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Vio Bank Review

This online bank offers convenience, but limited account options

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Vio Bank

Vio Bank

Vio Bank is the online-only division of MidFirst Bank. Headquartered in Oklahoma City, MidFirst was established in 1911. With more than $32 billion in assets, it is the largest, privately-owned bank in the U.S.

  • Pros & Cons
  • Company Overview
Pros & Cons
  • Competitive interest rates

  • No monthly account fees

  • Low minimums to open an account

  • No debit card or check writing capabilities

  • CDs automatically renew

  • Only savings accounts, CDs and money market accounts offered

Company Overview
  • Year Founded 2018
  • Official Website
  • Banking Products Offered Savings, CDs, Money Market
  • Customer Service Phone: 888-999-9170 Monday–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). Email contact form.

Pros Explained

  • Competitive interest rates: The annual percentage yields (APY) for Vio’s money market savings account is 5.30%—no matter the balance.
  • No monthly account fees: You won’t have to worry about monthly maintenance fees, or maintaining a minimum balance to have fees waived.
  • Low minimums to open an account: To get started, the minimum deposits required are relatively low—$100 for saving accounts and $500 for certificates of deposit (CDs).

Cons Explained

  • No debit card or check-writing capabilities: You won’t be able to withdraw or deposit funds by way of an ATM or writing checks. You can move money internally between accounts or do an external transfer.
  • CDs automatically renew: Whether you want them to or not, CDs will automatically roll over. If you don’t want an auto-renewal, you’ll need to reach out to Vio’s customer service and talk to a rep within ten days after the maturity date.
  • Only savings accounts, CDs, and money market accounts offered: While larger 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 Best for?

Vio Bank is best for customers who want an easy, no-frills option to put money away. 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 best for those who: 

  • Are looking for a simple, online bank to squirrel away money?
  • Want to avoid monthly maintenance fees
  • Prefer not to worry about maintaining minimum balances
  • Don’t need a debit card or checking account

What Does Vio Bank Direct Offer?

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

  • Savings account
  • CDs
  • Money market account

Online Savings Account

There is a lot to like about Vio Bank’s online savings account. For starters, there is no monthly service fee and you only need $100 to open an account. The APY is the same on all balances—1.10%.

However, the account does not come with a debit card. While a debit card is typically linked to a checking account, some banks do offer debit cards that are linked to a savings account.

And like most savings accounts, due to federal regulations, you can only make six withdrawals a month. If you go over the limit, you’ll get charged a $10 fee per withdrawal. Online statements are free, but if you prefer a paper statement mailed to you, there is a $5 monthly charge.

To enroll in mobile banking, you'll need to first enroll in online banking.


If you are looking to set aside funds and earn some interest a CD might be a good choice for you. The terms for the CDs that Vio Bank offers range from six months to 10 years. All CDs require a $500 minimum deposit. Depending on the term of the CD, APYs are as low as 2.75% and as high as 5.35%.

Vio Bank CD Rates
Term APY
6 Months 5.35%
12 Months 5.25%
18 Months 4.50%
24 Months 4.75%
36 Months 3.50%
48 Months 2.75%
60 Months 2.75%
84 Months 2.75%
120 Months 2.75%
as of September 6, 2023

If you need to pull money out before the CD matures, you’ll pay an early withdrawal penalty. The early withdrawal fees for CDs are:

Vio Bank CD Early Withdrawal Penalties
Term of CD? Early Withdrawal Penalty

7-31 days

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

A caveat with Vio Bank's CDs is that they automatically roll over. If you want the funds from your CD, you’ll need to contact a customer rep within 10 days after the maturity date. If you choose to go this route, you can either invest the funds in another account, or withdraw the funds altogether.

Cornerstone Money Market Savings Account

Vio Bank's money market account pays a very competitive interest rate of 5.30% APY and you can open an account with as little as $100. Vio doesn't offer a 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 enrolling in electronic statements. 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

Customer service can be reached seven days a week at 888-999-9170. The hours for live representatives are:?

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

Vio Bank's automated phone service is available 24/7. There is also an email contact form on the website.

How to Bank With Vio Bank

To get started, you can fill out an account application online. The process is a standard one, and you’ll need to provide your mailing address, Social Security number, and driver’s license.

MidFirst Bank lumps together all deposit accounts from its different brands, so if you have accounts at Vio and its parent each won’t be separately insured by the FDIC, which covers $250,000 per account, per depositor.

Final Verdict

Vio Bank could be a strong choice if you’re looking to stash away some savings. As far as deposit accounts go, interest rates are competitive for its Cornerstone Money Market Savings Account, you don’t need a large sum of money to get started, and there aren’t any monthly fees. But if you’re looking for a bank with brick-and-mortar 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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  1. Vio Bank. "Cornerstone Money Market Savings Account."

  2. Vio Bank. "Online Certificate of Deposit (CD)."

  3. Vio Bank. "Online Savings Account."

  4. Vio Bank. "Online Savings Account."

  5. Vio Bank. "Fee Schedule."

  6. Vio Bank. "Online Certificate of Deposit (CD)."

  7. Vio Bank. "Vio Bank FAQ."