Vio Bank offers traditional CDs with terms ranging from six months to 10 years. Some banks don’t offer you this variety for CDs terms. The minimum deposit for each account is $500, lower than some other banks. CDs automatically renew once they mature.
Early withdrawal penalties vary depending on the term length, but they are stiff. You pay a $25 fee and the following early withdrawal penalties at Vio Bank.
- The penalty for breaking a six-month CD or a one-year CD is 1 percent of the amount you withdraw.
- On CDs with terms longer than 12 months you’ll pay 3 percent of the amount you withdraw.