The benefits explained

  • Competitive interest rates: The annual percentage returns (APY) for Vio’s savings account is 0.75% regardless of the balance.
  • No monthly account fees: You won’t have to worry about monthly maintenance fees or maintaining a minimum balance for the fee to be waived.
  • Small minimums to open an account: For starters, the minimum deposits required are relatively low: $100 for savings accounts and $500 for certificates of deposit (CD).

Disadvantages Explained

  • No debit card or check writing capability: You will not be able to withdraw or deposit funds through an ATM or by writing cheques. You can transfer money internally between accounts or make an external transfer.
  • CDs renew automatically: Whether you like it or not, the CDs will unwind automatically. If you do not want automatic renewal, you will need to contact Vio Customer Service and speak to a representative within ten days of the due date.
  • Only savings accounts, CDs and money market accounts offered: While major financial institutions offer everything from credit cards to personal loans, your options are limited with Vio. It only offers high yield savings accounts, CDs and money market accounts.

Who is Vio Bank Direct for?

Saw bench is best for customers looking for a simple, no-frills option to save money. If you want a bank that offers a wide range of deposit accounts and financial products and services, you’ll probably want to look elsewhere. Vio Bank is particularly suitable for those who:

  • Looking for a simple online bank to save money
  • You want to avoid monthly maintenance fees
  • Prefer not to worry about maintaining minimum balances
  • You don’t need a debit card or checking account

What does Vio Bank Direct offer?

Vio Bank offers the facility of transferring funds online between accounts. Or if you prefer, you can also deposit money from another bank by depositing a check. Like other online-only banks that are subsidiaries of a major bank, Vio offers the following types of deposit accounts:

  • Savings account
  • CD
  • Money market account

High Yield Savings Account

There’s a lot to love about Vio Bank’s High Yield Savings Account. To get started, there are no monthly service fees and you only need $100 to open an account. The APY is the same on all balances – 0.75%.

However, the account does not come with a debit card. Although a debit card is usually linked to a checking account, some banks offer debit cards linked to a savings account.

And like most savings accounts, due to federal regulations, you can only make six withdrawals per month. If you exceed the limit, you will be charged a fee of $10 per withdrawal. Online statements are free, but if you prefer a paper statement sent by mail, a monthly fee of $5 applies.

To register for mobile banking, you must first register for online banking.


If you’re looking to set aside funds and earn interest, a CD might be a good choice for you. The duration of the CDs offered by Vio Bank varies from six months to 10 years. All CDs require a minimum deposit of $500. Depending on the term of the CD, rates are as low as 0.10% and as high as 2.00%.

Vio Bank CD rates
Term APY
6 months 0.35%
9 months 1.75%
12 months 2.25%
18 months 2.50%
24months 2.60%
36 months 2.70%
48 months 2.75%
60 months 2.50%
84 months 2.00%
120 months 2.00%
to August 15, 2022

If you need to withdraw money before the CD matures, you will have to pay an early withdrawal penalty. Early withdrawal fees for CDs are:

Vio Bank CD Early withdrawal penalties
CD duration Early withdrawal penalty

7-31 days

All interest on the amount withdrawn
32 days to 12 months 1% of the amount withdrawn, plus a $25 fee
More than 12 months 3% of the amount withdrawn, plus a $25 fee

One caveat with Vio Bank CDs is that they flip automatically. If you want the funds from your CD, you will need to contact a customer representative within 10 days of the due date. If you choose to go this route, you can either invest the funds in another account or withdraw them completely.

Money market account

Vio Bank’s money market account pays a competitive interest rate and you can open an account with as little as $100. Vio does not offer debit card or check writing privileges with this account, which is common for money market accounts. You can waive the $5 monthly maintenance fee by signing up for eStatements. If you make more than six transactions in a statement cycle, Vio will charge you $10. The account is FDIC insured.

Vio Bank Customer Service

In the 2020 JD Power U.S. Retail Banking Satisfaction Study, Vio’s parent company, MidFirst Bank, ranked fourth in overall customer satisfaction in the Southwest.

Customer service can be reached seven days a week at 888-999-9170. Schedules are :

  • Monday to Friday: 7 a.m. to 9 p.m. (CST)
  • Saturday: 8 a.m. to 6 p.m. (CST)
  • Sunday: 12 p.m. to 4 p.m. (CST)

Vio Bank’s automated information is available 24/7.

How to bank with Vio Bank

To get started, you can complete an online account application. The process is standard and you will need to provide your mailing address, social security number and driver’s license.

MidFirst Bank aggregates all deposit accounts from its various brands, so if you have accounts at Vio and its parent company, each will not be insured separately by the FDICwhich covers $250,000 per account, per depositor.

final verdict

Vio Bank could be a good choice if you are looking to save some money. When it comes to deposit accounts, the interest rates are competitive for its high yield savings account, you don’t need a large sum of money to get started, and there are no monthly fee. But if you’re looking for a bank with physical locations, a suite of banking capabilities, and a wide range of financial products and deposit accounts, Vio Bank probably isn’t the best choice for you.


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