Vio Bank Cornerstone Money Market Account 2024 Review
Vio Bank offers an online money market account with one of the highest rates around. You need just $100 to get started and there's no monthly maintenance fee to drain your interest earnings.
If you're looking for one of the best online money market accounts, Vio Bank is worth a look. You can earn an impressive APY with no monthly fee and the opening deposit requirement is much lower than what some online banks expect.
You might consider saving with Vio Bank if you:
- Are looking for a high-yield money market account with no monthly fees
- Want to earn the same rate across all balances
- Don't mind managing your savings account online
- Have $100 or more to make the opening deposit
It's easy to open a Cornerstone Money Market account online. You just need to be 18 or older and have an external bank account that you can link to make your first deposit.
In addition to money market accounts, Vio Bank also offers CDs and high-yield savings accounts to help you reach your financial goals.
Vio Bank Cornerstone Money Market Account Pros & Cons
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Compared to Other Online Savings Accounts
Pacific Western Bank Money Market Deposit Account
Pacific Western Bank offers a money market account online in partnership with Raisin. The APY is comparable to what you could earn with Vio Bank, but you'll need just $1 to get started instead of $100. The catch is that you have to open your account through Raisin to get the advertised rate; otherwise, you'll earn a lower APY on balances.
Read our full Pacific Western Bank Money Market Deposit Account review.
Discover Bank Money Market Account
If you have a little more money to deposit, you might consider Discover Bank's money market account. You'll need $2,500 to get started and the APY is on par with what other online banks offer. One of the best features of this account is the option to withdraw cash fee-free at more than 60,000 ATMs.
Read our full Discover Bank Money Market Account review.
NBKC Bank Money Market Account
NBKC Bank's money market account has no monthly maintenance fee and requires a balance of $0.01 to earn the advertised APY. You'll get an ATM card with this account, though the network of fee-free ATMs is a little smaller. You do, however, get the benefit of monthly ATM fee rebates if you're charged a fee for using another bank's machine.
Read our full NBKC Bank Money Market Account review.
VirtualBank eMoney Market Account
VirtualBank is the online banking division of First Horizon Bank. The bank's eMoney Market account earns an impressive APY, though it's slightly below what you'll get with Vio Bank. Like Vio, this account requires just $100 to open and has no monthly maintenance fee.
Read our full VirtualBank eMoney Market Account review.
Interest Rates
Compared to other online money market accounts, Vio Bank is a standout. The APY you could earn is one of the best you can get with a money market account or high-yield savings account.
APY isn't the only thing to consider when opening a bank account, but it's pretty important if you're trying to grow your money. Vio Bank lets you earn the same rate across all balances, with no tiers to worry about. You can also get solid rates with Vio Bank's high-yield savings and CD accounts.
Which bank has the highest money market rates?
The answer can change from one day to the next, as banks adjust rates all the time. As you look for a new savings account option, here are some things to remember about rates.
- Interest rates and APYs aren't always the same.
- Some banks apply the APY across all balances, while others tier interest according to how much you save.
- Banks can also cap your APY once your account hits a certain balance threshold, meaning you earn a lower rate on anything over that.
Remember that money market account rates aren't like CD rates; they can change as underlying benchmark rates change. Also, keep in mind that online banks tend to offer better savings rates than traditional banks or credit unions.
Fees
It's also good to check bank fees before opening a new money market account or any other bank account.
Online banks like Vio Bank are usually fee-friendly. But it's still wise to check the fee schedule to know what you might pay.
Other Service Fees - Vio Bank Cornerstone Money Market Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Paper statements | $5 |
| Stop payment | $30 |
| Incoming wire transfer (domestic) | $0 |
| Outgoing domestic wire transfer | $30 |
| Incoming international wire transfer | $0 |
There's no fee listed for overdrafts or outgoing international wire transfers because those types of transactions aren't allowed with this account. Bill pay services are not available either.
ATM Access
Having ATM access to your money market account is great if you need to withdraw cash. Unfortunately, Vio Bank doesn't provide ATM cards with this account.
Can you find banks that offer ATM access with money market accounts? Absolutely. And here's a tip.
If you're interested in a money market account that includes an ATM card, look for a bank that offers ATM fee rebates.
ATM fee rebates allow you to get paid back some or all of what another bank charges you to use their machine. That's helpful if you need to use an out-of-network ATM from time to time.
Account Management
Vio Bank offers online and mobile banking access to your money market account. You can open an account online and link an external bank account to make your first deposit.
Here are the other options you have for adding money to your account:
- Mobile check deposit
- ACH transfer from a linked bank account
- Transfer from another Vio Bank account
- Incoming wire transfer (domestic or international)
There's no fee for any of these services, but you will pay a fee to send a domestic wire transfer.
Now, here's what you can't do with this account:
- Pay bills
- Send international wire transfers
- Write checks
- Spend with a debit card
This range of accessibility is common for online bank accounts. If you need to be able to withdraw and deposit cash or visit a branch, you might want to look for another money market option.
FDIC Insurance
Vio Bank accounts are FDIC-insured, which means your deposits are protected should the bank fail.
Bank failures typically aren't something you need to worry about. But if a bank you have insured accounts with does go under, the FDIC steps in to protect your deposits.
The FDIC coverage limit is $250,000 per depositor, per account ownership type. That applies at each FDIC member bank you have accounts with.
What to Look for in a Savings Account
A money market account is a little different from a savings account, since you might have access to checks, ATM cards or debit cards. There can also be a difference in the rates you earn with a money market account vs. savings account or CD.
As you compare money market accounts, here are some questions to ask.
- What APY will you earn?
- Does the same APY apply to all balances?
- What's the opening deposit requirement?
- Will you pay a monthly maintenance fee?
- What other fees does the bank charge?
- Does the account come with an ATM card, debit card or checks?
- How large is the ATM network? Are foreign ATM fees refunded?
- Are there limits on withdrawals?
- What options do you have for depositing money? Can you deposit cash?
- Is there a mobile banking app?
- How can you contact customer support if you need help?
- Does the bank offer any other accounts, like checking or CDs?
You might want to compare savings accounts at online banks first before looking at brick-and-mortar banks. Overall, online banks usually pay higher rates to savers while charging less money in fees.
Frequently Asked Questions
Is Vio Bank legit?
Vio Bank is a division of MidFirst Bank, both of which are FDIC member banks. Vio Bank offers online money market accounts, savings accounts and CD accounts.
Is a money market account better than a savings account?
Whether a money market account is better than a savings account depends on what you're getting. If your bank offers an ATM card, debit card or paper checks and pays a great rate on money market balances, then that could be better than a savings account. Looking at the rates, fees and options for managing your money can help you decide whether a money market or savings account is best.
Is a money market account better than a CD?
CD accounts are good for saving money that you know you won't need for a set time. When you open a CD, you agree to leave money in your account until the CD matures. Withdrawing money early could trigger a fee. Money market accounts can offer more flexibility, though you might earn a lower APY.
Who pays the most for a money market account?
Online banks tend to pay better interest rates than traditional banks for money market accounts. Vio Bank's APY is one of the highest though it's always good to shop around to see what other banks are offering.
