Vio Bank's high-yield money market account offers a good rate. But the bank lacks a checking account and ATM services.
Mar 8, 2024 Written by Spencer Tierney Senior Writer Spencer TierneySpencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
Assistant Assigning Editor Sara Clarke
Assistant Assigning Editor | Banking
Sara Clarke is a former Banking editor at NerdWallet. She has been an editor and project manager in newsrooms for two decades, most recently at U.S. News & World Report. She managed projects such as the U.S. News education rankings and the Best States rankings. Sara has appeared on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She is based near Washington, D.C.
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The bottom line:Vio Bank has a competitive interest rate and reasonable opening minimum on its money market savings account and offers a suite of certificates of deposit. But the bank, the internet division of the Oklahoma-based MidFirst Bank, doesn’t offer an ATM or branch network, so it’s best for setting aside cash to let it grow.
Best for: Digital banking customers who want a solid interest rate, don’t need checking services under the same roof and use the iOS app.
No monthly fees on some savings accounts. Competitive rate on savings and CDs. Low minimum opening deposits on some CDs. No cash deposits. No branch access. No checking account offered.
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
With $0.01 min. balance for APYHigh rate and no monthly fees. Vio Bank offers a highly competitive rate: 5.30% annual percentage yield on all balances. You need $100 to open this account and there's no monthly fee.
External transfers may take a week. Transfers between Vio accounts are instantly processed, but transfers involving an external bank can take up to five days (not including weekends and holidays). This timing is slower than some other online banks that can do transfers that take three days or less. (Learn more about bank transfer delivery times .)
Vio Bank’s deposit limit is high. You can deposit up to $25,000 per day via online transfer and $100,000 per day in checks using the app.
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Minimum deposit Show detailsHigh rates, many terms, low minimum. Vio offers a wide range of CD terms, from six months to 10 years, with solid rates. You only need $500 to open a CD. Some banks have minimums as high as $10,000.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Straightforward website but limited support channels. Vio’s website clearly lays out interest rates, opening minimums and other account details. But the bank's support channels are limited. Customer service hours by phone are 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. It doesn’t offer support on X (Twitter).
The online-only bank is really for earning interest on savings. There are no ATMs, branches or checking accounts.
Mobile app ratings are mixed. iOS users rate Vio’s app above 4 stars, but Android users give close to 3 stars. Both are out of five stars.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.
Learn moreat SoFi Bank, N.A.
Learn moreNerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
About the author
Spencer TierneySpencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.Read more
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