Vio Bank Review: High-Yield Savings, CDs, and Money Market Accounts in 2024

In the ever-evolving landscape of online banking, Vio Bank has emerged as a strong contender, offering competitive interest rates on savings, CDs, and money market accounts. Established in 2018 as the online banking division of Oklahoma City-based MidFirst Bank, Vio Bank has quickly gained traction among savvy customers seeking high yields and low fees. Let's delve into the key features and benefits of Vio Bank's offerings, as well as some potential drawbacks to consider.

High-Yield Savings Account

Vio Bank's Online Savings Account offers an APY of 1.10% on all balances, with a minimum opening deposit of just $100. This rate is competitive with other online banks, such as Ally Bank, which offers a similar APY of 1.00% on its Online Savings Account. Vio Bank's high yield is likely due to its online-only business model, which allows it to operate with lower overhead costs compared to traditional brick-and-mortar banks. This enables Vio Bank to pass on higher interest rates to its customers.

Money Market Account

Vio Bank's Cornerstone Money Market Savings Account offers an even higher APY of 4.56% on all balances, with a minimum opening deposit of $100. This rate is significantly higher than many other online banks, such as Discover Bank, which offers an APY of 0.40% on its Online Savings Account. Vio Bank's high money market APY can be attributed to its focus on digital banking, which allows it to maintain lower operational costs and offer higher yields to customers.

Certificates of Deposit (CDs)

Vio Bank offers a wide range of CD terms, from six months to 10 years, with solid rates. For example, its 1-year CD has an APY of 4.00%, while its 5-year CD has an APY of 2.75%. These rates are competitive with other online banks, such as Marcus by Goldman Sachs, which offers APYs of 3.90% and 2.75% for its 1-year and 5-year CDs, respectively. Vio Bank's high CD rates can be attributed to its ability to monitor the competition and adjust its rates accordingly, ensuring it remains competitive in the market. Additionally, its online-only business model allows it to maintain lower costs, enabling it to offer higher yields on CDs.



Customer Service and Support Channels

Vio Bank's customer service and support channels are generally straightforward and accessible, but they may not be as comprehensive as those offered by some other online banks. The website is easy to navigate and clearly lays out interest rates, opening minimums, and other account details. However, the mobile app has mixed reviews, with iOS users rating Vio's app above 4 stars, while Android users give close to 3 stars out of 5. This suggests that there is room for improvement in the mobile app experience for Android users.

Vio Bank offers customer service by phone from 7 a.m. to 9 p.m. CT on weekdays, 8 a.m. to 6 p.m. CT on Saturdays, and 12 p.m. to 4 p.m. CT on Sundays. These hours are comparable to other online banks, but some users might prefer 24/7 support. Vio Bank provides a learning center, FAQ section, and an online contact us form for customer support, but it does not offer support on social media platforms like Twitter (X), which could be a convenient option for some users.

Potential Improvements

To enhance the user experience, Vio Bank could consider expanding its support channels to include live chat and social media support, as these options are popular among users of other online banks. Additionally, extending customer service hours to include 24/7 support could make Vio Bank more accessible to users with varying schedules. Addressing the mixed reviews of the mobile app, particularly for Android users, could also help improve the overall user experience.



In conclusion, Vio Bank's competitive interest rates on savings, CDs, and money market accounts make it an attractive option for customers seeking high yields and low fees. However, potential drawbacks, such as limited customer service hours and mixed mobile app reviews, should be considered when deciding whether Vio Bank is the right choice for your banking needs. By addressing these areas, Vio Bank could further enhance its reputation as a leading online bank.