Vio Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
Vio Bank CD Rates
Vio Bank is renowned for its impressive offerings in the realm of certificate of deposit (CD) rates. With competitive rates across most terms and a low minimum deposit requirement, Vio Bank stands out as a reliable option for those seeking favorable CD rates. Interest will be compounded daily.
When it comes to short-term CDs, Vio Bank boasts some of the highest rates available in the United States. For instance, their 6-month CD rate is very high – 4.70% APY, while their 12-month CD provides a similarly attractive APY of 4.20%. Additionally, their 18-month and 24-month CDs offer rates that are equally competitive.
However, it is important to note that when you exceed the 24-month mark, the rates offered by Vio Bank may not be as high compared to other institutions. Thus, if you are specifically searching for long-term CDs, it might be beneficial to explore alternative options
Despite this slight drawback in long-term rates, Vio Bank shines when it comes to the variety of terms available. Few banks or credit unions offer CD terms that extend up to 10 years, making Vio Bank a standout choice for individuals seeking extended investment options.
Moreover, the bank's attractive minimum deposit requirement makes it especially appealing for customers with limited initial deposits who still wish to enjoy competitive rates.
Early Withdrawal Fees And Grace Period
Vio Bank has specific guidelines regarding the Early Withdrawal Penalty for their CDs. Here are the penalty amounts based on the CD term:
- 7-31 days: All of the interest earned on the amount being withdrawn.
- 32 days to 12 months: One percent of the amount withdrawn, plus a $25 fee.
- Greater than 12 months: Three percent of the amount withdrawn, plus a $25 fee.
The CD penalty for early withdrawal is too heavy. This is quite different from the usual early withdrawal fees we see in other banks, which usually include the interest earned only.
CD Term | APY |
|---|---|
6 Months | 1% of the amount withdrawn + $25 |
12 Months | 1% of the amount withdrawn + $25 |
18 Months | 3% of the amount withdrawn + $25 |
24 Months | 3% of the amount withdrawn + $25 |
36 Months | 3% of the amount withdrawn + $25 |
48 Months | 3% of the amount withdrawn + $25 |
60 Months | 3% of the amount withdrawn + $25 |
84 Months | 3% of the amount withdrawn + $25 |
120 Months | 3% of the amount withdrawn + $25 |
The CD offered by Vio Bank is set to be “Automatically Renewable,” which means that at the end of the CD's term, it will be renewed for another term unless you take action to withdraw the funds or make changes to the account.
Vio Bank provides a Grace Period of ten (10) days after the CD's maturity date. During this period, you have the opportunity to make changes to your account, withdraw funds, or discuss any modifications you might need.
Are Vio CD Rates Competitive?
Vio Bank offers CD rates that are extremely competitive and often better than most rates for shorter-term CDs. They can even hold their own against the top banks and credit unions across the country.
However, if you're looking for long-term CDs, you may find that the rates offered by Vio Bank are not as attractive as those offered by other institutions.
On the positive side, Vio Bank has a low minimum deposit requirement, which is great news for those who don't have a lot to invest upfront. But it's important to note that their early withdrawal penalties can be a bit costly and inconvenient. Unlike some other financial institutions that only charge based on the interest earned, Vio Bank charges a percentage of the total amount withdrawn.
To get a better understanding of the rates offered, take a look at the table below for a detailed comparison:
CD APY Range | Minimum Deposit | |
|---|---|---|
Vio Bank | 2.75% – 4.70% | $500 |
Barclays Bank | 0.10% – 5.10% | $0 |
Quontic Bank | 3.50% – 5.10% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 4.80 % – 4.70 % | $1,000 |
Sallie Mae | 4.75% – 4.90% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 3.90% – 4.50% | $0 |
Discover Bank | 2.00% – 5.10% | $2,500 |
CIT Bank | 0.30% – 3.50% | $1,000 |
Ally Bank | 3.75% – 4.90% | $0 |
Citi Bank | 0.05% – 4.51% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 3.90% – 5.04% | $25,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Synchrony Bank | UP TO 4.85 % | $0 |
Alliant Credit Union | 4.80 % – 4.70 % | $1,000 |
Lafayette Federal Credit Union | 4.32% – 5.04% | $500 |
TD Bank | 1.00% – 5.00% | $250 |
Navy Federal | 4.85% | $1,000 |
LendingClub | 4.00% – 5.20% | $2,500 |
About Vio Bank
Vio Bank is an online bank that operates as a division of MidFirst Bank, which happens to be the largest privately held bank in the United States. Being a member of the FDIC , Vio Bank ensures that your deposits are protected. With assets totaling $37.2 billion, it has a strong foundation and is highly regarded by bank-rating firms.
As an online-only institution, Vio Bank offers a range of accounts designed to help you grow your money. These include a Vio savings account, a money market account, and various certificate of deposit (CD) options.
It's important to note that Vio Bank does not provide checking accounts. If you need to access your savings, you'll have to transfer the money to an external checking account. Keep in mind that this transfer process might take a few business days to complete.
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FAQs
Can Vio Bank CDs be used for CD laddering?
Absolutely! Vio Bank offers a wide range of terms for their CDs, including high rates for CDs up to 24 months. This makes it an attractive option for investors who are interested in CD laddering, a strategy where multiple CDs with different maturity dates are used to maximize returns and maintain liquidity.
What is the biggest advantage of Vio Bank CDs?
The standout advantage of Vio Bank is the highly competitive rates they offer for short-term CDs. In fact, their rates are among the highest available in the market. This can be a significant benefit for individuals seeking to earn attractive returns on their investments within a shorter timeframe.
What is the biggest drawback of Vio Bank CDs?
There are two primary drawbacks to consider. First, the rates offered for long-term CDs are generally not as competitive compared to other institutions. If you are specifically interested in longer-term investments, it may be worth exploring other options.
Second, Vio Bank has higher early withdrawal penalties compared to some other banks. It's essential to be aware of these penalties before making any decisions about withdrawing funds from your CD prematurely.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
