Vio Bank Review: Pros, Cons, And Alternatives

Vio Bank is an online bank with very competitive savings rates.

Are you looking for a high yield savings account? If so, chances are you've seen Vio Bank on the lists of top savings accounts. They are consistently listed near the top of the rate tables because of their rates - but are they worth it?

We break down Vio Bank in our Vio Bank review below.

See how they compare and look at our list of the best high yield savings accounts here.

What Is Vio Bank?

Vio Bank is a division of MidFirst Bank. Basically, it is the online version of MidFirst Bank. MidFirst Bank is one of the largest private financial institutions in the U.S. with $20 billion in assets and over 600,000 customers. They are based in Oklahoma City, OK, and serve customers in Arizona, California, Colorado, Oklahoma, and Texas.

Vio Bank was formed in 2018 and allows MidFirst Bank to service a national customer base.

What Do They Offer?

Vio Bank is an online-only bank. It does not have any branches or ATMs. They offer a high-interest savings account and CDs with few fees.

Vio Bank offers personal banking services only, which means it doesn’t have business products.

Savings Account

Vio Bank’s current savings rate is 1.10% APY, which is much higher than traditional brick-and-mortar banks. Their rates are less comeptitve than other high-yield savings accounts.

There is a $100 minimum to open an account but a minimum does not need to be maintained. There is no monthly maintenance fee.

Because Vio Bank has no ATMs, cash cannot be deposited into a savings account. To transfer money into a savings account, link it with your current (external) bank checking account. Direct deposits can be made into your savings account. If you need recurring deposits to occur from your checking account, that feature is also available.

One drawback of using Vio Bank is that you can’t access your funds immediately. This is because there is no ATM card or checking account available.

See how they compare to the other top savings accounts here:

Cornerstone Money Market Account

Last year, Vio changed their focus from their savings account to their new Cornerstone Money Market account. This is the account that gets the most attention because of its high interest rate.

Right now, the Cornerstone Money Market offers 5.30% APY on your full balance.

There is only a $100 minimum to open, and there are no monthly service fees.

See how the money market compares to our list of Best Money Market Accounts, or this quick comparison here:

Are There Any Fees?

Yes. If your account is dormant for one year, you will incur a fee. Savings accounts are limited to six transactions per month, which includes but is not limited to the following:

• “Checks”
• “Debit card purchase transactions”
• “Preauthorized payments to any third party (including ACH withdrawals and Bill Payments)”
• “Online wires or funds transfers”
• “Overdraft Protect transfers”
• “Online or Mobile payments”
• “Telephone transfers”

Every transaction above six will incur a $10 fee. Continued transactions over six may result in your account being closed. Transactions made by mail, in person, or at a bank ATM, as those services may be available, are not limited.

There is a $5/month fee for paper statements. There are other fees that are standard across banks and not anything that most customers will come across. You can read about them in Vio Bank’s fee schedule.

How Do I Open an Account?

Visit https://www.viobank.com to open an account. The application is done completely online and takes only a few minutes.

Once your account is open, link your external bank checking account to get money in (or out) of your savings account. If you have paper checks, you can mail them, wire them, or use the mobile app to deposit them.

Customer Service

Customer service is handled by phone, mail, or email. Customer service is not available 24/7. There are no chat options available. Vio Bank customer service can be contacted at 888-999-9170 during these times:

• Monday through Friday, 7:00 a.m. to 9:00 p.m. (CT)
• Saturday, 8:00 a.m. to 6:00 p.m. (CT)
• Sunday, 12:00 p.m. to 4:00 p.m. (CT)

Vio Bank does have a mobile app. It is available for both iPhone and Android users. On the Apple App Store, the app has a 4.4/5.0 rating from 801 people. But on the Google Play Store, the app has only a 3/5 rating from 140 people. Checks can be deposited into your savings account by using the mobile app. You can also view your account balances, view transaction history, and transfer funds.

Is My Money Safe?

Yes. Vio Bank uses bank-grade encryption and is FDIC-insured. Your savings account is government-insured for up to $250,000. Note that because Vio Bank is part of MidFirst Bank, the FDIC insurance limit of $250,000 is the combined total of deposits at both banks.

Why Should You Trust Us?

The College Investor has been actively tracking the best savings account rates since 2018, with a daily updated list that monitors roughly 50 banks and credit unions that have a history of great rates. But we also are always scouting out other banks that may compete on this list.

That's what led us to Vio Bank years ago, and that's why we've been reviewing and updating them.

Unlike other well-known companies who create "best savings account rate lists", we strive to put out rates in order highest to lowest so that you can know you're actually getting the best rate. And if you don't make the cut, too bad. You can find the full list of our bank review here.

Vio Bank is a no-frills, online-only bank with few products. Their savings account APY is competitive, and it is easy to avoid their fees. Customer service is available by phone, mail, and email. Overall, Vio Bank is a worthy savings account option.