Vio Bank 2022 review: High interest rate options and easy to use mobile app

GOBanking Rates Score

Quick take: Vio is the online-only division of MidFirst Bank, which recently made’s list of America’s Top 100 Banks. MidFirst is the largest private bank in the country and is insured by the FDIC. This means that the money you hold in Vio is federally backed up to $250,000. Vio offers simple and straightforward products including CDs, a money market savings account, and a regular savings account, all accessible online or through the mobile app.
  • APY
  • Advantages
  • Some products
  • Customer service

How did we calculate this?


  • Easy to use app
  • High yield savings
  • Affiliated with one of the best physical banks in the country
  • Competitive interest rates

The inconvenients

  • Five business day hold on deposits
  • External transfers can take up to five business days
  • No debit card

Vio Bank Overview

As an online-only bank, Vio lacks some of the characteristics of physical institutions. External transfers can take up to five days and there’s no debit card, so you don’t want to stash your emergency savings here in case you need quick access to them, for something like unexpected car or home repairs. However, if you want high-yield savings to hold cash for a planned event, like a wedding or vacation, Vio Bank could be a great option.

Main characteristics

Here are some of the features of Vio Bank.


Learn more about Vio Bank’s APY rates.

DC Accounts

With a minimum of $500 to open a CD, Vio is accessible and convenient for many people. The APY varies from % for a 6-month short term CD, up to % for a four-year CD. A 5-year CD, which is a common investment for many people, pays off 0%. Vio also offers a 10 year CD with an APY of .00%.

Cornerstone Money Market Savings Account

Vio’s Cornerstone Money Market Savings Account offers an APY of 5% compounded daily and only requires a minimum of $100 to open.

Online savings account

The standard online savings account has a %APY, compounded daily, with a minimum of $100 to open an account.


Vio’s main advantage lies in its products: simple, high-yield savings accounts and CDs. The bank also offers an easy-to-use mobile application compatible with Android and iPhone operating systems.

Money Market and Standard Savings Accounts offer six withdrawals per monthly statement cycle at no charge, plus no monthly fees. If you exceed six withdrawals, you will be charged $10 for each additional transaction. The bank does not charge overdraft fees for a negative balance.

Some products

Vio does not offer current accounts or debit cards. However, it can be an advantage if you want to protect your money without being tempted to spend it. Vio offers more variety in terms of CDs than many other banks, with CDs ranging from 6 months to 10 years. The bank also offers a Money Market Savings Account and a Regular Savings Account, both with a minimum opening deposit of $100.

Customer service

Vio offers multiple ways for customers to contact customer support, including email, phone, or online chat. Phone lines have better hours than you might expect from a physical bank, with customer service representatives available Monday-Friday 7am-9pm CST, Saturday 8am-6pm CST and Sunday from 12 p.m. to 9 p.m. a.m. to 4 p.m. CST. You would be hard pressed to find a physical bank open on Sundays.

How Vio Stands Out

Vio stands out with some of the highest interest rates for online, money market and CD savings accounts. It also offers a choice of 10 different durations for its CDs, ranging from 6 months to 10 years. It has responsive and accessible customer service, which you may not find at all online banks.

Comparable online savings banking options

See how competitors compare to Vio Bank.

Allied bank

Ally Bank was recently rated Best Online Bank by Ally offers more products than Vio, with an option for an IRA, checking account, and even mortgages and personal loans. Vio’s money market account trumps Ally, with a Interest rate of 5% over 0.00% at Ally. Ally’s 6 month CD has a %APY, which trumps Vio %. However, Ally has fewer choices for CD terms, capping at a 5-year CD with an APY of .00%.


TIAA made the list of top 100 banks on and was also ranked third for online banking. It compares favorably to Vio thanks to its wide variety of products, including a paid checking account. However, Vio wins out with more saving options and a 5% APY on his Cornerstone Money Market Savings Account – compared to 0% for TIAA, and % for regular savings, compared to TIAA 0%. Vio also has a smaller minimum deposit of just $100, compared to TIAA’s $500.

How to register

  1. Click “Open Account” on the Vio Bank home screen on your computer or mobile device.
  2. Choose from a CD, money market account or online savings account.
  3. If you choose a CD, you will have to choose your conditions before clicking on “Open an account”.
  4. Choose a joint or individual account.
  5. Then complete the application, including your social security number.
  6. For a joint account, you will need both applicants’ social security numbers.

Once you’re done, you’ll want to fund your account via a check that you can send in the mail or via an ACH transfer from another banking institution. If you choose to fund your account via external ACH transfer, Vio will make two small deposits to your other bank as a test. You will need to verify these transactions, labeled “MidFirst Bank Test Tran” before your ACH is initiated. This process can take up to four business days.

Who is Vio best suited for?

If your financial goals include building a high-yield savings account to prepare for a trip, save for a down payment on a house, or pay for an event, Vio’s high APYs and low minimum deposits to open an account in make an excellent choice. .

Final take

Vio is a simple and straightforward online bank backed by one of the largest and most reputable financial institutions in the country, MidFirst Bank. Your money is FDIC insured up to $250,000 and your savings can grow quickly with high interest rates that compound daily.

Vio Bank FAQs

Here are the answers to some of the most frequently asked questions about Vio Bank.

  • Is Vio Bank trustworthy?
    • Vio Bank is the online division of MidFirst Bank, which holds $33.1 billion in assets and is FDIC insured. The site is secured with encryption controls validated with digital certificates from Symantec.
  • Who owns Vio Bank?
    • Vio is owned by MidFirst Bank, the largest private bank in the United States, with assets of $33.1 billion.
  • What is Vio Bank’s savings rate?
    • Vio Bank’s online savings account offers an APY of 0.75%. The Cornetstone Money Market Savings Account offers an APY of f 2.15%.
  • Does Vio Bank have any fees?
    • Vio Bank has no overdraft fees or monthly fees for any of its accounts. If you exceed six withdrawals from your savings or money market account during a monthly statement period, each additional withdrawal incurs a $10 fee. If you prefer to receive paper statements, you will pay $5 per month.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of September 7, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

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Stephen V. Lee