Vio Bank Money Market Account Review 2025
Vio Bank is the online division of MidFirstBank, the largest privately held bank in the United States. Vio’s online account offerings include certificates of deposit, savings accounts, and money market accounts.
If you’re interested in opening a new money market account, here’s a closer look at what Vio Bank offers.
Vio Bank Money Market Account At-a-Glance
Overall Impression
Vio Bank’s money market savings account features an attractive rate that makes it a standout compared to traditional bank money market accounts. No monthly fee and a low opening deposit requirement add to its appeal, though some savers might find the lack of a debit card, ATM card, or checks a bit disappointing.
Vio Bank Pros and Cons
No money market account is perfect, and it’s helpful to consider the pros and cons before opening one. Here are the main advantages (and disadvantages) of Vio Bank’s money market savings accounts.
Pros
- The APY easily beats money market rates offered by traditional banks, credit unions, and even some online banks.
- You only need $100 to open your account and it takes just a few minutes to get started.
- Vio Bank regularly reviews rates to ensure its customers get the best APY possible.
- No monthly maintenance fee means you’re not handing back any of the interest you earn each month.
- Savings deposits are FDIC-insured, so you don’t have to wonder whether your money is safe.
Cons
- Vio Bank doesn’t offer an ATM card, debit card, or checks with this money market account, whereas some banks do.
- If you want paper statements, you’ll pay $5 for that convenience.
- There aren’t a lot of extra features, like savings buckets or round-ups, which you can find at other banks.
Compare to Other Banks
Plenty of banks offer money market accounts, and it’s worth spending a little time comparing other options. To make that easier, we’ve got three other banks you might want to consider.
CIT Bank Money Market Account
CIT Bank’s money market account has a $100 opening deposit requirement and no monthly service fees, with convenient online account opening. Deposits are FDIC-insured, and you can manage your money online or through the CIT Bank mobile app.
The APY is the most significant difference between CIT’s money market account and Vio Bank’s. While CIT’s rate is above average, Vio Bank pays savers a significantly higher APY.
Read our full CIT Bank money market account review
ableBanking Money Market Account
ableBanking is another online bank that offers money market accounts. You’ll need at least $250 to open an account, and there are no monthly fees. Your deposits are FDIC-insured.
While this is an online money market account, the APY aligns more with what you’d get at a traditional bank. That could be a drawback if you’re looking for the best money market rates.
Read our full ableBanking money market account review
UFB Direct Money Market Account
UFB Direct offers money market accounts with competitive rates that are on par with Vio Bank. You’ll get check-writing privileges, plus the convenience of online and mobile banking.
Deposits are FDIC-insured, and it’s possible to increase your coverage to $175 million, well above the standard FDIC coverage limit. You’ll pay no monthly fee if you maintain a $5,000 minimum balance; otherwise, the fee is $10 per month.
Read our full UFB Direct money market account review
Who Is Vio Bank’s Money Market Account For?
A Vio Bank money market account could be a good choice if your main goal in opening a new savings account is getting the best rate possible. This account could be an excellent pick for people who:
- Are looking for money market rates above what their current bank is offering
- Have at least $100 to open an account
- Want to earn a generous APY on savings without paying a monthly fee
- Don’t mind managing their accounts online and forgoing branch banking access
Now, is there anyone this account is not suitable for? You may want to look elsewhere if you’d like to get a money market account that offers ATM access, a debit card, or checks, as Vio Bank doesn’t provide them.
Rating the Features & Products
When comparing any money market account it’s a good idea to check out the full range of features offered, rather than just focusing on the rates. Here’s what you need to know about banking with Vio.
Mobile Banking
Vio Bank offers mobile and online banking, so you always have access to your accounts on the go. There aren’t any outstanding features to note, but both are user-friendly and easy to navigate.
Customer Service and Experience
Since Vio is an online bank, you won’t be able to visit a branch if you need help or have questions. You can, however, get in touch with customer service by phone.
There’s no online chat option, which is something more banks are offering. Whether that’s a pro or a con depends on how you prefer to communicate with customer service when you need help.
Fees
Vio Bank doesn’t charge a monthly maintenance fee for its money market account. However, there are some other fees to know.
As mentioned, paper statements will cost you $5. Vio also charges $30 for stop payments. On the whole, it’s fee-friendly, as most online banks tend to be.
Rates
Vio Bank’s money market account boasts one of the best rates among online or traditional banks. Some banks may pay a higher APY for high-yield savings accounts or CDs and lower rates for money market accounts. However, Vio pays a higher rate for its money market account than its online savings account.
Tools, Extras
Some banks offer features to help make saving easier. For example, you can instantly round up your spare change and add it to savings or separate savings goals into different buckets.
Vio Bank doesn’t offer those kinds of extras. You can, however, set up automatic transfers to grow your savings with less hassle.
Access
We’ve already mentioned it but it’s worth repeating: Vio Bank doesn’t offer ATM access, a debit card or checks with this account. And you can’t visit branches either, as there are none.
You can deposit money by connecting an external bank account and completing an ACH transfer. Mobile check deposit is also included with mobile banking access.
Safety and Security
Vio Bank extends FDIC coverage to its customers. The standard FDIC coverage limit is $250,000 per account ownership type, per depositor. Vio also follows industry-standard guidelines about protecting customers’ personal and financial information.
Minimum Deposit or Balance Requirement
The minimum deposit to open an account is $100. There’s no minimum balance requirement after that and no monthly service fee.
Frequently Asked Questions (FAQs)
You might prefer a savings account if you want to deposit money and earn a competitive rate, without needing flexible access to your money. A money market account might be more appealing if you’d like to get a higher APY on balances while being able to withdraw cash using an ATM or debit card or write checks from your account.
Vio Bank is a legitimate bank and online division of MidFirstBank. Vio offers CDs, savings, and money market accounts, all FDIC-insured.
Online banks tend to offer higher money market account rates than traditional banks or credit unions. Vio Bank provides one of the best money market rates among online banks.
