Review of Vio Bank Savings Account and CD Rates

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Written by John Csiszar | Published on 6/11/2020

Vio Bank is the online division of MidFirst Bank, one of the largest privately owned banks in the U.S. But even though its parent bank has an extensive branch network, you can’t use its physical locations to access or service your Vio Bank account, as they are distinct entities.

As an online bank, Vio Bank is geared more toward those comfortable with a virtual experience and don’t need a full-service, in-branch experience. While Vio Bank won’t do much for customers in need of a one-stop shop, the deposit accounts it does have — a High Yield Savings account and certificates of deposit (CDs) — score high points for what they offer, including competitive rates and low fees.

In this article we will cover:
APYMINMAXINSTITUTIONPRODUCTDETAILS
0.66%$100-Vio BankHigh Yield Online Savings Account
0.50%$500-Vio Bank60 Month High Yield Online CD
0.40%$500-Vio Bank48 Month High Yield Online CD
0.30%$500-Vio Bank36 Month High Yield Online CD
0.25%$500-Vio Bank24 Month High Yield Online CD
0.20%$500-Vio Bank18 Month High Yield Online CD
0.15%$500-Vio Bank6 Month High Yield Online CD
0.15%$500-Vio Bank12 Month High Yield Online CD
Rates as of October 24, 2020.

Vio Bank account features

Vio Bank offers two deposit products: a High Yield Savings account and CDs of various maturities. The current APY on its High Yield Savings account is one of the top savings account rates currently available on our site — plus, it has no maintenance fees and can be opened online in a matter of minutes.

Vio Bank’s CD lineup is similarly impressive, offering generally high APYs across 10 distinct terms, including long-term maturities. These accounts are also easy to open online. Minimums are half the cost (and in some cases, even less than half) of many of the bank’s online competitors. 

Whichever type of account you choose, you can access it via the Vio Bank website or mobile app. Features available through the website include:

  • Real-time account information, including transaction history
  • Secure message system
  • Online transfers between Vio Bank accounts and external accounts
  • Email and text message alerts
  • Access to eStatements, eTax forms and eNotices
  • Ability to download account information into Quicken

The mobile app provides basic account information and the ability to transfer funds to or from external accounts. It also offers mobile deposit, although some reviewers on the Google Play store have found it frustrating to use.

Vio Bank High Yield Savings account

If you’re looking for a place to invest your short-term funds, the Vio Bank High Yield Savings account has a lot going for it. In addition to the top-tier yield, there’s only a $100 minimum to open the account, which comes with no monthly maintenance fees.

As with all bank-managed savings accounts, the High Yield Savings account enjoys FDIC insurance of up to $250,000 per account type per depositor. If you open both an individual and a joint savings account, for example, each of those accounts benefits from the full $250,000 FDIC protection. As Vio Bank is a division of MidFirst Bank, investor funds are actually held at and protected by MidFirst Bank’s FDIC insurance.

Although the Vio Bank High Yield Savings account has some great features, it is lacking a few benefits that some competitors offer. For example, Vio’s savings account doesn’t offer ATM access, check writing or a debit card. As the bank also lacks physical branches and bank tellers, the only way to withdraw funds is to make an electronic funds transfer or send a domestic wire — international wire transfers are also unavailable. You can also request a physical check in the mail from Vio.

  • Deposit limits: Vio Bank doesn’t have deposit limits for incoming wire transfers or check deposits. Mobile deposits are limited to $100,000 per day and $250,000 per month.  Amounts greater than $5,000 may be delayed for as long as seven business days. For new accounts, deposits may be held for as long as 11 business days. Total account size is limited to $2,500,000.
  • Minimum balance: Vio Bank requires a $100 deposit to open the High Yield Savings account.
  • Withdrawal limit: Federal regulations limit certain transactions in all savings accounts to six per statement cycle, including telephone and electronic withdrawals. An excess transaction fee of $10 per instance applies to additional transfers. 
  • Overdraft fees: Vio Bank doesn’t charge any fees on negative balances in this account. However, per the account agreement, it maintains the right to offset any overdrafts with a charge against any other account you hold at the bank. 

Vio Bank online CD account

Vio Bank offers a wide range of online CDs, with maturities ranging from six months to 120 months — 10-year maturity in an online CD is relatively unusual. This flexibility can come in handy for customers trying to build a CD ladder.

The minimum investment for a Vio Bank CD is $500, which is lower than what many competitors require. Interest across-the-board is quite high on Vio Bank CDs, and is compounded daily. Like the Vio Bank High Yield Savings account, balances in CDs are protected by FDIC insurance up to $250,000.

Vio Bank CDs automatically renew upon maturity, although there is a 10-day grace period in which you can choose to withdraw the money without penalty. CDs auto-renew into new issues with the same term, unless otherwise informed by Vio Bank. If you withdraw money before a CD matures, you’ll pay an early withdrawal penalty according to the following schedule:

CD Term Amount 7 days to 31 days All of the interest earned 32 days to 12 months 1% of the amount withdrawn, plus $25 Greater than 12 months 3% of the amount withdrawn, plus $25

Opening a Vio Bank online account

You can open a Vio Bank account easily online. You must be a U.S. citizen or permanent resident to do so, and you’ll have to provide the following information:
  • Your name, date of birth and mailing address
  • Social Security number
  • Email address
  • Driver’s license or state ID
  • Information about your employer

Once you’ve provided your personal, financial and identifying information, you’ll need to accept the bank’s disclosures and provide information on your funding account. If you ever get stuck along the way, you can call the bank at (888) 999-9170.

Overall review of Vio Bank accounts

Vio Bank has a specialized account lineup, aimed directly at the no-fee, high-APY savings crowd. In that arena, the bank succeeds admirably. The High Yield Savings account pays a top-tier yield, with no maintenance fees and just a $100 minimum. Similarly, the CD lineup is impressive, covering a broad range of maturities that all pay high rates. Minimum contributions are fairly low as well.

The bank does have some drawbacks. For starters, there is no checking account available at Vio Bank, which can make deposits and money transfer more inconvenient — this rules the bank out for those that want an “all-in-one” institution. The lack of ATM card access is another negative, as customers will have to either wait for a check or transfer money to another institution before being able to access their funds. The reasoning is understandable, as Vio Bank doesn’t want to encourage withdrawals from a savings account (as opposed to a checking account), but it’s still an inconvenience.

All-in-all, however, Vio Bank delivers on the promise it makes to its target customers: low fees and high rates. If you’re looking for a place to park short-term cash — or invest it for as long as 10 years — Vio Bank has some commendable savings and CD options for you. If you need a checking account, ATM access or the full lineup of traditional banking services that other institutions can provide, you’ll likely be happier elsewhere.


Comments
Vio Bank High Yield Savings Rate Continues To Be Competitive
UPDATE 5/1/2020: The High Yield Online Savings rate fell from 1.70% to 1.60% APY.

Deal Summary: High Yield Online Savings, 1.70% APY on all balances, $100 min opening deposit.

Availability: Nationwide (internet bank)

I first wrote about Vio Bank in August 2018, about two weeks after this new internet division of MidFirst Bank made its debut. At that time, the High Yield Online Savings (HYOS) account earned 2.10% APY. By June 2019, the HYOS was earning 2.52% APY and securely near the top of DA’s bi-weekly...

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New Rate Leader - Vio Bank's High Yield Online Savings, 2.52% APY
Deal Summary: High Yield Online Savings, 2.52% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

Vio Bank has just added six bps to its High Yield Online Savings (HYOS) account, making it the rate leader for nationally available savings accounts with low minimum balance requirements. Currently earning 2.52% APY on all balances, the HYOS requires a minimum $100 opening deposit.

In the ten months since Vio Bank opened its virtual doors with a product line consisting of the HYOS and several CDs, the...

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Vio Bank Ups High Yield Online Savings To 2.46% APY
Deal Summary: High Yield Online Savings, 2.46% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

With today’s 5 bps rate increase, Vio Bank’s High Yield Online Savings (HYOS) account is now the rate leader for nationally available savings accounts with low minimum balance requirements. The HYOS now earns 2.46% APY on all balances, and requires a minimum $100 opening deposit.

Since its introduction in late August (when Vio Bank opened its virtual doors), the HYOS has added a total of 36 bps in...

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Vio Bank Nudges Online Savings To 2.39% APY
Deal Summary: High Yield Online Savings, 2.39% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

When I saw that Vio Bank had added two bps to its High Yield Online Savings account today, my initial response was to simply update my November blog post. Something along the lines of, “There were two small rate increases this month on the High Yield Online Savings – 2 bps on January 14 (2.37% APY) and 2 bps on January 25 (2.39% APY).”

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Vio Bank Boosts High Yield Online Savings Rate
Deal Summary: High Yield Online Savings, 2.35% APY on all balances, $100 min opening deposit

Availability: Nationwide (internet bank)

About four months ago, MidFirst Bank’s newest internet division, Vio Bank, made its debut on the internet bank stage. 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 upped that rate to 2.35% APY on all balances.

Funding and Accessing the Savings Account

A High Yield Online Savings account can be...

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