Vio Bank review: Earn high interest rates on savings and CDs
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Vio; Alyssa Powell/Insider
Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 4 |
| CD | 4 |
| Trustworthiness | 5 |
| Total: | 4.25 |
Pros and cons
| Pros: | Cons: |
|
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Savings
You'll get plenty of bang for your buck with this savings account.
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.
CDs
How Vio Bank works
Vio is an online-only institution with a high-yield savings 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 4.5 out of 5 stars in the Apple store, and 3.1 out of 5 stars in the Google Play store.
You can contact customer service by phone. Call Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, Saturday from 9:00 a.m. to 7:00 p.m. ET, or Sunday from 1:00 p.m. to 5:00 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 a division of MidFirst Bank. The Better Business Bureau has given MidFirst Bank an A+ in trustworthiness. 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, also to get the point of view of friends, family, or online reviews.
Neither MidFirst nor Vio has any public scandals, so you may feel comfortable keeping your money with Vio.
How Vio compares to similar banks
We've compared Vio to two other online-only banks: Marcus by Goldman Sachs and Discover.
Vio Bank review vs. Marcus review
Both Vio and Marcus only offer savings accounts and CDs. You may like either bank if you aren't looking to open a checking 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 or CDs. Discover has a good cash-back checking account, as well as a money market 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.
See Insider's list of the best savings accounts »