The interest rates for TIAA Bank CDs are competitive. Each of the term interest rates is competitive with other online CD accounts. TIAA rates are much higher than typical bank rates. Their CD rates are not tiered. Any account balance earns competitive rates.

TIAA Bank offers a wide variety of CD terms. Their terms range from three-months to five-years. They offer the basic CD terms between these times, but they offer a nine-month term and a 30-month term as well. TIAA Bank also offers a 42-month Bump Rate term.

TIAA Bank offers on Bump Rate CD. This CD term is a 42-month term. This CD only requires $1,500 to open. If interest rates increase during the CD term, you have the option to bump up to the new interest rate. You can bump up the interest rate once during the CD term. Customers can only have one Bump Rate CD opened at a time.

TIAA guarantees their interest rates earned are in the top five percent of the most competitive accounts. Each week TIAA reviews the rates of competitors. Based on their findings they adjust their rates to make sure they are competitive with the best.

The TIAA Bank high yield CDs have a high opening required amount. Each of these CDs terms require $5,000 to open. TIAA Bank offers the option of CDARS. This is if you want to invest an amount over the FDIC insured limit of $250,000 and still be insured. To open a CDARS CD requires an opening deposit of $10,000.

TIAA Bank offers high yield and regular CDs. The regular CD account interest rates are slightly lower. They are not as competitive as the high yield interest rates. The high yield accounts earn high rates but require a higher opening amount.

The early withdrawal penalty for CDs is high. The Bump Rate CD charges 318 days of interest if you withdraw money before the maturity date. The six-month CDs require 45 days of interest. The 18-month CDs require 136 days of interest. The five-year CDs require 456 days of interest. Other early withdrawal fees vary depending on the CD term.

Once you open a TIAA CD, you cannot make deposits into the CD. The opening deposit is the only deposit allowed until the CD reaches maturity. Contact customer service to decide what happens to your CD once it reaches maturity.

Read the full TIAA 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.