Vio Bank, the online-only division of MidFirst Bank, one of the largest privately held banks in the US, has been making waves since its 2018 launch. Focused on deposit accounts with competitive interest rates, Vio Bank offers a streamlined banking experience for tech-savvy customers. This review delves into Vio Bank’s products, services, fees, pros and cons, customer service, and mobile banking experience to provide a comprehensive overview.
Table Content:
Product and Service Offerings at Vio Bank
Vio Bank’s product lineup centers on deposit accounts designed to maximize savings:
Online Savings Account: This account boasts a competitive APY (currently 1.10%) with a low minimum opening deposit of $100. No monthly fees apply unless paper statements are requested. Daily compounding and monthly crediting of interest further enhance savings growth.
Certificates of Deposit (CDs): Vio Bank offers CDs with terms ranging from six months to 10 years, featuring APYs up to 4.30%. A $500 minimum deposit is required. Interest compounds daily. Early withdrawal penalties apply, varying based on the CD term.
Money Market Savings: The Cornerstone Money Market Savings Account stands out with a compelling 4.46% APY and a $100 minimum opening deposit. No monthly fees are charged, and interest compounds daily. This account consistently ranks among the top high-yield money market accounts available.
Fee Structure at Vio Bank
Vio Bank maintains a transparent and customer-friendly fee structure: No monthly account maintenance fees or overdraft fees are charged. However, certain fees may apply under specific circumstances, such as early CD withdrawals.
Weighing the Pros and Cons of Vio Bank
Pros:
Highly Competitive Interest Rates: Vio Bank offers some of the most competitive rates available on CDs and money market accounts, allowing for significant savings growth.
Absence of Monthly Fees: The lack of monthly maintenance fees contributes to overall cost savings for customers.
Cons:
Lack of Physical Branches: As an online-only bank, Vio Bank does not offer the convenience of physical branch access.
Limited Account Variety: Currently, Vio Bank focuses solely on deposit accounts, excluding checking accounts and lending or investment services. This limited product range may not suit customers seeking a full-service banking experience.
Customer Service and Mobile Banking at Vio Bank
Vio Bank provides customer service support via phone:
- Monday – Friday: 7 a.m. to 9 p.m. CT
- Saturday: 8 a.m. to 6 p.m. CT
- Sunday: Noon to 4 p.m. CT
Customers can also submit online forms for assistance.
Vio Bank’s mobile app, available on the App Store and Google Play, facilitates account management on the go. The app allows users to check balances, search transactions, deposit checks, and access statements and tax documents. User reviews indicate varying experiences, with a 4.6-star rating on the App Store and a 2.9-star rating on Google Play.
Frequently Asked Questions about Vio Bank
Is Vio Bank FDIC-Insured?
Yes, Vio Bank, as a division of MidFirst Bank, benefits from FDIC insurance. Deposits are insured up to the federal limit of $250,000 per depositor, per institution, per ownership category.
What is Vio Bank’s Routing Number?
Vio Bank’s routing number is 303087995.
Who Owns Vio Bank?
Vio Bank is owned by MidFirst Bank, the largest privately held bank in the United States.
Conclusion
Vio Bank presents a compelling option for individuals seeking competitive interest rates on deposit accounts. While its limited product range and lack of physical branches may not suit all banking needs, its high-yield savings options and fee-free structure make it a strong contender in the online banking landscape. Potential customers should weigh the pros and cons carefully to determine if Vio Bank aligns with their specific financial requirements.
