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Vio Bank Review: No Fees on Savings Accounts and CDs

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Cole Tretheway
Reviewer: Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on Motley Fool Money and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Vio Bank

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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
Bottom Line

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.

Pros
  • Competitive rates
  • Low minimum on savings account
  • No monthly fees
  • CD terms up to 10 years
Cons
  • No local branches
  • No ATM network
  • No checking accounts

Our Vio Bank ratings

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.

Savings 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.

Ratings Methodology
Rates as of Dec 20, 2024

Vio Bank High Yield Online Savings Account

Read Review
Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. 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
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. 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
Read Review
APY
1.10%
Min. To Earn APY
$1
  • No maintenance fees
  • FDIC insured
  • No ATM card
  • Limited customer service hours
  • Minimum deposit required to open

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

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
Data source: Vio Bank.
Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Vio Bank High-Yield CD
Vio Bank High-Yield CD
Bottom Line

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.

MINIMUM DEPOSIT $500
6 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.70% 4.20% 4.00% 3.75% 3.50% 2.75% 2.75%

Compare CD rates

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.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Money market accounts

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.

Ratings Methodology
Rates as of Dec 20, 2024

Vio Bank Cornerstone Money Market Savings

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Read Review
Monthly Fee
$0
Min. Balance
$100
APY
5.30%
Min. To Earn APY
$0
  • Competitive interest rates
  • No monthly fee with electronic statements
  • Low minimum
  • No debit card or check-writing privileges
  • No physical branches
  • No ATM network

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.

Is Vio Bank FDIC insured?

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.

Customer experience

See how Vio Bank compares to competitors on customer experience.

Customer reviews

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.

  • Better Business Bureau rating: 1.0 / 5
  • Trustpilot rating: 3.1 / 5

Customer service

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

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.

  • App Store rating: 4.6 out of 5 stars
  • Google Play rating: 2.8 out of 5 stars

Relationship benefits

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.

Alternatives to Vio Bank

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

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.

Discover® Bank

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.

Is Vio Bank right for you?

Vio Bank is a great banking choice if:

  • You want high-yield interest without paying monthly fees
  • You're not looking for a checking account, or you don't mind having your checking account at a separate bank
  • You aren't looking for a full-service bank
  • You're OK doing all of your banking online

FAQs

  • 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.