-
Financial Rates:
3.5
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Customer Service:
2.5
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Competitive interest rates
- Low required opening amounts
- Variety of CD terms available
- No monthly fees
Cons:
- Limited personal accounts offered
- Customer service not available 24/7
- No business accounts offered
- Specific transfer regulations
What You Need to Know
Vio Bank offers competitive interest rates on their CDs and high yield savings account. The interest rates are much higher than typical brick and mortar bank rates. Vio Bank interest rates are competitive with other online accounts. They monitor their interest rates to keep them competitive with national rates.
Vio Bank accounts have low opening required amounts. All the different CD terms only require $500 to open. The high yield savings account only requires $100 to open.
Vio Bank offers a good variety of CD terms. The CDs range in length from six-month to 120-month terms. Each of the CDs requires $500 to open. They are all FDIC insured and can be opened online. The CD terms all earn competitive interest rates.
The savings account at Vio Bank does not have a monthly fee. There is no required balance to avoid a monthly fee. The CDs only have a fee if the money is withdrawn before the maturity date of the CD.
Vio Bank offers limited personal deposit accounts. Only a personal savings account and CDs are available. The CD terms range from six-months to 120-months. No checking or money market accounts are available.
Customers cannot reach a Vio Bank representative 24/7. Customer service has specific hours of operation. They are open Monday through Friday from 7:00 a.m. to 9:00 p.m. Central Time. Saturday they are open from 8:00 a.m. to 6:00 p.m. Sunday they open from 12:00 p.m. to 4:00 p.m.
Vio Bank does not offer business accounts. Only personal deposit accounts are available. Those accounts include a personal high yield savings account and CDs. The CDs range in term from six-month CDs to 120-month CDs.
Money can only be transferred from the savings account to external bank accounts. If you want to make a wire transfer, you must submit the forms 72 hours before the transfer takes place. Federal regulations only allow six withdrawals per month from your savings account.
Cool Things
Savings Calculators
The Vio Bank website offers savings calculators. Calculate how to reach a specific goal or how interest rates affect your savings goals. Calculate how much money you will have after ten years or how much to save to become a millionaire.
History
Vio Bank is an online division of MidFirst Bank. MidFirst Bank is one of the five largest privately-owned banks in the United States. They have over $15 billion in assets and $1.5 billion in capital. MidFirst Bank has over 600,000 customers. They offer banking services in Oklahoma, Arizona, California, Colorado, and Texas.
With Vio Bank, MidFirst can offer accounts to more than just those who live around a branch location. Vio Bank offers accounts across the nation. They offer an online savings account and CDs.
Awards and Recognition
- Best High Yield Savings Account by CNBC
- MidFirst Bank received Superior Bank Safety Rating from IDC
Frequently Asked Questions
Yes. Vio Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
Through electronic transfers or wire transfers. Only the savings account can have money transferred into external accounts. A wire transfer requires 72-hour notice before it is to take place.
Mobile banking with Vio Bank is coming soon. With the app, you will be able to transfer money, check account balances, and see account history. You must enroll in online banking before you can use mobile banking.
Yes. There are no monthly fees for the Vio Bank savings account. There is not a required balance to keep in the savings account to avoid a fee. The only fee CDs have is if you withdraw the money before the maturity date.
The accounts offer competitive interest rates. Vio Bank in an entirely only bank. There are no branch locations. Vio Bank only offers a savings account and CDs. No checking accounts or business accounts available.
Vio Bank uses security measures that comply with federal law. Their computer, files, and buildings are secure and have safeguards. Vio Bank encrypts account information.
Yes. Vio Bank offers competitive interest rates. Their rates are competitive with other online accounts. Interest rates are not tiered. Any balance earns the competitive rate.
No. Vio Bank only offers a personal deposit savings account and CDs. No business accounts or checking accounts are available.
Vio Bank is an entirely online bank. There are no branch locations. The interest rates are more competitive than other brick and mortar bank rates. Everything for your account is online.
Vio Bank does not offer checking accounts. The only accounts offered are a savings account and CDs.
Email, mail, or phone. Customer service has specific hours they are available. You can follow Vio Bank on Facebook or Twitter. Vio Bank does not have branch locations.
No. No checking or money market accounts are available through Vio Bank. Because of this, bill pay is not offered with Vio Bank accounts.
No. Deposit money through electronic deposits or wire transfers.
Deposits made through electronic transfers are typically available the same business day.
Yes, money can be directly deposited into Vio Bank accounts. Money can only be deposited into Vio Bank CDs during the grace period before maturity.
Bank Contact Information
Vio BankP.O. Box 76149
Oklahoma City, OK 73147
888-999-9170
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.