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Vio Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon
0.15%APY
1 Year CD

Pros:

  • A wide variety of CD terms available
  • Competitive interest rates on CDs
  • Low required opening amount
  • Can choose how to receive interest

Cons:

  • CDs are not eligible for fund transfers
  • Early withdrawal has penalty and fee
  • No interest rate guarantee
  • Customer service has specific hours

What You Need to Know

Vio Bank offers a wide variety of CD terms. There are 11 different CD terms available through Vio Bank. The terms range from 6-months to 120-months. Each of the CD terms can be opened online. You must be 18 years or older to open an account with Vio.

The Vio Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. They are much higher than typical bank rates. Each term offers rates competitive with other online CDs of the same term length. Vio Bank regularly monitors interest rates. This helps to ensure their rates are competitive with national rates.

The amount required to open Vio Bank CDs is low. Each CD only requires $500 to open. You can open any of the CDs online, with that set amount. With the required opening amount, you will earn the competitive interest rates on the CD.

When you open a CD with Vio Bank, you can choose how often and how to receive earned interest. Choose how often your interest credits to your CD. There may be options on what account to have the interest credit to as well. If you close your account before the interest credits, you will not receive your earned interest.

Vio Bank CDs are not eligible for fund transfers. Only the savings accounts are eligible for the fund's transfer. If you try to transfer funds to or from your Vio Bank CD, you will receive an error message.

To withdraw money from the CDs before the maturity date has a set penalty and a fee for terms longer than 31 days. For terms 31 days or shorter, the penalty is all the earned interest on the withdrawn amount. For terms from 32 days to 12 months, the penalty is one percent on the withdrawn amount and a $25 fee. For terms longer than 12-months, the penalty is three percent of the withdrawn amount and a fee of $25.

Vio Bank does not offer an interest rate guarantee. The rate on the day you open your Vio Bank CD is the rate you earn for the life of the CD term. If the rates increase shortly after opening your account, your CD rate will not increase.

Vio Bank is an entirely online bank. Customer service has specific hours and ways to contact them. Reach a representative through phone, email, or mail. Vio does offer extended customer service hours. But, a representative is not available anytime.

Cool Things

Learn

The Vio Bank website offers a section with financial resources. These articles and calculators can help customers better manage their money. The financial articles include safe investments and protecting your money. Use the calculators to see how to save for retirement or to reach a specific goal.

History

Vio Bank is an online division of MidFirst Bank. MidFirst Bank is one of the largest privately-owned banks in the United States. They have over $16 billion in assets. MidFirst has branches in Arizona, California, Colorado, Georgia, New York, Oklahoma, and Texas.

Vio Bank offers a way for customers across the United States to open accounts. You do not have to live by a branch location to open an account with Vio. Vio offers online CDs and an online high yield savings account. Each of the CD terms and the savings account are completely online accounts.

Frequently Asked Questions

Is Vio Bank FDIC insured?

Yes. Vio Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Vio Bank offer?

They offer 11 CD terms. The terms range from 6-months to 120-month terms.

What is the required amount to open a CD with Vio Bank?

Each of the CD terms only requires $500 to open.

How do I deposit money into Vio Bank CDs?

Through electronic transfers, direct deposits, or wire transfers.

How do I access my money?

Through electronic transfers or phone transfers. Contact customer service to get access to CD funds.

Do I have to open other Vio Bank accounts before I can open a CD?

No. You can open a Vio Bank CD without opening a Vio Bank savings account.

Do Vio Bank CDs offer competitive interest rates?

Yes. The interest rates for Vio Bank CDs are competitive. The rates are much higher than typical bank rates. They are competitive with other online CD terms.

Can I choose how to receive my interest payments from Vio Bank CDs?

When you open a CD with Vio Bank, you can choose interest payment frequency and the method.

What percentage am I charged if I withdraw money before the maturity date?

For CDs, from 7-31 days the penalty is all the interest earned on the amount withdrawn. For terms from 32 days to 12-months, the fee is one percent on the withdrawn amount and a $25 fee. For terms longer than 12-months, the penalty is three percent of the withdrawn amount and a $25 fee.

How do I make changes during the grace period?

Make changes to your Vio Bank CD during the grace period by calling customer service.

How will I know my Vio Bank CD is nearing maturity?

Contact customer service to talk about your CD maturity date.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are Vio Bank CD rates guaranteed for the entire term?

Yes. The rates are guaranteed for the life of the CD term.

Does Vio Bank offer mobile banking?

Yes. With the mobile app, you can see account balances and transaction history. You can transfer money between linked accounts. Customers must sign up for online banking before you can log into the app.

Is Vio Bank a good bank?

The interest rates for Vio Bank CDs are competitive. The required amount to open every CD is only $500. Vio offers a good variety of CD terms, from 6-months to 120-months. Withdrawing money early has a penalty as well as a fee.

Is Vio Bank secure online?

They offer security measures that comply with federal law. Their computers have safeguards. Their buildings and files are secure. They use 128-bit Secure Socket Layering to encrypt personal information.

What is the shortest Vio Bank CD term offered?

The shortest term is a six-month CD.

What is the longest Vio Bank CD term offered?

The longest CD term available is a 120-month term.

Does Vio Bank offer accounts other than CDs?

Yes. Vio Bank also offers a high yield savings account.

Can I use Vio Bank CDs for my business accounts?

No specific business accounts are available. The high yield savings account and CDs are personal deposit accounts.

How do I reach customer service?

Through phone, email, mail. Customer service hours are Monday through Friday from 7 a.m. to 9 p.m. CT. They are available Saturday from 8 a.m. to 6 p.m. and Sunday from 12 p.m. to 4 p.m. CT. You can follow Vio Bank online through Facebook and Twitter.

Bank Contact Information

Vio Bank
PO Box 76149
Oklahoma City, OK 73147-2149
888-999-9170

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