Vio Bank is the online banking division of MidFirst Bank in Oklahoma, an FDIC member bank that offers a range of accounts to help you save for the future. It offers a high-yield savings account, a money market account, and a certificate of deposit account with terms between 6 and 120 months. With some of the best interest rates in their savings accounts, Vio Bank is a good option if you want an online savings account but don’t need a checking account.
Vio Bank: Save for Your Future
Vio Bank’s online savings accounts have a very competitive APY, one of the highest in the U.S., that is available for any account balance and no monthly fees. Since the online bank does not offer ATMs or branches, you want to use a Vio Bank online savings accounts to deposit your money and let it grow. It does not accept cash deposits, but you can set up automated ACH transfers or use mobile check deposits as ways to add money into your savings account. Also is worth noting that Vio Bank does not offer debit cards or checks for your accounts.
Apart from mobile deposits, you can also access your accounts at any point through the Vio Bank mobile app. The app also provides you with savings tools, like savings calculators to determine how much you should be saving to meet your saving goals or how much your savings will be worth in the future.
Vio Bank: Savings, Money Market and CD Accounts
With a very competitive annual percentage yield on Vio Bank savings accounts, you can open a Vio Bank account with a low opening minimum, no monthly fee, or a certificate of deposit with different terms from 6 to 120 months. Some fees they do charge include $5 per month to access paper statements, $10 per transaction over your six free withdrawals, and early withdrawal penalty fees on the CD accounts that vary depending on the term.
High Yield Savings Account
Vio Bank’s high-yield online savings account offers one of the most competitive rates in the U.S. that is compounded daily to help you grow your money faster. The account requires only a $100 minimum deposit to open, has no monthly fees, and allows you up to six free withdrawals per monthly statement cycle, giving you the flexibility o access your money.
Money Market Account
You can easily open a Money Market Account online with Vio Bank, giving you one of the best interest rates in the nation for your savings while also providing you with the flexibility to access your money if you need it. The interest rate is compounded daily for this account, and you get six free withdrawals per monthly statement cycle. The money market account has a minimum deposit of $100 to open and no monthly fees. You can set up automatic transfers to meet your savings goals from the online banking platform or the mobile app.
Certificate of Deposit Accounts (CD)
Vio Bank’s APY for their CD is one of the highest in the U.S., offering a wide range of CD terms, ranging from 6 months to 10 years. With only a minimum deposit of $500 to open an account, Vio Bank’s certificate of deposit compounds interests daily to help you grow your savings. The penalties for an early withdrawal depend on the term length.
Start Saving With Vio Bank
As an online bank, Vio Bank offers all its banking services online through their free online banking. You can also use the Vio Bank mobile app to manage all your accounts from anywhere. They offer broad customer service hours on the phone, on weekdays from 7 a.m. to 9 p.m. Central, Saturday from 8 a.m. to 6 p.m., and Sunday from 12 p.m. to 4 p.m.
To open an online savings account with Vio Bank, visit their website to complete the online application for the account you want to open.