The Presidential Bank CDs have low opening required amounts. Each of the CD terms require $1,000 to open. You must keep this balance of $1,000 in the CD to earn interest on the account.

There are a good variety of CD terms available through Presidential Bank. The terms range from 30-days to five years. There are a total of eight CD terms offered. You can apply for the CD terms online or through the mail.

All Presidential Bank CD terms offer competitive interest rates. The rates are competitive with other online CD accounts. Their rates are much higher than typical bank rates. Presidential Bank interest rates are not tiered. Any amount over the required opening balance earns the competitive interest rates. The short-term CDs offer interest rates competitive with other online short-term CDs.

Presidential Bank customers can choose how to receive interest earned from CDs. You can have the interest mailed to you in a check each month. You can deposit the interest into another Presidential account. You can also send the interest to an external bank account.

The early withdrawal fees for Presidential Bank CDs are high. For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount. For CDs from 90-days to 182-days, the fee is three-months of interest on the withdrawn amount. The fee for one-year CDs is six-months of interest on the withdrawn amount. Two-year CDs require 12-months of interest. The five-year CD requires 24-months of interest on the withdrawn amount.

The grace periods for Presidential Bank CDs are shorter than other similar online CD terms. The 30-day CD only has a grace period of one business day. The other CD terms have a grace period of seven days. Each of these grace periods start the day your CD reaches maturity.

Presidential Bank has nine branch locations in Maryland, Virginia, and Washington D.C. If you do not live by a branch location, there are limited ways and times to contact customer service. You can reach a representative through phone, mail, or email. Their hours are Monday through Friday from 8 a.m. to 10 p.m. ET.

To close your Presidential Bank CD, you must notify customer service in writing of your decision. They must receive the notification of your plans to close the CD before or during the grace period. You can take the document to a branch location or mail it in to customer service. But, notification in writing is required to close the CD.

Read the full Presidential Bank review.

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.

Read the full Vio Bank review.