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Vio Bank CD review

Earn up to 0.7% APY on a 10-year term.’s rating: 3.4 / 5.0


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.

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1-year APY


3-year APY


5-year APY


Minimum deposit to open$500
Interest compoundingDaily
6-month APY0.15%
9-month APY0.2%
1-year APY0.15%
18-month APY0.2%
2-year APY0.25%
3-year APY0.3%
4-year APY0.4%
5-year APY0.5%
7-year APY0.6%
10-year APY0.7%
Early withdrawal penalty1% 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 personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

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withdrawal penalties based on the number of days of interest, this one calculates it based on the amount of money withdrawn.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.

How do I open a Vio Bank High Yield Online CDs account?

Apply for a CD in seven steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the CDs page on the website, click Open Account next to the CD term you want.
  3. Select your account details and click Continue.
  4. Enter your personal information and click Continue.
  5. Read and accept the CD account disclosures and click Continue.
  6. Choose how to fund your account and click Continue.
  7. Review your information and click Submit to apply.


You must meet the following qualifications to open a Vio Bank CD:

  • At least 18 years old
  • US resident or citizen
  • $500 deposit

Required information

Have the following information ready before you apply:

  • Home address
  • Social Security number
  • State-issued ID or driver’s licence
  • Date of birth
  • Employment information
  • Email address

Funding options

You only have these options to fund your CD:

  • Mail a check
  • Wire transfer
  • ACH transfer

Benefits of a Vio Bank 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:

  • Daily compounded interest. Your interest compounds daily and updates monthly to your account, helping you meet your savings goals faster.
  • Low minimum deposit. Vio only requires $500 to open a CD.
  • Variety of term options. With terms from six months to 10 years, you have a variety of short- and long-term options to choose from.

What to watch out for

Keep the following drawbacks in mind before applying for a Vio CD account:

  • Low interest rates. Vio Bank’s five-year CD rate is on average with most five-year CD terms, but their rates aren’t as competitive on their lower CD terms.
  • Heavy early withdrawal penalties. Where most banks calculate penalties using days of interest, Vio charges a percentage of the money withdrawn, and the percentage goes up depending on the term of your CD.
  • No transfers after maturity. When you close your CD after maturity, you won’t have an option to transfer or wire your funds to an external bank. Instead you’ll receive a certified check.

If you want a CD with higher yields, you’ll want to keep looking. As always,compare your options when considering a CD.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.

Compare up to 4 providers

How do I contact Vio Bank customer service?

You can contact customer service using one of the following methods:

  • Call 888-999-9170 weekdays from 7 a.m. to 9 p.m., Saturdays from 8 a.m. to 6 p.m. and Sundays from 12 p.m. to 4 p.m. CT
  • Using their online contact form.
  • By mail at P.O. Box 76149, Oklahoma City, OK 73147

How do I cash in a CD?

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:

  • Do nothing. If you do nothing, your CD will automatically renew at the current interest rate. Vio Bank doesn’t guarantee the same policies or terms on your new CD, including what your withdrawal penalties might be, so be sure to read your Maturity Notice carefully.
  • Make a partial withdrawal. As long as you leave $500 in the account, you can take out as much money as you need, but you’ll incur a withdrawal penalty that’s based on the amount withdrawn.
  • Close your account. If you choose to close your account, notify the bank and you’ll receive a certified check with your funds.

What other savings products does Vio Bank offer?

The only other savings product offered by Vio is a high-yield savings account with 0.51% APY, no monthly fees and a $100 minimum deposit.

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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