Oklahoma-based Vio Bank introduced the Cornerstone Money Market Account (Cornerstone MMA) in April 2021. At that time, there was only a few bps difference between the Cornerstone MMA APY and the Vio Bank High Yield Online Savings (HYOS) APY. While the HYOS APY plateaued at 1.10% APY about a year ago, the Cornerstone MMA rate has steadily risen in the past 18 months, gaining 459 bps in a series of more than 20 increases. Currently earning 5.30% on all balances up to $2.5 million, a Cornerstone MMA can be opened with a $100 minimum deposit.
|5.30%||-||$2.5m||Vio Bank||Cornerstone Money Market|
|1.10%||$100||$2.5m||Vio Bank||High Yield Online Savings Account|
Though “money market” suggests that the Cornerstone MMA offers different features than the HYOS, they have the same features. More than a year ago, I asked a Vio Bank CSR in a Live Chat about the differences between the Cornerstone MMA and the HYOS.
The difference between the two is the title of the account and the APY. They are very similar. The Money Market is just a newer account that offers a better rate at this time.
That statement is still true today. I hope any Vio Bank customer who opened an HYOS has moved those funds into a Cornerstone MMA.
Funding and Accessing the Cornerstone MMA
The initial deposit (minimum $100) must be made by ACH from the linked bank account named on the online application. After the account is established, up to five external bank accounts can be linked and deposits from those linked accounts can be made via ACH or wire. The speed of incoming ACHs is anywhere between 2-5 business days, with hold times for incoming ACH being 2 or 3 business days.
The Cornerstone MMA does not offer checking writing and no ATM/debit card is issued. As CSR stated, the Cornerstone MMA is “a savings account, not a checking account.” The Cornerstone MMA does not come with a debit or ATM card, wallet checks, or Bill Pay capabilities.
Any withdrawal must be made through ACH or wire. As stated on the Vio Bank FAQs Transfer page,
- ACH (initiated by Vio Bank): $25,000 per day/ $100,000 per month
- ACH (initiated by another bank): Limits do not apply
- Check by Mail: Unlimited
- Check by Mobile Deposit: $100,000 per day/ $250,000 per month
- Wire: Unlimited
- ACH (initiated by Vio Bank): $25,000 per day/$100,000 per month
- ACH (initiated by another bank): Limits do not apply
- Wire: Unlimited (subject to approval)
While there is no monthly maintenance or service fee, there are a couple potential charges to be aware of:
- $5 per month for paper statements ($2 for each additional copy requested).
- $30 for an outgoing domestic wire (outgoing international wires not available).
- $30 for an ACH “stop pay.”
Multiple payable-on-death (POD) beneficiaries are allowed and Social Security numbers are NOT required for beneficiaries. Non-profit associations can now be named as a beneficiary, as can trusts. While there is no set number of beneficiaries that can be named, the online application can only accommodate two beneficiaries to be named at a time. To add more (or remove) beneficiaries, you can download the “Request to Add or Remove a POD Beneficiary” form.
Once you have signed and notarized this form, please submit it to Vio Bank via email to [email protected], fax to (405) 840-0862, or mail to P.O. Box 76149, Oklahoma City, Oklahoma 73147.
Availability and Account Opening
Headquartered in Oklahoma City, Vio Bank offers accounts to US persons, defined as “a citizen or resident of the United States,” 18 years or older, with a valid Social Security number through an online application.
As an internet bank, Vio Bank has no brick-and-mortar branches. Opening a High Yield Cornerstone Money Market account (or any other Vio Bank product) can only be done online.
Only individual and joint accounts can be opened with Vio Bank, with custodial accounts and trust accounts not permitted. As mentioned above, trusts can be named as a beneficiary.
As an online division of MidFirst Bank, Vio Bank operates under MidFirst Bank’s FDIC Certificate and shares its financial history.
Vio Bank/MidFirst Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.96% (excellent) based on June 30, 2023 data. In the past year, the Bank’s total non-brokered deposits decreased by -$617.13 million, a below average annual growth rate of -3.06%. Please refer to our financial overview of Vio Bank/MidFirst Bank (FDIC Certificate # 4063) for more details.
Note: Vio Bank’s FDIC Coverage page states,
Deposits held at Vio Bank are deposits of MidFirst Bank and are combined with any other MidFirst Bank deposits for FDIC insurance purposes. MidFirst Bank deposits includes deposits at MidFirst Bank and any of its divisions including Vio Bank, MidFirst Private Bank, 1st Century Bank, and MidFirst Direct.
MidFirst Bank (one of the five largest privately-owned banks in the United States) traces its roots to Midland Mortgage Company, which was founded in 1950 by a group of Oklahoma City area bankers. The name was changed to MidFirst Bank in 1982, following the purchase of a thrift charter. Currently the second largest bank headquartered in Oklahoma and the 59th largest bank in the country, MidFirst Bank has assets in excess of $36 billion, more than 742,000 customer accounts, and 77 branch locations in Oklahoma, Colorado, Arizona, and California.
How the Cornerstone Money Market Compares
When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, four banks offer higher rates than currently offered on the Vio Bank Cornerstone Money Market.
|APY||Account Name||Credit Union/Bank|
|5.40%||Popular Direct Select Savings (no min)||Popular Direct|
|5.36%||Max Savings by MaxMyInterest.com (no min)||Customers Bank|
|5.35%||High Yield Savings ($1 min)||My Banking Direct|
|5.35%||Surge Money Market ($1k min)||Brilliant Bank|
|5.30%||Cornerstone Money Market (no min)||Vio Bank|
The above information and rates are accurate as of 11/28/2023.