The high-yield savings accounts, CDs, and money market accounts from Vio Bank are available exclusively online. No monthly service charges or minimum balances are required, and the interest rates are among the best in the industry. As Vio Bank is a Federal Deposit Insurance Corporation (FDIC) member, customers' deposits are protected up to a maximum of $250,000 per depositor. Customers have round-the-clock access to their funds using the internet or mobile app.

Vio Bank offers high-yield savings accounts, certificates of deposit, and money market accounts entirely via its website. There are no minimum amount or monthly service fees, and the interest rates are competitive. As Vio Bank is an approved member of the FDIC, deposits of up to $250,000 per customer are guaranteed. Customers can access their money via the website or mobile app whenever needed. MidFirst Bank, a privately held institution headquartered in Oklahoma City, opened an online-only subsidiary called Vio Bank in 2018. Vio Bank provides several deposit products, including high-yield savings accounts, certificates of deposit, and money market accounts. They try to offer competitive interest rates, affordable fees, and simple online account access. This review will focus on Vio Bank's services, rates, and products.

Services And Products

High-Yield Savings Accounts

Vio Bank's high-yield savings account is one of the bank's most prominent offerings. The interest rate on this account is consistently high compared to the rest of the market. The APY on the invoice is 0.60% as of March 2023. There is no minimum amount required and no monthly service charges. Customers can access unlimited deposits and withdrawals; interest is compounded daily and credited monthly.

Certificates of Deposit (CDs)

Certificates of deposit (CDs) from Vio Bank are available with maturities between 6 months and five years. Their certificates of deposit (CDs) offer greater annual percentage yields (APYs) than their savings accounts do, often between 0.70% and 1.00%. Monthly interest payments are made after a daily interest-compounding period. Fees may be charged if money is taken out of a CD before the term ends.

Money Market Accounts

The money market account at Vio Bank pays a competitive, progressive interest rate in accordance with the account balance. The annual percentage yield (APY) on balances of $10,000 or more as of March 2023 is 0.50%. There is no minimum amount required and no monthly service charges. Clients are allowed up to six withdrawals and transfers per billing period.

Charges &'' Fees

Regarding banking, Vio Bank's minimal costs constitute a significant perk. No minimum balance and monthly maintenance fees for any of their accounts are required. Still, patrons should be informed of the following charges:

Customer Service

Telephone and electronic mail contact options are available from Vio Bank. Their support hours are 7:00 am to 9:00 pm Central Time, Monday through Friday, and 8:00 am to 5:00 pm Central Time, Saturday and Sunday. Vio Bank's website and mobile app allow customers to view their accounts and remotely transfer. Nevertheless, no ATMs nor in-person financial services are available.

FDIC Insurance

With an FDIC membership like Vio Bank's, account holders may rest easy knowing their money is protected by up to $250,000 in a financial emergency. Customers can rest easy knowing their financial data is covered in this way.

Pros And Cons

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Cons:

Conclusion

High-yield savings account and certificate of deposit customers may want to look into Vio Bank because of the bank's competitive interest rates and cheap fees. Customers appreciate the convenience of 24/7 online access to their accounts and the security of knowing their deposits are insured by the FDIC up to $250,000 each. But, the company's limited product selection, nonexistent branch locations, short customer service hours, and the lack of bank accounts and ATM access may turn off some customers.