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Vio Bank Cornerstone Money Market Savings Review: Strong APY and Low Minimum Opening Deposit Requirement

Review Updated
David Chang, ChFC®, CLU®
Author: David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Vio Bank is an online banking option that is backed by the largest privately held bank in the United States, MidFirst Bank. One of the appealing features of the bank is its Vio Bank Cornerstone Money Market Savings account, which offers a competitive interest rate and no monthly fees as long as you agree to receive electronic statements.

With a minimum deposit of $100, this account is a great option for those looking to grow their savings without having to constantly worry about fees eating up their earnings. And, with FDIC insurance, you can rest assured that your money is safe and secure in this account.

Ratings Methodology
Rates as of Dec 20, 2024

Vio Bank Cornerstone Money Market Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Monthly Fee
$0
Min. Balance
$100
APY
5.30%
Min. To Earn APY
$0
  • Competitive interest rates
  • No monthly fee with electronic statements
  • Low minimum
  • No debit card or check-writing privileges
  • No physical branches
  • No ATM network

Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the United States and an FDIC member. It offers a competitive rate for its Money Market Savings Account and no monthly fees as long as you agree to electronic statements. There is a $100 minimum deposit with this account and it is FDIC insured.

The online bank has no physical branches and no ATM network. This makes accessing cash on the go a little more difficult. The online bank does not offer a checking account so you are limited to only a few products in its lineup.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full Vio Bank Cornerstone Money Market Savings account review

Top perks

The Vio Bank Cornerstone Money Market Savings account offers appealing benefits for those seeking to open a new account.

Competitive interest rates: Vio offers some of the best rates in the industry. The bank regularly monitors the competition to ensure its rates are some of the best in the nation.

No monthly fees: The Vio Bank Cornerstone Money Market Savings account has no monthly account fees whatsoever, as well as no minimum balance fees, if you opt for e-statements. There is a $5 monthly fee if you receive paper statements.

Low minimum deposit: The Vio Bank Cornerstone Money Market Savings account has a $100 minimum opening deposit requirement. Many of the other best money market accounts have minimums that are much higher.

FDIC insurance: Given the recent banking climate, it's worth pointing out that money market accounts like the Vio Cornerstone are FDIC insured for up to $250,000 per depositor.

What could be improved

The Vio Bank Cornerstone Money Market Savings account may not be the perfect bank account for everyone. Here are some potential drawbacks you should be aware of.

No physical locations: If you value in-person banking or speaking directly with someone in customer service, Vio may not be the ideal choice as it lacks physical branch locations.

No checks or debit card: Vio's money market accounts do not provide the option for account holders to have a linked debit card or write checks. In contrast, numerous other money market accounts do offer check-writing capabilities, making this a potential disadvantage for Vio.

High outgoing wire transfer fees: There is no fee for incoming domestic wire transfers, but there is a high fee for outgoing domestic wire transfers -- $30.

How to access your money

Vio provides multiple ways to access funds in its money market account, allowing you to make deposits and withdrawals with ease. Account holders get six free withdrawals every month.

Deposit options

If you want to fund your Vio Bank Cornerstone Money Market Savings account, here are the different options to do so:

  • ACH
  • Personal check by mail
  • Personal check by mobile deposit
  • Wire transfer

The Vio Bank Cornerstone Money Market Savings account doesn't charge a fee for incoming wire transfers.

Withdrawal options

If you want to withdraw money from your Vio Bank Cornerstone Money Market Savings account, these are the options you have:

  • ACH
  • Wire transfer
  • Check

Vio charges a $30 fee for outgoing domestic wire transfer.

The Vio Bank Cornerstone Money Market Savings account is right for you if:

If you're comfortable with online-based banks and prefer the convenience of managing your finances from home, the Vio Bank Cornerstone Money Market Savings account may be right for you. With a high APY and a low minimum balance required to open, it's an ideal choice for savers who want to get the most for their money. Plus, you won't have to worry about monthly fees eating into your savings.

However, the account doesn't come with a debit card or the ability to write checks, and Vio Bank has no physical locations. So if these features are important to you, then you will need to find another financial institution.

Keep reading about Vio Bank

Our money market account methodology

At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Learn more about how Motley Fool Money rates bank accounts.