Vio Bank Ups High Yield Online Savings To 2.25% APY


Deal Summary: High Yield Online Savings, 2.25% APY on all balances, $100 min opening deposit.

Availability: Nationwide (internet bank)

In early August, MidFirst Bank’s newest internet division, Vio Bank, opened its virtual doors for business. The inaugural product line included a variety of CDs and the High Yield Online Savings account, which had an initial 2.10% APY. This morning, Vio Bank increased that rate to 2.25% APY on all balances.

2.27%$100-Vio BankHigh Yield Online Savings Account
Rates as of November 14, 2018.

Funding and Accessing

A High Yield Online Savings account can be opened with a minimum $100 deposit. The initial deposit must be made by ACH from the linked bank account named on the online application. After the account is established, up to five external bank accounts can be linked and deposits from those linked accounts can be made via ACH or wire. The speed of incoming ACHs is anywhere between 2-5 business days, with hold times for incoming ACH about 2 or 3 business days.

With no ATM or debit card, this is a “true” savings account and all withdrawals must be made through ACH or wire. Withdrawals initiated through Vio Bank’s online banking platform are limited to $2k per outgoing ACH transaction, with an aggregate monthly total of $6k. Withdrawals initiated by an external bank have no dollar limits. There is a $10 excessive transaction fee “for each limited withdrawal in excess of six withdrawals per monthly statement cycle.”

Potential Fees

While there is no monthly maintenance or service fee, there are other potential charges, including,

  • $25 No charge* if the account is closed within 90 days of opening
  • $5 per month after 12 months of inactivity
  • $5 per month for paper statements
  • $18 for an outgoing domestic wire and $15 for an incoming international wire

*Thanks to DA reader, Vic, for this information!


Multiple payable-on-death (POD) beneficiaries are allowed and Social Security numbers are NOT required for beneficiaries. While there is no set limit on the number of beneficiaries permitted, the online application only allows for two beneficiaries to be named at a time. While charities/non-profits cannot be named as a beneficiary, trusts can.


Vio Bank is offering accounts to US persons, which is defined as “a citizen or resident of the United States,” 18 years or older with a valid Social Security number.

Only individual and joint accounts can be opened with Vio Bank. Custodial accounts and trust accounts are not permitted, but as mentioned above, trusts can be named as a beneficiary.

As an internet bank, Vio Bank has no brick-and-mortar branches. Opening a High Yield Online Savings account can only be done online.

Bank Overview

As an online division of MidFirst Bank, Vio Bank operates under MidFirst Bank’s FDIC Certificate and shares its financial history.

Vio Bank/MidFirst Bank has an overall health grade of "A" at, with a Texas Ratio of 4.67% (excellent) based on June 30, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $578.82 million, an excellent annual growth rate of 7.59%. Please refer to our financial overview of Vio Bank/MidFirst Bank (FDIC Certificate # 4063) for more details.

Note: According to Vio Bank’s FDIC Coverage page,

Deposits held at Vio Bank are deposits of MidFirst Bank and are combined with any other MidFirst Bank deposits for FDIC insurance purposes. MidFirst Bank deposits includes deposits at MidFirst Bank and any of its divisions including Vio Bank, MidFirst Private Bank, 1st Century Bank, and MidFirst Direct.

As mentioned above, MidFirst Direct is also a division of MidFirst Bank. Like Vio Bank, MidFirst Direct offers an online savings account and online CDs. I first reported on MidFirst Direct in 2012 when it offered very competitive online CD rates. We began tracking MidFirst Direct’s savings account in January 2016 when the rate was 0.45%. The rate has risen, but it is still low when compared to other internet savings accounts. For current rates and rate histories, please refer to the rates section of our MidFirst Direct information page.

MidFirst Bank, one of the five largest privately-owned banks in the United States, traces its roots to Midland Mortgage Company, which was founded in 1950 by a group of Oklahoma City area bankers. The name was changed to MidFirst Bank in 1982, following the purchase of a thrift charter. Through continued growth and market expansion, today’s MidFirst Bank has assets in excess of $15.3 billion and 78 branch locations in Colorado, Oklahoma, and Arizona.

How the High Yield Online Savings Compares

When compared to the Savings Accounts tracked by that are available nationwide, Vio Bank’s High Yield Online Savings APY currently ranks third, regardless of minimum deposit.

Interest RateAccount NameCredit Union/Bank
2.50% APYHigh Yield Statement Savings ($5k min/$1m max)EBSB Direct
2.26% APYPopular Direct Plus Savings ($5k min/no max)Popular Direct
2.25% APYHigh Yield Online Savings (no min/no max)Vio Bank

The above rates are accurate as of 10/31/2018.

To search for the best Savings Account, both nationwide and state specific, please refer to’s Savings Account Rates page.

Related Pages: savings accounts, nationwide deals, Internet banks

Vic   |     |   Comment #1
There is no charge if account is closed within 90 days of opening; no accrued interest will be paid if account is closed before interest is paid.
Ken Tumin
Ken Tumin   |     |   Comment #2
Thanks for the comment.The post has been updated. Looks like they've made some improvements to their fees.
Vio Bank Opens Its Virtual Doors With Savings Account
Deal Summary: High Yield Online Savings, 2.10% APY on all balances, $100 min opening deposit.

Availability: National (internet bank)

About two weeks ago, Vio Bank, the new internet division of MidFirst Bank, opened its virtual doors for business. The product line debuted with a High Yield Online Savings account, earning 2.10% APY on all balances.

Funding and Accessing

The High Yield Online Savings account requires a minimum $100 opening deposit. The initial deposit must be made by ACH from the linked bank account named on the online...

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