Vio Bank High Yield Online Certificate of Deposit

Vio Bank High Yield Online Certificate of Deposit Review

Vio Bank High Yield Online Certificate of Deposit is offered by MidFirst Bank, a bank founded in 1982 and based in Oklahoma City, OK. Vio Bank High Yield Online Certificate of Deposit is available in 50 states (and Washington, DC).

Key Takeaways

• Only one CD account type available. Vio Bank CD only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.7%, which is much higher than the national average for a CD account.
• $500 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. Vio Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Vio Bank High Yield Online Certificate of Deposit

Vio Bank High Yield Online Certificate of Deposit FAQ

Are CDs from MidFirst Bank federally insured?

Yes, your MidFirst Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #4063). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does MidFirst Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.

What CD rates does MidFirst Bank offer on its CDs?

Vio Bank CD offers an APY starting at 0.10% and ranging up to 0.7%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with MidFirst Bank?

Vio Bank CD requires a minimum deposit of $500 to open an account.

What is the grace period for Vio Bank CD?

There is a 10-day grace period for Vio Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Vio Bank CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

MidFirst Bank charges an early withdrawal fee of $25.