Vio Bank is an entirely online bank and a division of MidFirst Bank, which is the largest privately held bank in the United States. Vios products include a savings account, money market account, and certificates of deposit (CDs) that range from six months to ten years.
All rates and fees are current as of April 26, 2023, and are subject to change.
Vio Bank offerings
Vio Bank offers an online savings account, a money market account, and various CD terms to choose from. It does not currently offer a checking account option.
Checking and savings accounts
- Online Savings Account
- Minimum opening deposit: $100
- Withdrawal limit: Six free withdrawals per monthly statement cycle
- APY: 1.10%
- Fees:
- Monthly fee: $0
- Paper statement fee: $5
- Stop payment charge (check or ACH): $30
- Incoming domestic wire: $0
- International wire: $0
- Outgoing domestic wire: $30
- Additional statement request: $2
- Copies: $1 per document
- Research requests: $40 per hour
- Verification of deposit account: $15
Money market accounts
- Cornerstone Money Market Account
- Minimum opening deposit: $100
- Withdrawal limit: Six free withdrawals per monthly statement cycle
- APY: 4.77%
- Fees:
- Monthly fee: $0
- Paper statement fee: $5
- Stop payment charge (check or ACH): $30
- Incoming domestic wire: $0
- International wire: $0
- Outgoing domestic wire: $30
- Additional statement request: $2
- Copies: $1 per document
- Research requests: $40 per hour
- Verification of deposit account: $15
- Compounding frequency: Interest is compounded daily
Certificates of deposit
- Online certificate of deposit
- Minimum opening deposit: $500
- APY:
- 6-month CD: 5.00%
- 9-month CD: 4.75%
- 12-month CD: 4.65%
- 18-month CD: 4.50%
- 24-month CD: 3.50%
- 36-month CD: 3.50%
- 48-month CD: 2.75%
- 60-month CD: 2.75%
- 84-month CD: 2.75%
- 120-month CD: 2.75%
- Early withdrawal penalty: The withdrawal penalty will depend on your term
- 7-31 days: All of the interest earned
- 32 days to 12 months: 1% of the amount withdrawn, plus a $25 fee
- Greater than 12 months: 3% of the amount withdrawn, plus a $25 fee
Other services Vio Bank offers
In addition to its deposit accounts, Vio bank offers:
- Savings calculators and educational resources: The banks website offers a suite of educational articles on saving and investing, as well as calculators for determining compound interest gains, savings goals, and more.
The Vio Bank platform and customer support
Vio Bank customers can access their accounts via mobile app, which is available for download on the Apple App Store and Google Play and has a 3-star rating. Customers can use the app to view account balances, transfer funds between linked accounts, search transaction history, and more.
For account holders who need assistance, Vios customer service representatives are available via phone from 7:00 a.m. through 9:00 p.m. CT, Monday through Friday; 8:00 a.m. until 6:00 p.m. CST on Saturday; and 12:00 p.m. to 4:00 p.m. CST on Sunday. Representatives can also be reached via chat on the banks website.
Pros and cons of Vio Bank
If youre considering banking with Vio, here are a few of the major pros and cons to be aware of.
Pros
- Competitive CD and money market APYs. Vio Banks CD and money market APYs are above 4% (for most terms). This is significantly higher than national averages and on par with some of the most competitive APYs offered by major banks.
- Wide range of CD terms. Vio Banks CD terms range from six months to ten years, which gives savers the opportunity to choose a term that aligns with their savings goals.
Cons
- Higher minimum balance requirement for deposit accounts. Vios accounts require a minimum $100 depositsome accounts even require $500 to get started. For new savers, this could pose a challenge.
- Not the most competitive savings APY. Vios savings account currently offers a 1.10% APY, which is almost three times the national average but still not as high as other accounts on the market.
Frequently asked questions
Where is Vio Bank headquartered?
Vio Bank is owned by MidFirst Bank which is headquartered in Oklahoma City, Oklahoma.
What is the interest rate for a savings account at Vio Bank?
Vio Banks online savings account currently offers a 1.10% APY.
Does Vio Bank have a minimum balance requirement?
Vio Bank does not have a minimum balance requirement, but it does have a minimum opening deposit of $100$500 to get started and open an account.
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