Vio Bank Reviews

Vio Bank is ideal for anyone wanting to build a CD ladder. Its CD terms start at six months and go all the way up to 10 years, which is a wider range than you’ll find with most banks. This makes it ideal for creating a customized laddering strategy that fits your goals.

But if you’re looking for a high-yield savings account, Vio Bank falls short. Its Online Savings Account earns a low APY of 1.10% at the time of publishing. And although its money market account earns an impressive 5.30%, it doesn’t come with a debit card or checks, which typically come standard with similar accounts.

Vio Bank is the digital banking arm of MidFirst Bank, meaning it has no physical branches. You can’t speak to a teller in person, but the upside is that you have the potential to earn better interest rates and pay fewer fees because the bank has less overhead to manage.

If you need customer service, you can call Vio Bank at 888-999-9170. Its customer service hours are:

• Weekdays from 7 a.m. to 9 p.m. Central Time
• Saturdays from 8 a.m. to 6 p.m. CT
• Sundays from 12 p.m. to 4 p.m. CT

Vio Bank has one savings account, one money market account and a string of certificates of deposit (CDs). 

Although some of Vio Bank’s rates fall short of other online banks, its rates are still much higher than the national average.

Here’s a quick look at how Vio’s savings, money market and CD rates compare to the averages published by the Federal Deposit Insurance Corporation (FDIC):

Vio Bank has no monthly fees when you enroll in digital statements. It also doesn’t have overdraft fees. But you may run into these charges depending on which account you have:

• $5 for paper statements
• $30 for stop payment requests
• $30 for outgoing wire transfers

Overall, Vio Bank has fewer fees than many banks. Of the fees it charges, rates are pretty standard compared to other institutions.

Since Vio Bank is an online bank, it can be helpful to see how it compares to other digital institutions.

Compared to Ally Bank and Synchrony Bank, Vio has more CD terms to choose from. So if you want a lot of variety, Vio Bank could be the way to go.

But when it comes to high-yield savings accounts, Vio Bank’s option pales in comparison to Ally’s and Synchrony's—it has a lower interest rate, a higher minimum opening deposit requirement and fewer account features.

Here’s how high-yield savings accounts compare at all three institutions:

Vio Bank is the digital banking arm of MidFirst Bank, which is the largest privately owned bank in the U.S. It reportedly manages $37.2 billion in assets. Vio Bank is FDIC-insured through MidFirst Bank, so if you open an account with Vio, your funds will be safe up to the federal limits.