Written by Ali Cybulski | Published on 10/3/2024
Vio Bank is the online division of MidFirst Bank, one of the largest privately owned U.S. banks with assets totaling $37.9 billion. Bank products include certificates of deposit (CDs) as well as money market savings and savings accounts.
The Online Certificate of Deposit (CD) comes in terms from six months to 10 years. Annual percentage yields (APYs) pay between 2.75% for longer terms and 4.10% for the shortest term. A $500 minimum is needed to open a CD.
Vio Bank’s Cornerstone Money Market Savings Account earns an APY of 4.31% and requires a $100 minimum to open. You’ll pay no monthly fee unless you opt for paper statements, which carries a $5 monthly charge.
The Online Savings Account has a $100 minimum to open and an APY 1.10%, with no monthly fee. But if you receive paper statements, you will pay a $5 monthly fee.
An important point to note, though, is that the bank offers no debit cards or check-writing capabilities.
If you have a Vio CD, savings account or money market account, you can access online banking and the bank’s mobile app for free. However, you will need to enroll in online banking before you can access mobile banking.
The Vio Bank mobile app allows you to view account information, transfer funds between linked accounts and search transaction history. Download the app from the Apple or Google app stores, and use your user ID and password for online banking to log in.
If you need customer service, you can access live help by phone at 888-999-9170 from 7 a.m. to 9 p.m. Central time Monday through Friday; 8 a.m. to 6 p.m. CT on Saturday; or noon to 4 p.m. CT on Sunday. You may also be able to request a callback or chat with a representative during the same hours.
Vio Bank pros and cons
Pros:
• Competitive yields on money market accounts and some CDs
• Low minimum deposit requirements
• No monthly fees, unless you want paper statements
Cons:
• No checking accounts
• Branches or ATMs unavailable
• Accounts come with no debit cards or check-writing capabilities
Best Online Bank I've Found
Unlike what some ppl have said here, I've had my accounts with Vio for several years with not a single issue and some of the best interest rates available. It's easy to transfer money in and out and in between. Are there transfer limits (outgoing)? Sure, and you know what? They helped me feel safer not limited. In my case, I simply logged on the next day and transferred the balance of what I wanted. Not a big deal or anything worthy of complaints.
For the entirety of time I've held my accounts with them, rates have consistently risen. When I've called customer service, I've always received nice and helpful reps who immediately resolve any issues/questions, which are VERY rare, on the spot. Not a single thing negative to say!
Horrible Experience
Signed up for a savings account. Was approved and deposited funds. Sent an additional wire with a large amount. Went back to check on balance and unable to login. Called and they said the account was closed for "business reasons". No notification whatsoever. Agent said he couldn't tell me why. Ridiculous and still trying to recover funds.
Additionally, this bank is obviously behind when it comes to online tools. Avoid.
High Yield CD And MMA
They’ve had some competitive rate short term CDs available the past couple years during the rate hikes. It was quick and easy to apply online. No problem with ACHing money in or out. Helpful and courteous customer service. Their money market accounts are yielding higher than the current CD rates. I might take out a money market account with them later on in light of the good experience I had with them in the past.
Couldn't Be Happier
We've been with VIO Bank for 2 and 1/2 years. Very pleased with their product.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4063 |
| Year Established | 1911 |
| Employees | 3235 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.1% |
| Return on Equity - YTD | 11.28% |
| Annual Interest Income | $505.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $39.52B$36.94B |
| Loans | Q1 2025vs Q1 2024 | $32.36B$30.34B |
| Deposits | Q1 2025vs Q1 2024 | $24.33B$24.39B |
| Equity Capital | Q1 2025vs Q1 2024 | $3.79B$3.84B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $221.3MM$198.9MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $136.5MM$76.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $7.9MM$9.5MM |