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.

2.11%$100-Vio BankHigh Yield Online Savings Account
Rates as of September 22, 2018.

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 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 being 2 or 3 business days.

This is a “true” savings account, having no ATM/debit card. Any withdrawals must be made through ACH or wire. Withdrawals initiated through Vio Bank’s online banking platform are limited to only $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 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


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

High Yield Online CDs

Vio Bank is also offering eleven High Yield Online CDs that have solidly good rates. While you will probably be seeing several of these CDs in next week’s Summary, none of the APYs are currently wow-worthy. The minimum opening deposit is $500, with no stated balance cap. ACH transfers can be used to both fund CDs and access maturing funds; a transfer to the High Yield Online Savings account is also an option for maturing CD funds.

The following are some of the High Yield Online CDs in Vio Bank's product line. Please refer to the rates section of our information page for Vio Bank to view the entire product line.

3.10%$500-Vio Bank60 Month High Yield Online CD
3.00%$500-Vio Bank48 Month High Yield Online CD
2.75%$500-Vio Bank36 Month High Yield Online CD
2.70%$500-Vio Bank24 Month High Yield Online CD
2.65%$500-Vio Bank18 Month High Yield Online CD
2.55%$500-Vio Bank12 Month High Yield Online CD
2.00%$500-Vio Bank6 Month High Yield Online CD
Rates as of September 22, 2018.

According to the CD disclosure, the Early Withdrawal Penalty (EWP) for the 6-, 9- and 12-month terms is “One percent of the amount withdrawn, plus a $25 fee.” The EWP for terms greater than 12 months is “Three percent of the amount withdrawn, plus a $25 fee.” These are harsh EWPs, especially for the 15-month CD. Also, it should be noted that early withdrawal requests may be denied. According to the disclosure, “Acceptance of a request by you for a withdrawal of some or all of the funds prior to the Maturity Date is at our discretion.”


Vio Bank is offering accounts to US persons, 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 and/or High Yield CD can only be done online.

DA reader, Snap14, wrote a Forum post about opening an account this afternoon.

Just opened an account online - took less than five minutes. There is a maximum $50,000 for initial funding while they set up the link via trial deposits, but no limits for deposits after that.

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 4.38% (excellent) based on March 31, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $510.14 million, an excellent annual growth rate of 6.82%. 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 $14.9 billion and 77 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 second, regardless of minimum deposit.

The above rates are accurate as of 8/22/2018.

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

Related Pages: savings accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

jjflyman   |     |   Comment #1
The CD EWP is a deal killer for me. a 3% + $25????
I'll pass
High EWP
High EWP   |     |   Comment #2
That EWP is rediculous. On a 50k CD it comes to a $1,525.00 penalty. I just closed a CD early at Ally bank and the penalty came to $450.00. No thanks.
trailspeed   |     |   Comment #3
I just applied for the savings, seems like a good deal until Beam Savings comes on line in about 6 more moths.
jjflyman   |     |   Comment #4
Beam was supposed to be online almost a year ago.
RJM   |     |   Comment #7
Beam makes me think their only intention is to sell their company and their waiting list of 125k.
6 more months. Yeah, sure.
deplorable 1
deplorable 1   |     |   Comment #8
Yeah by the time Beam comes online their 2% interest rate will be topped by almost every other bank around. Any company that chooses Apple over android for a beta release has some serious issues with logic.
trailspeed   |     |   Comment #10
ya there's a lot of stuff that is odd with Beam, but if they ever do come out with an android app I'll try it, when they let me, and let you negative Nancy's know I just saw pigs fly :)
deplorable 1
deplorable 1   |     |   Comment #11
The problem with beam is now their base 2% interest rate is weak. They need to hike their base rate to 3% APY because by the time they are up and running that's what banks will be paying. The hoops to get "billies" in order to bump the rate change daily and are not worth the effort kind of like rewards checking accounts with debit card hoops. And don't even get me started on that ridiculous waiting list which looks designed to get email addresses.
deplorable 1
deplorable 1   |     |   Comment #5
Why is this savings account not listed in the savings accounts menu?
Ken Tumin
Ken Tumin   |     |   Comment #6
It will be included in the main rate tables once some technical issues are resolved.
deplorable 1
deplorable 1   |     |   Comment #9
Thanks Ken I figured it was just a matter of time.
rabbit17   |     |   Comment #12
does anyone know if there are online transfer fees with this account? both initiating transfer from Vio and initiating transfer at another bank to withdraw money from Vio account?
Diane 528
Diane 528   |     |   Comment #13
Yes, waiting on an answer to this question also.
OrderlyChaos   |     |   Comment #14
Just tried to apply for Vio Bank Online Savings Account. Was denied due to "incorrect" answers to security questions. The interesting part is that half of those security questions had absolutely nothing to do with me or my life history. They pull "public records" and if those records are wrong, you are @#$! out of luck. Called them up - the answer was - sorry, we can't do anything for you. Meanwhile, they now have my SS number and all the various personal information. So, yeah - not good...
dude0827   |     |   Comment #15
does anyone know if this savings account is a hard pull or soft pull?
RJM   |     |   Comment #16
Yes. Dude.
dude0827   |     |   Comment #17
yes, it is a hard pull or yes, it is a soft pull?
RJM   |     |   Comment #18
I was being a smart a**. But I called the 800 number just now and she said neither, they check your banking history. I asked if that was via chexsystems and she said yes.

So they take calls at 7:20 central.
dude0827   |     |   Comment #19
how can something be neither soft or hard pull? either it hurts your credit score or it doesn't. chexsystems can be both soft or hard.
RJM   |     |   Comment #20
I was repeating what they said VERBATIM. Perhaps you should call them if you don't like their answer. They are open afterhours and you never bothered to call or email? But you bash me for doing so.

My last "HARD PULL" cost me 3 points so it does not matter to me one bit.

No more good Samaritan for me. Too many INGRATES.

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