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 asof Jul 14, 2024
Vio Bank Cornerstone Money Market Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our 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.
4.50/5Our 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.
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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
- Vio Bank Review
- Vio Bank High Yield Online Savings Account Review
Our money market account methodology
At The Motley Fool Ascent, 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 The Motley Fool Ascent rates bank accounts.
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