. Vio Bank High Yield Online Savings Accounts are FDIC insured up to $250,000, the standard limit for FDIC-insured bank accounts.
One downside is that its high-yield savings account is anything but high yield. The rate is very low compared with other online banks, and your money could grow more when deposited in top-paying accounts. Be sure to compare Vio Bank's savings account with those offered by other banks and credit unions before making your decision.
Vio Bank High Yield Online Savings Account
The Vio Bank High Yield Online Savings Account is a solid pick for those who are comfortable banking online and don't plan to withdraw cash directly from the account. It's one of the few online savings accounts to have a minimum opening deposit requirement, but it's pretty reasonable, so it shouldn't deter most people from giving the account a closer look.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 17, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Vio Bank High-Yield CDs come in nine term lengths ranging from six months to 10 years. Like most banks, Vio Bank has no monthly fees attached to its CDs. Opening a CD account through Vio Bank requires a $500 minimum deposit, which is low compared with other CD providers but may not be ideal for everyone, especially if you're building a CD ladder. Vio Bank CDs are FDIC insured up to $250,000.
Pulling funds out of your Vio Bank CD before it matures will result in an early-withdrawal penalty, which is determined by your CD terms. For reference, here's how much penalty you might pay:
| CD term | Penalty amount | Additional fee |
|---|---|---|
| 7 to 31 days | All of the interest earned on your withdrawal. | None |
| 32 days to 12 months | 1% of the amount withdrawn | $25 |
| 12 months or more | 3% of the amount withdrawn | $25 |
APY = Annual Percentage Yield
Want a competitive APY on a shorter-term CD? Look no further than Vio Bank -- and you can bring just $500 to open a CD there. Longer-term CD rates aren't so competitive, though.
| 6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 4.30% | 4.00% | 3.95% | 3.75% | 3.50% | 2.75% | 2.75% |
Vio Bank offers competitive rates, but you might find the best CDs at other online banks. Check out our comparison below to see how Vio Bank compares to other top picks.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.00%
|
Term:
10 Months
|
Min. Deposit:
$500
|
Open Account for LendingClub CD
On LendingClub's Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
The Vio Bank Cornerstone Money Market Savings account offers a competitive interest rate and no monthly fees as long as you agree to receive electronic statements. With a minimum deposit of $100, this account is a great option for those looking to grow their savings without having to constantly worry about fees eating up their earnings. And with FDIC insurance, you can rest assured that your money is safe and secure in this account.
Vio Bank Cornerstone Money Market Savings
Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the United States and an FDIC member. It offers a competitive rate for its Money Market Savings Account and no monthly fees as long as you agree to electronic statements. There is a $100 minimum deposit with this account and it is FDIC insured.
The online bank has no physical branches and no ATM network. This makes accessing cash on the go a little more difficult. The online bank does not offer a checking account so you are limited to only a few products in its lineup.
Yes, Vio Bank is FDIC insured. That means your money is protected for up to $250,000 per depositor, per ownership category if something happens to Vio Bank.
See how Vio Bank compares to competitors on customer experience.
Customer reviews are mixed. Reviews are lower than typical on the BBB website and higher than typical on Trustpilot, but there are caveats. The bank is not very well known, so there are few reviewers at time of writing. The BBB gives Vio Bank an A+ rating, which means it responds to customer complaints.
Customer service reviews are mixed. Recent complaints indicate frustration with resolving issues over the phone and failing to receive mailed notices.
You can contact Vio Bank for personal banking needs at viobank.com/contact-us or call the bank's phone number, 888-999-9170.
Mobile app reviews trend toward poor. Recent reviews indicate customers like the Vio Bank rates but the app lacks features and makes logging in a hassle. The Google Play Store rating is especially troubling. For an online bank, it's very low.
Some banks use relationship benefits to draw in new customers. Often found at brick-and-mortar banks, relationship benefits can include perks like waived fees and access to higher APY tiers. Vio Bank, as an online bank, doesn't currently offer any relationship benefits. With competitive APYs and no fees on its deposit accounts, Vio Bank customers already get the best deal without extra relationship perks.
Vio Bank is worth a look, but it may not be the best fit for everyone. Here are two other online banks to consider. Always shop around when choosing a new bank.
Ally Bank is one of the most popular online banks, and for good reason. It offers a wide range of banking products, perfect for someone looking for a full-service experience. Ally is known for competitive APYs and no monthly fees. It also offers an interest-bearing checking account.
Another online bank with no fees and more account options is Discover® Bank. Discover is known for having almost no fees on its deposit accounts. It's also another option for people looking for longer CD terms of up to 10 years.
Vio Bank is a great banking choice if:
Yes, Vio Bank is safe. The bank is a division of MidFirst Bank, which manages more than $37 billion worth of assets. Deposits made within Vio Bank are FDIC insured for up to $250,000 per depositor.
Vio Bank has a mobile app available on the App Store and Google Play.
Yes, transfers made through the Vio Bank External Transfer Service are limited to $25,000 per day and $100,000 per month. Since Vio Bank doesn't offer a checking account, you'll want to keep these limits in mind, as you might need to transfer money from your savings account to an external account in order to access it.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
