• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In January 2023
        • 10 Best Private Student Loans Of January 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In January 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of January 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 53 Side Hustle Ideas To Make Money Fast
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas You Can Use To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of January 2023
        • 10 Best Money Market Accounts Of January 2023
        • 10 Best Free Checking Accounts In January 2023
        • Best Bank CD Rates Of January 2023
        • 10 Best Business Checking Accounts In February 2023
        • Best Online Banks Of January 2023
        • Best Credit Unions Nationwide Of January 2023
        • Best College Student Checking Accounts Of January 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Banking » Bank Reviews » Vio Bank Review: A Top-Yielding Savings Account Choice

Vio Bank Review: A Top-Yielding Savings Account Choice

Updated: October 26, 2022 By Robert Farrington

Tweet
Share
Share
Pin
Email
Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Vio Bank Review

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.


Vio Bank

Quick Summary

  • Competitive savings account APY
  • Few fees that are easy to avoid
  • Just $100 to open and doesn't require a minimum daily balance
OPEN AN ACCOUNT

Vio Bank Details

Product Name

Vio High Yield Savings

Min Deposit

$100

APY

1.10% APY

Account Type

Savings

Promotions

None

Table of Contents
What Is Vio Bank?
What Do They Offer?
Are There Any Fees?
How Do I Open an Account?
Is My Money Safe?
Is It Worth It?

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’s current savings rate is 1.10% APY, which is much higher than traditional brick-and-mortar banks. Their rates are competitive with other high-yield savings accounts and rates are regularly monitored to ensure they remain competitive.

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.

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

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.

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:

Header
Vio Bank Comparison
Vio Bank Comparison: Chime
Vio Bank Comparison: CIT Bank

Rating

APY

1.10%

2.00%

1.55%

Monthly Fees

$0

$0

$0

Min Deposit

$100

$0

$100

FDIC Insured

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

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.

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.

Is It Worth It?

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.

Vio Bank Review
  • Interest Rates
  • Fees and Charges
  • Customer Service
  • Ease of Use
  • Tools and Resources
  • Products and Services
Overall
4

Summary

Vio Bank is a bank that offers a solid high-yield savings account.

Pros

  • Online bank that focuses on savings

Cons

  • Interest rate is not as competitive as it once was
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Vio Bank Review: A Top-Yielding Savings Account Choice

Editor: Clint Proctor

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

Robert Farrington will teach you how to get out of student loan debt and how to start investing.

Hi! My Name is

America's Millennial Money Expert

Welcome to The College Investor. We're here to help you escape student loan debt so you can start investing and building wealth for the future

Our expert guides, reviews, and more are designed to help you achieve your financial goals.

Want to learn more? See what's in my wallet.

As Featured In

Social Media

Popular Posts

Side Hustling

53 Side Hustle Ideas To Make Money Fast

Best Side Hustles

20 Best Side Hustles You Can Start Earning With In 2023

Crazy Ways To Make $10,000

10 Crazy Ways To Make $10,000 You’ve Never Heard Of

Make $50,000 Per Year

3 Ways To Make $50,000 Per Year Without Working With Passive Income

Student Loan Scams

Top Student Loan Scams

Net Worth of Millennials

Average Net Worth Of Millennials By Age

Ways To Get Student Loan Forgiveness

Student Loan Forgiveness Programs (The Complete List)

529 Plan By Age

How Much Should You Have In A 529 Plan By Age

Passive Income Ideas

40 Passive Income Ideas You Can Use To Build Wealth In 2023

Make Money From Home

80 Ways To Make Money From Home In 2023

Ultimate Guides

529 Plan Guide

529 Plans: The Ultimate Guide To College Savings Plans

Student Loans and Financial Aid By State

Student Loan And Financial Aid Programs By State

Student Loan Advice

The Definitive Guide To Student Loan Debt

Student Loan Forgiveness By State

The Full List Of Student Loan Forgiveness Programs By State

newretirement

How to Start Saving Now: The College Graduate’s Guide to Saving for Retirement

Latest Research

How much to file taxes

Tax Survey: How Much People Paid To File And The No.1 Tax Software They Used

Inflation survey

Side-Hustles To The Rescue: Survey Shows 86% Stressed About Money & Inflation

students choose to work survey

75% Of Students Would Still Choose To Work Even If They Didn’t Have To

Institutional Merit Grants

Who Gets Institutional Merit Grants At Private Colleges?

Resume Student Loan Payments

Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz