At a glance

4.0

Bankrate Score

CDs

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Vio Bank is an option for savers who are comfortable with online banking and looking to earn solid yields on CDs, savings accounts or money market accounts. Low minimum deposit requirements and no monthly fee for all accounts make Vio deposit products highly accessible for customers nationwide.

Highlights

Low Min Deposit
No Monthly Fees

Overall

Vio Bank is an online-only financial institution serving savers nationwide. The bank consistently offers top-tier rates on their money market account, but those looking for a checking account will need to go with another option.

Pros

Vio Bank offers competitive yields on its money market account and its certificates of deposit.
Minimum deposit requirements are low.
Customers can choose from a wide range of CD terms.

Cons

Vio Bank doesn’t offer checking accounts.
The yield on the savings account, while solid, is low compared to what other online banks are offering.
Customers have access to limited budgeting tools, and a peer-to-peer payment tool such as Zelle isn’t offered.
Vio doesn’t offer a debit card or check-writing privileges for any of its accounts.

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Vio Bank banking products

3.3

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

1.10%

2/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$100.00

4/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

Vio Bank savings overview

Vio’s savings account offers a yield that’s well above the national average, but it’s lower than what many online banks are offering. All balances earn the same APY, there are no monthly fees and there’s a low minimum deposit requirement of $100.

Pros

The account offers an above-average yield that is paid on all balances, though much higher yields can be found elsewhere.
There's no monthly fee.
The $100 minimum deposit requirement is low.

Cons

Customers are charged $5 a month to receive paper statements.
Many online banks offer much higher APYs.

Rate history for Vio Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Vio Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Vio Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Vio Bank CD overview

Vio Bank offers traditional CDs with terms ranging from six months to 10 years, an extensive variety compared to some other banks. The minimum deposit for each account is relatively low at $500. CDs automatically renew once they mature following a ten day grace period. Yields are competitive for all CDs, but Vio’s highest APYs are for CDs with terms of three years or less.

Early withdrawal penalties vary depending on the term length, but they are stiff:

The penalty for breaking a six-month CD or a one-year CD is $25 plus 1 percent of the amount you withdraw.
On CDs with terms longer than 12 months, you’ll pay $25 plus 3 percent of the amount you withdraw.

Pros

There is a wide variety of terms available.
Some banks have much higher minimum deposit requirements.
CD rates are highly competitive.

Cons

Early withdrawals come with a high penalty.
There are no special types of CDs or promotions available.
Some online banks offer higher CD rates.

Rate history for Vio Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Vio Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Vio Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.9

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

5.30%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$100.00

5/5

The lowest balance an account must maintain in order to earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest amount an account must maintain in order to avoid a fee.

Check writing:

Yes

5/5

The ability to write a certain amount of checks within a statement cycle.

Debit/ATM access:

Subpar

2/5

The ability to withdraw funds from an account through the use of debit or ATM card.

Vio Bank money market overview

Vio’s Cornerstone Money Market account offers a highly competitive rate. Like Vio’s other products, its money market account requires a low minimum opening deposit, in this case $100, and there’s no monthly fee. But there is a $5 monthly fee if you opt in for paper statements.

Pros

The Cornerstone Money Market account has a highly competitive yield.
There is a low $100 minimum to open the account.
You won’t have to pay a monthly fee.

Cons

The account does not come with a debit card or check-writing privileges.

Compare more: Bankrate's best high-yield savings account offers

Bank fees

Fee		Charged?
Overdraft fee		None
Non-sufficient funds fee		None
Monthly maintenance fee		None
Out-of-network ATM fee		None
Excessive transaction fee		None
Paper Statements		$5

Find out: Tips to avoid common bank fees

Customer experience

Digital experience. The Vio Bank mobile app offers digital banking staples, such as mobile check deposit, account alerts and statement access, but it doesn’t offer more cutting-edge features, such as a peer-to-peer payment option like Zelle. The app gets a high score in the Apple App Store, but Android users are much less enthusiastic in their reviews on Google Play.

Customer service hours. Vio Bank customers can reach a bank representative weekdays, 7 a.m. to 9 p.m., Central time, Saturday, 8 a.m. to 6 p.m., and Sunday from noon to 4 p.m.

About Vio Bank

Vio Bank is the online division of MidFirst Bank, a privately owned bank based in Oklahoma City. It launched in 2018. Midfirst Bank was established in 1911. The bank currently has more than 80 branches and approximately $36 billion in assets.

How Vio Bank compares to others banks

Compare different account types offered by Vio Bank. Annual percentage yields (APYs) shown were updated between July 3, 2024 and July 9, 2024.

Selected bank Vio Bank savings account Member FDIC Bankrate score Rating: 3.3 stars out of 5 3.3 Bankrate Savings rating = 3.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable WebBank savings account Member FDIC Bankrate score Rating: 3 stars out of 5 3.0 Bankrate Savings rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
1.10%	0.25%
Minimum balance for APY
$100.00	$1,000.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$275	$63

Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account earns a very competitive yield, requires only $100 to open and doesn’t charge a monthly maintenance fee. The account doesn’t include check-writing privileges or a debit card.	WebBank offers an FDIC-insured savings account that requires a $1,000 deposit to open but has no monthly fee The account offers a low rate, lower than the national average and well behind the most competitive rates found at other online banks.

The Vio Bank Cornerstone Money Market Savings Account earns a top-notch yield. A minimum of only $100 is needed to open the account. There’s no monthly service fee when you choose e-statements. Vio Bank has phone customer service hours seven days a week.	WebBank’s FDIC-insured savings account has no monthly fee It requires a manageable $1,000 to open	N/A
Neither check-writing privileges nor a debit card are provided. A $5 monthly maintenance fee is charged to those who opt for paper statements.	The account offers a paltry APY	N/A

Selected bank Vio Bank CD Member FDIC Bankrate score Rating: 4.6 stars out of 5 4.6 Bankrate CD rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Quontic Bank CD Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate CD rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
5.00%	4.50%
Minimum deposit
$500.00	$500.00
Term
1 yr	1 yr

Vio Bank is an online bank that offers competitive yields on its CDs and you’ll only need $500 to open one. Nearly every term you’d need for a CD ladder is available. It's one of the few banks that offers a 10-year CD.	Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive. An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to one year of earned interest, according to the bank's website.

With a 10-year CD, Vio Bank has some of the longest CD terms around. Vio Bank offers a competitive yield on most of its CDs.	Quontic pays competitive rates on the five CD terms it offers Only $500 is needed to open a CD	N/A
Vio Bank doesn’t offer CDs with a term of less than six months. Vio Bank doesn’t offer a no-penalty CD.	Some banks have lower minimum deposit requirements Quontic Bank’s early withdrawal penalties are higher than those of some other banks	N/A

APY offering: 5.00% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Subpar 2/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.50% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Vio Bank money market account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Money Market rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Quontic Bank money market account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Money Market rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
5.30%	5.00%
Minimum balance for APY
$100.00	$100.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,325	$1,250

Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account earns a very competitive yield, requires only $100 to open and doesn’t charge a monthly maintenance fee. The account doesn’t include check-writing privileges or a debit card.	The Quontic Money Market account offers a competitive APY, which applies to all balance tiers. Only $100 is needed to open an account. The account offers a debit card and check-writing privileges. Like the bank’s savings account, the Money Market account has a limit of six withdrawals per month, which is typical for non-checking accounts, with each withdrawal after that incurring a $10 fee. Quontic Bank was selected as the bank offering the best money market account as part of the 2024 Bankrate Awards.

The Vio Bank Cornerstone Money Market Savings Account earns a top-notch yield. A minimum of only $100 is needed to open the account. There’s no monthly service fee when you choose e-statements. Vio Bank has phone customer service hours seven days a week.	Only $100 is required to open an account The account earns a competitive rate There is no monthly fee Account holders get a free debit card along with check-writing privileges	N/A
Neither check-writing privileges nor a debit card are provided. A $5 monthly maintenance fee is charged to those who opt for paper statements.	There’s a $10 excessive transaction fee	N/A

APY offering: 5.30% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 5.00% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $100.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Great 5/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Vio Bank vs. Ally Bank

As both are online-only banks, you’ll find many of the same perks at Vio Bank as you’ll find at Ally. This includes high yields on deposit products, low minimum deposit requirements and no monthly fees. Moreover, since both are online-only, neither bank has physical branches you can visit, so you’ll need to be comfortable doing all of your banking online or through the bank’s mobile app.

However, Ally Bank offers a larger array of financial products and services, including several types of CDs, an interest-bearing checking account, credit cards and investing accounts. Moreover, yields at Ally tend to be higher, with the exception of Vio’s money market account.

Learn more: Best online banks

Vio Bank FAQs

Vio bank is best for consumers comfortable with an online-only banking experience. Savers will find great yields here, as Vio Bank offers accounts with high APYs and no monthly fees.
Yes. Vio Bank has been around since 2008 and is FDIC-insured up to the maximum amount allowed by law, currently $250,000.
Yes. Vio Bank is registered with the FDIC and is the online-only banking division of Midfirst Bank, which opened in 1911.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Vio Bank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	1.10%	0.57%
05/07/2024	1.10%	0.59%
04/02/2024	1.10%	0.58%
03/05/2024	1.10%	0.57%
01/02/2024	1.10%	0.58%
12/05/2023	1.10%	0.57%
11/21/2023	1.10%	0.60%
11/16/2023	5.30%	0.60%
11/07/2023	1.10%	0.60%
11/01/2023	5.28%	0.60%
10/03/2023	1.10%	0.58%
09/05/2023	1.10%	0.57%
08/29/2023	1.10%	0.54%
08/24/2023	5.25%	0.54%
08/01/2023	1.10%	0.54%
07/27/2023	5.15%	0.53%
07/11/2023	1.10%	0.53%
07/10/2023	5.02%	0.53%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Vio Bank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	2.75%	1.41%
06/04/2024	2.75%	1.43%
04/02/2024	2.75%	1.42%
03/12/2024	2.75%	1.43%
02/06/2024	2.75%	1.42%
12/05/2023	2.75%	1.43%
11/07/2023	2.75%	1.45%
10/03/2023	2.75%	1.46%
09/05/2023	2.75%	1.43%
08/01/2023	2.75%	1.38%
07/11/2023	2.75%	1.35%

Vio Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Vio Bank

Vio Bank banking products

Vio Bank savings overview

Pros

Cons

Rate history for Vio Bank's Savings account

Vio Bank CD overview

Pros

Cons

Rate history for Vio Bank's CD accounts

Vio Bank money market overview

Pros

Cons

Bank fees

Customer experience

About Vio Bank

How Vio Bank compares to others banks

Vio Bank vs. Ally Bank

Vio Bank FAQs

Who is Vio Bank best for?

Is Vio Bank safe?

Is Vio Bank a legitimate bank?

Review methodology

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