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As the online subsidiary of MidFirst Bank, Vio Bank offers 10 long- and short-term CDs with daily compounding interest. Its low $500 minimum deposit makes it attractive to those opening a CD for the first time or looking to open multiple CDs. But if your priority is getting the highest interest rate, you’ll want to look elsewhere.
0.15%
1-year APY
0.3%
3-year APY
0.5%
5-year APY
Minimum deposit to open | $500 |
---|---|
Interest compounding | Daily |
6-month APY | 0.15% |
9-month APY | 0.2% |
1-year APY | 0.15% |
18-month APY | 0.2% |
2-year APY | 0.25% |
3-year APY | 0.3% |
4-year APY | 0.4% |
5-year APY | 0.5% |
7-year APY | 0.6% |
10-year APY | 0.7% |
Early withdrawal penalty | 1% for terms of 1 to 12 months + a $25 fee 3% for terms of 13 + months + a $25 fee |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
Vio Bank CDs come with three attractive perks: a low minimum deposit, wide variety of term options and daily compounding interest. But it’s CD rates aren’t as competitive with other banks.
And unlike other banks that calculate withdrawal penalties based on the number of days of interest, this one calculates it based on the amount of money withdrawn. Customer service representatives don’t share the percentage they use to calculate this, so you won’t have a clear idea of how much your penalty fee will be.
Apply for a CD in seven steps:
You must meet the following qualifications to open a Vio Bank CD:
Have the following information ready before you apply:
You only have these options to fund your CD:
Like other banks, Vio Bank offers CD accounts with no monthly fees and a protected interest rate throughout the term of your CD. You can also look forward to the following benefits:
Keep the following drawbacks in mind before applying for a Vio CD account:
If you want a CD with higher yields, you’ll want to keep looking. As always,compare your options when considering a CD.
You can contact customer service using one of the following methods:
When your CD is about to mature, Vio Bank sends you a Maturity Notice detailing when your CD matures and what the terms of a new CD will be, should you decide to renew. You have a 10-day grace period to decide between the following options:
The only other savings product offered by Vio is a high-yield savings account with 0.57% APY, no monthly fees and a $100 minimum deposit.