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The bottom line: Vio Bank is featured in our best money market account guide because its account has a competitive interest rate and a low minimum opening deposit. The bank doesn’t have a checking account, though, so you’ll have to transfer money to an external account to access your savings.
Vio Bank: Overall Bank Rating
FeatureInsider rating (out of 5)Savings4Money Market Account4CD4Trustworthiness5Total:4.25
Vio Bank: Pros and Cons
Pros:Cons:
High rates on money market account and CDs
Variety of CD term lengths
No checking accountOther online banks have higher interest rate on high-yield savings accountsHigh early withdrawal penalties on CDsNo paper checks, debit card, or ATM network
Vio Bank Online High-Yield Savings Account – Product Name Only Review
The Vio Bank Online High-Yield Savings Account – Product Name Only doesn’t charge monthly service fees and pays more than the average savings account. But if you’re looking for a competitive interest rate, you’ll likely prefer the Vio Bank Cornerstone Money Market Savings Account – Product Name Only or a high-yield savings account from another online bank.
You should also keep in mind that Vio doesn’t have a checking account. To access your savings, you’ll have to transfer funds to an external checking account, which could take a few business days.
Vio Bank CD – Product Name Only Review
Vio Bank CDs pay solid rates, particularly for a 1-year CD. Depending on which term length you choose, however, you may find higher elsewhere.
You’ll only need Vio Bank Certificate of Deposit to open an account. Usually, other banks require at least $1,000 for a CD.
Vio Bank Cornerstone Money Market Savings Account – Product Name Only Review
The Vio Bank Cornerstone Money Market Savings Account – Product Name Only stands out for its low minimum opening deposit and competitive interest rate. To avoid monthly service fees, just make sure to sign up for online bank statements.
The one downside to the account is that it doesn’t have a debit card or paper checks. To take out money, you’ll have to transfer money to an external bank account.
How Vio Bank Works
Vio is an online-only institution with a high-yield savings account, money market account, and CDs.
Vio doesn’t have a checking account. When you need access to your savings, you’ll transfer money to an external checking account. This could take a few business days.
The bank’s mobile app hasn’t received a ton of online reviews yet. So far, it has 4.6 out of 5 stars in the Apple store, and 3.3 out of 5 stars in the Google Play store.
You can contact customer service by phone. Call Monday through Friday from 8 a.m. to 10 p.m. ET, Saturday from 9 a.m. to 7 p.m. ET, or Sunday from 1 p.m. to 5 p.m. ET.
Your Vio accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
Is Vio Bank Trustworthy?
Vio Bank is an online division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ rating.
A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints. However, to get a better idea of whether a bank will be right for you, get the point of view of friends, family, or online reviews.
Neither MidFirst nor Vio has any public scandals.
Vio Bank Review vs. Marcus Review
Both Vio and Marcus offer savings accounts and CDs. You may like either bank if you aren’t looking to open a checking account. Vio Bank also has a money market account.
Marcus’ CD terms only go up to six years, so you’ll want to go with Vio for a longer term. But Marcus offers several no-penalty CDs, which allow you to withdraw money before your term ends without paying any fees. If you’re worried about needing your money early, you might prefer Marcus.
Vio Bank Review vs. Discover Review
You may like Discover if you want to open accounts other than savings, CDs, or money market accounts. Discover has a good cash-back checking account.
Both banks offer CD terms up to 10 years, but Discover’s minimum deposit to open a CD is higher. Vio only requires $500, while Discover asks for at least $2,500. If you don’t have $2,500 to open a CD, Vio is clearly the better choice.
Vio Bank: Frequently Asked Questions
Is Vio Bank safe?
Vio Bank is an online division of MidFirst Bank. Your Vio accounts are FDIC insured for up to $250,000, or $500,000 for a joint account.
Does Vio Bank have paper checks or debit cards?
No, you can’t get paper checks or debit cards. If you like to take out money from your account, you’ll have transfer money to an external bank account.