Vio Bank Review – Forbes Advisor

· Vio Bank—the online division of MidFirst Bank—offers competitive rates, low minimums and low fees on savings products to consumers 

Vio Bank—the online division of MidFirst Bank—offers competitive rates, low minimums and low fees on savings products to consumers throughout the nation. It’s an online bank, providing one high-yield savings account, one money market account and 10 CD terms.

If you’re looking for convenience and high-yield savings instruments that you can access from anywhere at any time, Vio Bank makes it easy to bank online or via mobile app.

Vio Bank is among Forbes Advisor’s Best Online Banks Of 2022.

Here’s what you should know about Vio Bank’s account offerings. Account details and annual percentage yields (APYs) are accurate as of July 21, 2022.

Account Basics


Vio’s High Yield Online Savings Account is the online bank’s sole savings account option and was named one of our Best Online Savings Accounts Of 2022. It requires a low $100 minimum deposit to open an account. And so long as you receive online statements (as opposed to paper statements), there’s no monthly maintenance fee.

The account offers a competitive 0.75% APY on all balances. Interest is compounded daily and credited monthly.

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There are two main fees to watch out for with this account:

  • Paper statements. Vio charges $5 per month if you opt to receive paper statements instead of electronic statements.
  • Excessive transactions. Vio charges $10 per transaction in excess of six per statement cycle. Although the Regulation D limit on certain transactions has been removed, banks still can charge fees for what they deem to be excessive transactions per month.

Outside of these fees, Vio charges $30 for outgoing domestic wire transfers, but it charges nothing for incoming domestic or international wire transfers. It also charges a $30 stop payment fee and a $7 fee for returned deposits.

Money Market

The Cornerstone Money Market Account from Vio pays a competitive interest rate, 1.65%, on all balances. It makes our list of the Best Money Market Accounts Of 2022. You can open the account with as little as $100. And there’s no monthly maintenance fee if you receive electronic statements. If you choose to receive paper statements instead of, or in addition to, online statements, there’s a $5 fee per month.

As with Vio’s savings account, the bank charges $10 per transaction in excess of six per statement cycle.

Notably, Vio doesn’t offer a debit card or check-writing privileges with this account, features that are common with many other money market accounts.


Vio offers a High Yield Online Certificate of Deposit (CD), with 10 terms ranging from six months to 10 years. The minimum deposit requirement to open a CD of any term is $500.

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Rates on Vio’s CDs top out at 1.50% APY for a 10-year term. Interest compounds daily. Overall, while the yields on Vio’s CDs are decent, they are lower—in some cases, much lower—than rates available from banks and credit unions offering the best CD rates. Savers interested in CDs may want to consider shopping around for better yields.

Your CD may automatically renew once it reaches maturity, but the bank reserves the right to decline to renew a CD. Vio will provide a maturity notice before the CD’s maturity date, after which you’ll have 10 calendar days to reinvest in another CD or withdraw the funds.

Early withdrawal penalties vary, depending on the CD term. For terms greater than 12 months, the penalty is 3% of the amount withdrawn plus a $25 fee. The penalty is 1% of the amount withdrawn plus a $25 fee for terms of 32 days to 12 months. And for terms of seven days to 31 days, the penalty is all of the interest earned on the amount withdrawn.

Here are the CD terms and rates available through Vio Bank:

Access on the Go

Because it’s an online bank, Vio only offers access to its accounts through its website or through its mobile app. Both of those services are free to use.

But Vio doesn’t make it easy to access cash on the go. There’s no ATM network, and Vio doesn’t provide debit cards or checks. You can transfer money to and from your Vio savings account by using the bank’s external transfer feature.

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While you can’t walk into a branch, you have access to your accounts 24/7. Online banking through Vio allows you to view eStatements, make transfers, set up notifications, contact Vio via email, stop payments and download information to Microsoft Money or Quicken.

Vio’s mobile app is available on iOS and Android. It gets 4.6 stars on the App Store and 3.4 stars on Google Play. The app allows you to:

  • View account information
  • Transfer funds between Vio accounts
  • Access statements and tax forms
  • Deposit checks

Vio customer service—via online form, secure email, website chat and phone—is available Monday through Friday from 7 a.m. to 9 p.m. CT, Saturday from 8 a.m. to 6 p.m. CT and Sunday from 12 p.m. to 4 p.m. CT.


  • Competitive rates on savings and money market accounts
  • Low minimum deposit requirements
  • No monthly maintenance fees with electronic statements


  • Not a full-service bank (no checking account)
  • No branch or ATM network
  • Limited access to cash

How Vio Bank Stacks Up

Vio Bank is a strong option if you’re looking for a simple, online bank where you can stash savings. That’s because Vio’s high-yield savings account and money market account both offer competitive APYs with low fees, no minimum balance requirements and a low minimum deposit to get started.

You’ll want to look elsewhere if you’re in the market for CDs. While Vio offers a variety of CD terms with a relatively low minimum to open, its rates are below average, compared to some of its competitors.

Vio also isn’t for you if you’re seeking a full-service bank with branch locations or an ATM network. It lacks checking accounts, loans and other products and services offered by larger banks.

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