Vio Bank Online Savings Account Review 2024

Vio Bank offers online savings accounts and other banking products. Learn more about Vio Bank's benefits and opening an account.
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Editor's Rating
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Written by Rebecca Lake
Financial Expert
Managing Editor
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Vio Bank is the online banking division of MidFirst Bank, one of the largest privately owned banks in the U.S.

This bank offers two products and services for savers: certificate-of-deposit accounts and a high-yield savings account.

This Vio Bank online savings account review covers the most important things to know if you’re considering opening an account.

Vio Bank Online Savings Account Essentials

The Vio Bank high-yield savings account offers a number of features, including:

  • Competitive rates and APY
  • Interest compounded daily
  • $100 minimum to open
  • No monthly fee
  • FDIC-insured savings, up to $250,000
  • Available to savers age 18 and older

How to Find the Best Savings Account Rates

Finding the bank with the best savings account to meet your needs is as simple as using our search tool. Try it now and find your high-interest savings account.

MoneyRates Editor’s Analysis: Pros & Cons

When comparing any online savings account, it’s a good idea to consider both the good and the bad. Here are the main pros and cons to be aware of with the Vio Bank Savings Account.


  • The APY is highly competitive with other online banks.
  • There is no monthly service charge or minimum-balance fee.
  • Vio Bank also offers several savings calculators on its website.


  • Vio Bank only offers savings products, so you cannot open and link to a checking account at Vio Bank.

Vio Bank Online Savings Account Interest Rates

The Vio Bank online savings account features one APY for all account balances. That’s different from other online banks, which may tier rates based on the amount of money you save.

At Vio Bank, savers earn a competitive APY, which puts the rate well above the national average of 0.09%, according to the latest update from the FDIC.

The rate you can earn on savings accounts at Vio Bank is typical of what you can expect with online banks. Online banks – and, in some cases, credit unions – are often able to offer better rates compared to traditional financial institutions.

Online banks tend to have lower overhead expenses, which allows them to pay a higher APY to their customers. That’s to the advantage of savers who are hoping to get the best rate possible on a savings account.

Monthly Vio Bank Online Savings Account Fees

When you’re saving money with the intent of earning interest, it’s important to pay attention to fees.

Each fee you pay for savings can detract from any interest you earn and affect the rate at which your money is able to grow.

At Vio Bank, there is no monthly service fee or maintenance fee associated with their high-yield savings account.

There is also no minimum monthly balance requirement to meet. Although you do need at least $100 to open your account.

Other Vio Bank Online Savings Account Fees

While you pay no monthly fee to save with Vio Bank, there are some other fees to keep in mind.

Here’s a quick list of the various fees associated with these online savings accounts:

  • Electronic statements – $0
  • Paper statements – $5
  • Returned deposit item – $7
  • Stop-payment fee – $30
  • Incoming wire transfer fee (domestic and international) – $0
  • Outgoing domestic wire-transfer fee – $18
  • Additional statement – $2 each
  • Document copies – $1
  • Bank research fees – $40/hour
  • Bank verification fee – $15

Online banking and mobile banking are free to use.

There’s one more important fee to be aware of excessive transaction fees.

Federal Regulation D limits certain savings-account-withdrawal transactions to six per month. Transactions made by mail, in person, or at a bank ATM are excluded from the limit.

If you go over the number of allowed withdrawals per monthly statement cycle, Vio Bank can impose a $10 excessive transaction fee.

This fee applies to each transaction above the six that are allowed. Keep in mind that Vio Bank can also close your savings account for excessive transactions.

Additional Vio Bank Online Savings Account Features and Benefits

Arguably, the best feature of the Vio Bank savings account is a great APY. Beyond that, features are limited to the standard things you would find at most online banks.

That includes FDIC protection, up to $250,000.

Savers also have access to both mobile and online banking to manage their accounts.

With mobile and online banking, you can:

  • View your current account balance
  • Transfer funds between linked accounts
  • Search transaction history
  • View and print eStatements, eNotices, and eTax forms
  • Send secure emails to Vio Bank
  • Receive email and/or text message alerts about your account
  • Download account information into Quicken

You need to enroll in both online and mobile banking to begin using those features. Both online and mobile banking are available 24 hours a day, seven days a week.

Vio Bank uses secure technology, including data encryption, to protect your information.

If you need to deposit money into your account, you can do that via mobile check deposit using the Vio Bank app. There is typically a five-day hold on deposits before you can access those funds.

You can also mail checks to be deposited or add money via an incoming wire transfer.

There is a limit on how much you can transfer in and out of your Vio Bank account. When banking online or through the app, the daily transfer limit is $25,000, and the monthly limit is $100,000.

Aside from these features, Vio Bank also offers several savings calculators on its website. You can use these calculators to plan and track your progress toward your financial goals.

Are There Other Ways to Save with Vio Bank?

The high-yield savings account isn’t the only way to save money with Vio Bank. You can also open a certificate of deposit (CD) account.

A CD is a time account. When you open one, you commit to saving money for a set period of time. Once the CD matures, you can get the money you initially deposited back, along with any interest earned.

The advantage of saving in a CD is that your rate of return is guaranteed for the length of the maturity term. That makes it a predictable way to grow your savings over time.

Vio Bank offers CDs with terms ranging from six to 120 months. The APY varies by CD term. The APY for CDs may be lower than what you would get with the savings account.

The minimum to open any CD is $500. CDs are FDIC insured, up to $250,000.

It’s almost a given that the longer the term, the more the APY increases. This is similar to CD options you’ll see at other online banks.

Just remember that withdrawing money from a CD ahead of the maturity date could trigger a penalty. You may forfeit some of the interest earned in that case.

You can create a CD ladder using CDs from Vio Bank. This involves staggering CD accounts with different maturity terms. The same $500 minimum for each CD applies.

Note: Vio Bank does not offer checking accounts or credit cards at this time.

Check-writing capabilities and debit cards are not available for online savings accounts or CD accounts. You also cannot access your savings account at an ATM. You’re limited to managing your account by phone, online, or through mobile.

How to Open a Vio Bank Online Savings Account

To open a savings account with Vio Bank, you need to complete the short online application. If you already have a Vio Bank account, you can log in to speed up the process.

You have to tell Vio Bank whether you want to open an individual or joint account. Then, enter your personal information, including:

  • Your name
  • Date of birth
  • Social security number
  • Phone number
  • Email address
  • Driver’s license or state ID number
  • Employment status

Once you add in those details, you can accept Vio Bank’s account disclosures and fund your account. Interest begins accruing on your balance right away.

Remember, you only need $100 to open your account. If you’re a first-time Vio Bank customer, you can fund that money from another checking or savings account at a different bank.

If you need help with your account, you can reach out to Vio Bank’s customer service.

Assistance is available by phone by calling 888-999-9170. Customer service representatives are available during these days and hours:

  • Monday – Friday, 7:00 a.m. – 9:00 p.m. (CT)
  • Saturday, 8:00 a.m. – 6:00 p.m. (CT)
  • Sunday, 12:00 p.m. – 4:00 p.m. (CT)

Currently, Vio Bank does not offer live chat assistance.

Is a Vio Bank Online Savings Account Right for You?

Opening a Vio Bank savings could be a good choice if you want to earn a competitive rate on savings and you have at least $100 to get started.

This account is good for people who want to earn the same rate on all balances with no monthly fees. It may also appeal to anyone who prefers an online savings account and doesn’t mind not having branch or ATM access.

On the other hand, this account may not be as great an option if you’re looking to keep your savings and checking accounts all in one place since Vio Bank only offers savings products.

When comparing Vio Bank to other online savings accounts, remember to look at the monthly fee, APY, and minimum amount to open an account side by side. This can help you decide which account is the best place for you to save money.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.