Vio Bank Reviews (2020) Savings and Donts

Vio Bank is basically an online as well as the only financial institution which is working online. It is a privately-owned bank, which was established in 2018. It is basically based in Oklahoma City and serving or functioning in many other cities and states like Texas, Colorado, California, and Arizona.

Vio bank operates as a division of MidFirst Bank which has $ 20 billion in assets and thus, MidFirst Bank is categorized as the largest private financial institution in the U.S.

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Vio Bank Reviews:

Product Name Vio High Yield Savings
Min Sum deposit $ 100
APY 1.50 percent APY
Type of Account Savings account
Promotions No promotions
Monthly account maintenance fee $ 0

A quick review of Vio Bank features:

  • High APYs: It offers viable savings account APY
  • No monthly fees: Its fees are easy to avoid and are comparatively less, compared to other competitors in the market.
  • Low Minimum Deposit: You just need $ 100 to open up an account and don’t require a minimum daily balance.
  • Other Fees: Vio bank does not charge any monthly fees or savings account fees. But it does have some other fees associated, that are charged from the customers, although some are minimum and some are barely charges which are as follows:
Type of Fee Charged Associated Fee
Monthly Maintenance $ 0
Excess Withdrawal $ 10
Stop Payment Fee $ 30
Returned Item Fee $ 7
Domestic Incoming Wire Transfers $ 0
Domestic Outgoing Wire Transfer $ 18
  • FDIC-insured: The Vio bank is FDIC insured like other traditional and online banks. Per customer and per account of the bank is insured by FDIC up to $ 250,000.

Pros of Vio Bank Reviews:

  • Vio Bank offers competitive rates for savers.
  • The minimum deposit necessities of the bank are low.
  • The bank offers an assortment of CD terms.

Cons of Vio Bank Reviews:

  • A small range of products is offered by the bank.
  • There is no access to budgeting tools or the ability to make person-to-person payments to the customers.
  • There are no mobile apps developed as of yet.

So, according to reviews on Vio bank is an online-only financial institution that serves the nation and offers the customers a high yield savings account or CD that has competitive rates.

Vio bank saving reviews:

Vio Bank savings account is a high yield savings account that is available on all balances and offers competitive yield. Further, in order to open the Vio savings account a low deposit of $ 100 is required, but there are no monthly fees associated with the account.

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Associated Penalty with Vio savings account:

  • Vio savings account operates on Regulation D rules, that limits you to withdrawal only six withdrawals per month as more than 6 withdrawals would cost you $ 10 as a penalty.
  • $ 5 is to be paid in case you don’t have any bank activity for more than 12 months. So, as a monthly inactivity fee, you need to pay $ 5 to the bank.
  • $ 25 is to be paid in case you want to close down your account within the first 90 days after opening the account. So, $ 25 is the account closing fee charged by the bank.

Pros of Vio bank saving reviews:

  • The Vio bank saving account has an APY that is amongst the top yields available in the market.
  • On all bank balances the APY is available.
  • The interest is compounded regularly.

Cons of Vio bank saving reviews:

  • In case you receive paper statements then you need to pay $ 5 per month to the bank as a statement charge.

Vio bank CDs reviews:

  • Minimum opening deposit: $ 500
  • Minimum balance to earn APY: $ 0.01
  • Early withdrawal penalty: You need to pay 1 percent of the amount that you withdraw with a penalty of a $ 25  for a period of 6 months to 12 month CDs, and you need to pay 3 percent of the amount you withdraw with a penalty of a $ 25  for a period of more than 12 months.

Six months to 10 years traditional CDs are offered by Vio bank, where the minimum deposit for each of these Vio bank accounts is as low as $ 500. Here, the CDs are automatically renewed before they get mature, otherwise, the bank prohibits account holders. Further, some early withdrawal penalties are also levied by the bank that depends upon the term length.

The table below depicts the APY offered by Vio bank on the basis of the different term periods, although a penalty fee of $ 25 is the same in all the cases.

Term APY
6 months 0.20 percent
9 months 0.25 percent
12 months 0.20 percent
15 months 2.05 percent
18 months 0.30 percent
24 months 0.35 percent
36 months 0.45 percent
48 months 0.50 percent
60 months 0.60 percent
84 months 0.70 percent
120 months 0.80 percent

Pros of Vio bank CDs reviews:

  • The interest is compounded on a regular basis.
  • There is moderately a low minimum deposit requirement of the bank.
  • An assortment of CD terms is offered by the bank.

Cons of Vio bank CDs reviews:

  • The withdrawal penalties which are levied early are harsh.
  • There are no special types of CDs or promotions available.
  • Some other online banks also do offer higher yields than Vio online bank.

So, as per the Vio bank CDs review, competitive rates, as well as low cost, are provided by the Vio bank.

How Can you Open a Vio Bank Account?

In order to open a Vio bank account you need to visit where you need to fill out the available Vio bank application form online. When your account will be opened up you can link your external bank checking account in order to move money or operate your savings Vio account.

Vio bank login:

You can directly login to the Vio bank account on (Vio bank website). But, in case you have not signed up, then firstly you need to sign up in the Vio bank.

Vio bank routing number:

The routing number of Vio bank is 303087995. It is also registered as the MidFirst Bank routing number as Vio bank is part of MidFirst Bank.

Vio bank reviews scams:

Scams are common nowadays in online banking. So, Vio bank has taken appropriate measures to prevent Vio bank online scams, which are as:

  • Phishing
  • Identity Theft
  • Software Threats
  • Spyware
  • Bogus Check Scams
  1. Phishing: Identity Theft: Use of fake emails and web sites, by which personal information of the user or individual such as credit card numbers, Social Security numbers, and online banking usernames and passwords are retrieved. So, it is the most common way in which emails are sent to the user, that holds the website link of the fraudster upon which all the detailed information is gained. So, be sure that Vio Bank never asks for any personal information.
  2. Software Threats: Software threats will attack your computer and will eventually leave out your computer unusable, in which the information is accessed by another person. The common types of Vio bank Software Threats include:
  • Viruses
  • worms and
  • trojans 
  1. Spyware: Spyware gathers information about the websites you use, your bookmarks, use of patterns, etc.
  2. Bogus Check Scams: These scams are used to counterfeit checks or deposits checks into your bank account and withdraw money from the account.

Vio bank ratings:

Vio Bank Review
Interest Rates 5 / 5
Fees and Charges 5 / 5
Customer Service 4 / 5
Ease of Use 4 / 5
Products and Services 4 / 5
Tools and Resources 4 / 5

Thus, the overall Vio bank rating is 4.3. These ratings are based on Vio bank customer reviews. 

Vio bank reviews BBB:

The overall rating or BBB review of Vio bank is A +. As it has fewer customer complaints and a great rate of interest offered to the customers.

Is Vio bank legit?

Vio bank has no frills attached and it is the online-only bank that offers few products to its customers. Moreover, it has no monthly fees to be paid and offers competitive rates, further Customer service is also easily available. So, yes, it is legit to use Vio bank.

Is Vio bank safe?

Yes, Vio bank is safe as it uses bank-grade encryption and also it is FDIC insured, which means that your Vio saving account is insured by the government up to the amount of $ 250,000. 

Other Options to consider in saving Account:

You can also consider other available options other than Vio bank in case of saving account, which are as:

  • First Foundation Bank – 1.75 percent APY
  • Fitness Bank – 1.75 percent APY
  • UFB Direct – 1.70 percent APY
  • Neighbors Bank – 1.70 percent APY
  • CFG Bank – 1.62 percent APY
  • HSBC Direct – 1.60 per cent APY
  • Popular Direct – 1.60 percent APY
  • SFGI Direct – 1.56 percent APY
  • Comenity Direct – 1.55 percent APY
  • Prime Alliance Bank – 1.55 percent APY
  • CFG Bank – 1.52 percent APY
  • Vio Bank – 1.50 percent APY
  • ConnectOne Bank – 1.50 percent APY

Other banks to consider in case of loan:

You can also consider other available options other than Vio bank in case of a loan, which are as:


The Vio Bank Online Savings Account is a great choice for people who seldom withdraw their money from their savings account. Apart from this, a great interest rate, as well as a competitive interest rate, is also provided with no monthly fee associated with the Vio bank account. Although, a mobile app for Vio bank is the need of an hour, on which the bank should defiantly focus on.


1. Is Vio Bank legit?

Ans. Vio bank has no frills attached and it is the online only bank which offers few products to its customers. Moreover, it has no monthly fees to be paid and offers competitive rates, further customer service is also easily available. So, yes, it is legit to use Vio bank.

2. Is Vio bank FDIC insured?

Ans.  Yes, Vio bank is FDIC insured up to the amount of $ 250000.

3. Who is Vio bank owned by?

Ans.  Vio Bank is owned by the largest privately owned banks in the United States and who is also the Member FDIC, MidFirst bank.

4. Is Vio bank safe?

Ans.  Yes, Vio bank is safe as it uses bank grade encryption system and also it is also FDIC insured, which means that your Vio saving account is insured by the government up to the amount of $ 250,000.

5. Does Vio compound every day?

Ans.  Yes, interest offered by the Vio bank on CDs is compounded on a daily basis or every day.

6. Can you trust online banks?

Ans.  Yes, you can trust online banks as they are FDIC insured and in case of Vio bank, it is FDIC insured. So, you can trust the Vio bank.