Vio Bank Reviews 2022: [Saving + CDs + APY]

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Vio Bank Reviews 2022: Is It the right bank for you? How much is the minimum balance required in Vio Bank? Get to know everything about Vio Bank in 2022 and what the bank is offering to its customers.

All You Need To Know About Vio Bank in 2022

Vio Bank is one of the best online banks in 2022 as it offers you excellent interest rates and savings and CDs accounts compared to other banks.

Vio Bank Logo

Vio bank offers you the best interest rates, 0.75% APY in 2022. Also, it is the online-only division of MidFirst Bank. MidFirst, established in 1911, is the largest privately-owned bank in the U.S. To open your savings account with Vio Bank, you must deposit a minimum balance of $100.

The daily deposit limit is $100,000 per month is $250,000 in checks or via wire transfer. The online statement has no charges, but if you want paper statements, you have to pay a $5 monthly fee, and if it extends more than six withdrawals per month, they will charge you $10 per transaction.

What Are The Pros and Cons Of Vio Bank in 2022?

Every bank has advantages and disadvantages depending on various factors and customers’ needs. So, let us get to know what are the pros and cons of Vio Bank in 2022:

Vio Bank Pros and Cons
Vio Bank Reviews: Pros and Cons

The Pros

  • It provides a competitive interest rate with a 0.75% APY Vio saving account.
  • Maintaining a minimum balance is not required, which is a great relief. 
  • A minimum deposit of $100 is required to open your savings account in 2022, which is likely very low compared to others.  
  • The minimum deposit for certificates of deposits (CDs) is $500.

The Cons

  • There will be no checking account.
  • No physical branch is available for those who like to follow traditional banking.
  • There will be no ATMs. So, you won’t be able to deposit or withdraw your cash via ATMs
  • There will be an Automatic CD renewal whether you need it or not. 
  • It only offers CDs, savings and market accounts.

Overall Rating: 4/5

Read – What Is A Community Bank?

Vio Bank Reviews: Who Should Choose in 2022 and Why?

If you are looking for simple and easy online banking, then Vio Bank is the best choice for you as:

  • Vio Bank does not require a debit card or even a checking account.
  • It offers a wide range of services, financial products and deposit accounts.
  • You don’t need to worry about monthly maintenance fees.
  • There will be no minimum balance required for a savings account.

Must Read – Ultimate Guide: How To Choose A Bank In 2022?

Vio Bank Reviews: What The Bank Offers In 2022?

Vio Bank offers the easy transfer of funds online between accounts, deposit accounts like CDs, High yield saving accounts, and money market accounts. Let us get to know Vio Bank deposit accounts in detail one by one:

Vio Bank Offers
Vio Bank Reviews: Offers
  1. CDs
  2. High Yield Savings Account
  3. Money Market Account

1. CDs (Certificates of Deposits)

All CDs require a minimum deposit of $500. The following table includes the Vio Bank CD rates.

Vio Bank CDs
Vio Bank Reviews: CDs
Vio Bank CD Rates 
TermAPY
6 Months0.35%
9 Months1.75%
12 Months2.25%
18 Months2.50%
24 Months2.60%
36 Months2.70%
48 Months2.75%
60 Months2.50%
84 Months2.00%
120 Months2.00%

You may also face the following CD early withdrawal penalties:

Term of CD between 32 days- 12 months, the early withdrawal penalty will be 1% of the amount withdrawn with a $25 fee. If the Term of the CD is more than 12 months, the early withdrawal penalty will be 3% of the amount withdrawn with the $25 fee.

CD Rates of Vio Bank 2022:

The APY for a short-term, 6-month CD ranges from 0.35% to 2.75% for a four-year CD. Many frequently invest in 5-year CDs with an interest rate of 2.50%. A 10-year CD with an APY of 2.00% is also available from Vio.

2. High Yield Savings Account

With $100 to open an account, it is the best for starters as there will be no monthly service fee. The APY will be 0.75%. You can also enjoy the free online statements, but if you like to get them mailed, then you have to give $5 as a monthly charge. It also has a drawback as it does not include any debit card. Also, there will be no physical branches available. You can do mobile banking as well after you enroll in online banking.

Vio Bank High Yield Savings Account
Vio Bank Reviews: High Yield Savings Account

Remember, you can only make six withdrawals in a month, and if you cross the limit, you will be charged $10 as a fee per withdrawal.

3. Money Market Account

Its money market account pays a reasonable interest rate. And with other benefits, the account will be FDIC insured as well.

Vio Bank Reviews: Banking Experience & Customer Service

Vio bank is for people looking for an online banking experience, financial products and excellent customer service. Below is what you can expect after opening an account at Vio Bank in 2022:

1. Vio Banking experience

Vio Bank Banking Experience
Vio Bank Reviews: Banking Experience

It is an online platform with no physical branches. It does not support any ATM facilities either. But it does offer a competitive interest rate, you can start your banking with just $100, and it has much more to offer. You can enjoy the perk of its automated information available 24/7. Bank security is also suitable as in case of potential fraud, Vio Bank holds the authority to close or suspend the particular account after informing them. The app rating for IOS users is 4.5 stars, and for Android users is 3 stars out of 5.

2. Vio Customer Service

It can be reached telephonically on 888-999-9170 number on specific days, including:

Vio Bank Customer Service
Vio Bank Reviews: Customer Service

7 am to 9 pm – Monday to Friday (CST)

8 am to 6 pm – Saturday (CST)

12pm to 4pm – Sunday (CST)

Vio Bank Reviews: Final Thoughts

We highly recommend Vio Bank, as it offers you a great banking experience, customer services and competitive interest rates. Also, you can open your savings account quickly with a low deposit. Its overall rating is 4 out of 5. Although it has no physical branch, it offers you 24/7 automated online information. It also provides high security in case of any potential fraud. So, from our side, it is a big yes for Vio Bank.

FAQs

Is Vio A Safe Bank?

Yes, it is safe as in case of any potential fraud, Vio Bank holds the authority to close or suspend the particular account after informing them.

What Is The Vio Bank Interest rate?

The Vio Bank interest rate for annual percentage yields (APY) for saving accounts is 0.75%.

In terms of months                       

6 – 0.10% APY 

9 – 1.50% APY

12 – 2.00% APY 

18 – 2.35% APY

24 – 2.45% APY

36 – 2.45% APY

48 – 2.50% APY

60 – 2.50% APY

84 – 2.00% APY

120 – 2.00% APY 

Is Vio Bank Good For Savings?

YES, it is suitable for your savings as it offers you competitive interest rates.

How Much Is The Minimum Balance Required In Vio Bank?

You can get started with Vio Bank with a $100 minimum balance.

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