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Suncoast Credit Union CD Rates & Savings Review

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image credit: suncoastcreditunion.com

Suncoast​ is the largest credit union in Florida and the tenth largest credit union in the U.S. by asset size. Founded in 1934 as the Hillsborough County Teachers Credit Union by a small group of teachers, Suncoast got its start serving only school employees. For many years, it was a federal institution called the Suncoast Schools Federal Credit Union and only transitioned back to a state credit union, assuming the name it has now, in 2013.

Today and since 2013, membership is not career-dependent. Suncoast serves 884,024 educators and non-educators alike across Florida. However, Suncoast membership isn’t open to everyone.

To be eligible to join, you have to live in Florida yourself, be a graduate of Florida College, or be related to someone that’s already a member.

Suncoast Credit Union CD rates are higher than average and more competitive than the rates offered on their other savings products. Albeit better rates on deposits and savings can be had through online banks.

Suncoast Credit Union CD Rates + Details

Suncoast deposits and savings are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000. A traditional share certificate requires a minimum opening deposit and average daily balance of only $500.

Suncoast Credit Union CD Rates

CD TermAPY
6 month0.50%
12 month0.75%
18 month0.85%
24 month1.00%
36 month1.25%
48 month1.40%
60 month1.60%

An early withdrawal fee of 90 days interest is charged if you withdraw funds from CDs with terms of 12 months or less and 180 days interest is charged for early withdrawals on terms 12 months or more.

Dividends for these accounts are compounded daily and credited monthly. You can choose to have your interest credited back into the CD or deposited into another account – either external or internal to Suncoast – without incurring any fee.

These CD rates are certainly better than average but better rates can be had through other credit unions (such as Pen Air) or even online banks. To put their rates in perspective, a 12 month CD currently yields roughly 0.32% interest on average nationwide.

Jumbo certificates of $100,000 or more are also sold through Suncoast Credit Union. In normal market conditions, these products earn higher fixed rates than regular share certificates with lower balances, however, Suncoast and many other institutions have their yields much more inline with standard CDs at the moment.

Suncoast Credit Union Jumbo CD Rates

CD TermAPY
6 month0.50%
12 month0.75%
18 month0.85%
24 month1.00%
36 month1.25%
48 month1.40%
60 month1.60%

In addition to their standard CDs and jumbo CDs, Suncoast Credit Union also offers a ​Smart Start certificate account​.

The 12 month Smart Start certificate allows you to make deposits on a schedule rather than up front. It can be opened with just $50 and comes with an APY of 0.75%. After your initial deposit, you’ll need to schedule automatic payments of at least $40 per month from your payroll or another account. All of the restrictions and fees listed above for regular share certificates apply for Smart Start certificates.

To open a Suncoast CD, visit a branch, send an email through online banking, or contact the Member Care Center​ at ​813-621-7511 or 800-999-5887.

Suncoast Credit Union Money Market Rates + Account Details

Suncoast Credit Union’s current money market rates are much less competitive than their CDs. And although the national average for money market accounts sits at around 0.11% APY, better rates with more flexible balance requirements can be found online. For example, Vio Bank has an online savings account featuring an APY of 1.75% with a minimum deposit requirement of just $100 and then no minimum balance requirement after opening.

Suncoast Credit Union Money Market Rates

BalanceAPY
$1,000 – $24,999.990.20%
$25,000 – $49,999.990.25%
$50,000 – $99,999.990.30%
$100,000 – 149,999.990.35%
$250,000+0.40%

Dividends are compounded daily and paid monthly. Your balance can drop below $1,000 without incurring any fees, but you’ll stop earning interest as soon as that happens. You can easily access your money online or through the mobile app, but you’re allowed only six transactions per month, which is required by law per regulation D. If you need to make more than six transactions you’ll want to stop by a branch and check with someone in person.

Other Savings Accounts Offered by Suncoast Credit Union

A regular share membership is the savings account that you open when you first become a Suncoast member. This account comes with an APY of just 0.15%. We wouldn’t recommend using it to grow your savings given the paltry APY but it is required to be a member. Currently, it requires an opening deposit and average daily minimum balance of just $5 to stay open and maintain membership with the credit union.

There are also the student savings, health savings, and special share savings accounts. A special share savings is just a savings account you can have in addition to your regular share membership savings account and it earns the same rate. The only difference is that it does not require a minimum balance because it does not count as your share in Suncoast Credit Union.

A student or youth savings account is simply a certificate account that earns the same tiered rates as the standard Suncoast CDs but requires a minimum opening balance of only $500 – making it more manageable for students.

About Suncoast Credit Union + Eligibility

Suncoast has exactly 884,024 members as of early 2020 and this figure has bee growing steadily each year. The composition of Suncoast Credit Union’s Financial statements are as follows:

Deposits: $9,832,734,549

Loans: $8,566,015,257

Assets: $11,100,632341

Suncoast Credit Union is headquartered in Tampa, Florida and serves communities across the state. There are ​68 branch locations​ in 40 Florida cities and hundreds of Suncoast branded ATMs. Though it is a state credit union and does not participate in co-op shared branching with other institutions, Suncoast ​does​ have over 30,000 ATMs with other credit unions across the nation. Use the Suncoast site to find a branch location, Suncoast (surcharge-free) ATM, or co-op ATM near you.

Suncoast membership is, of course, residency or geography based. However, you don’t necessarily have to be a current Florida resident to be eligible to join. To qualify for membership, you must:

  1. Have an immediate family member that is a Suncoast member
  2. Live in a qualifying county (see below)
  3. Be a graduate of ​Florida College

Qualifying Florida counties​ include:

  • Alachua
  • Brevard
  • Broward
  • Charlotte
  • Citrus
  • Clay
  • Collier
  • Desoto
  • Dixie
  • Duval
  • Gilchrist
  • Glades
  • Hardee
  • Hendry
  • Hernando
  • Highlands
  • Hillsborough
  • Indian River
  • Lake
  • Lee
  • Leon
  • Levy
  • Manatee
  • Marion
  • Martin
  • Miami-Dade
  • Monroe
  • Orange
  • Osceola
  • Palm Beach
  • Pasco
  • Pinellas
  • Polk
  • Sarasota
  • Seminole
  • St. Johns
  • St. Lucie
  • Sumter
  • Volusia

Final Thoughts

Suncoast Credit Union may be the tenth largest credit union in the nation, but it’s not a national credit union and there’s no way around its limited eligibility policies. This is important to keep in mind, as only those in Florida or otherwise tied to the state will have access to in-person branches or membership in general.

The APYs on Suncoast Credit Union’s savings products are not competitive compared to the top savings account available nationally through online institutions, however their CDs still offer respectable yields.

Pen Air Federal Credit Union CD’s – up to 2.20% APY!

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Pen Air Federal Credit Union’s HQ is getting a makeover. Above is the new rendering.

Pen Air Federal Credit Union is a rather tiny credit union based out of Pensacola, Florida featuring some generous CD rates. They’re just the 15th largest credit union in Florida by asset size and not even within the top 200 of US credit unions nationwide. They have 15 locations across Northwest Florida and Southeast Alabama, but membership and their suite of savings products can be opened online by nearly any US resident.

Pen Air Federal Credit Union was founded in 1936 in Pensacola, Florida to serve civil service employees and military families. They’ve since teamed up with the Friends of the Navy-Marine Corps Relief Society to offer membership to anyone in the country by joining this organization and making a $3 donation (minimum).

Pen Air has earned top ratings from financial rating agency Bauer Financial for more than 25 years. They are a nonprofit, member-owned institution, that supports the efforts of the ​Navy-Marine Corps Relief Society​.

Pen Air Federal Credit Union CD Rates

Despite a series of rate cuts by the FED in March of 2020, Pen Air is still holding strong on their deposit yields. All of the products listed below are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

CD TermAPY
3 month0.70%
6 month1.40%
12 month1.70%
15 month (Add-On)1.70%
18 month1.80%
24 month1.90%
36 month2.00%
48 month2.10%
60 month2.20%

As you can see, Pen Air sells your standard range of CD products and terms. Their current APYs are well above the national average currently. To put these offers in perspective the current national average for a 12 month CD sits at just 0.99% according to Bankrate.

The 15 month “Add-On CD” allows you to add any additional deposit amounts you’d like to the account and earn the same APY on the entire sum throughout the duration of the product.

Certificate of Deposit Details

The minimum deposit requirement is $500 on every CD Pen Air sells except for their 3 month CD. This term, for whatever reason, currently requires a $1,500 minimum deposit to open currently.

Interest on their CDs are both paid and compounded monthly.

If you have to access funds in your CD prior to their maturity, you’ll face an early withdrawal fee of ​90 days interest ​for deposit terms less than 12 months and ​180 days interest​ for terms greater than 12 months.

When a CD account reaches maturation, it will automatically renew unless you request otherwise within ​7 days​ (the grace period) of the end of your term. Remembering this grace period can keep you from letting an expired account renew without your knowledge.

Pen Air Federal Credit Union Money Market Rates & Account Details

You won’t earn the same APY as you do with CDs on Pen Air Federal Credit Union’s money market account but you will get more flexibility and easier access to your money.

Pen Air Federal Credit Union offers free checks, but with limited check writing capabilities. Currently just 3 checks are allowed per month with these accounts. Also, due to federal regulation D, customers are only allowed up to 6 withdrawals from your money market account per month. After that you’ll be paying $29 per additional withdrawal or the transaction could simply be denied by Pen Air.

There is also no ATM access available with these accounts.

Pen Air Federal Credit Union Money Market Rates:

BalanceAPY
$0 – $2,499.000%
$2,500 – 24,999.990.60%
$25,000 – 199,999.990.75%
$200,000+0.85%

Unlike Pen Air’s certificates of deposit rates, their money market rates perform very poorly when pitted against the current national average. In fact, annual percentage yields up to twice the amount offered through Pen Air be found at a number of FDIC-insured online banks.

Other Savings Accounts Offered by Pen Air Federal Credit Union

Before you join Pen Air Federal Credit Union all new members must first buy a share of the credit union for $25. This $25 is then automatically placed in a Pen Air savings account. Therefore all Pen Air Federal Credit Union’s members have a savings account as soon as they join. Of course, this account can be added to. Below are the savings rates and tiers associated with the savings account.

Account BalanceAPY
$25-$4,999.990.40%
$5,000-$24,999.990.40%
$25,000-$74,999.990.60%
$75,000 and over0.60%

Dividends on your savings are compounded daily and paid out quarterly.

Lastly, they have a novel savings product designed to help savers get a boost during the holiday season called the Christmas Club savings account. While I suspect this account was more promising and lucrative in the past, today it comes with a measly APY of just 0.70%.

This account can be funded with a minimum deposit requirement of just $25. You can add funds at anytime before November when the balance is then transferred into a savings account.

About Pen Air Federal Credit Union + Eligibility

Pen Air has 15 locations in the states of Florida and Alabama. Use ​this tool​ to find addresses and toggle for branches, surcharge-free ATMs, deposit-taking ATMs, or co-op shared branches to refine your search. Cities with Pen Air Fed locations in Florida include (but are not limited to) Pensacola, Pace, and Milton and cities with locations in Alabama include Foley, Robertsdale, and Spanish Fort.

Pen Air also participates in Shared Branching with other credit unions in their network. This gives members the option of visiting thousands of bank and ATM locations across the U.S. to carry out their Pen Air Fed banking at minimal or no cost to the member. Just search bank and ATM locations (using the tool cited above) and select “co-op shared branches” to find the location nearest to you.

As mentioned, to become a member and stay a member, you must purchase and keep a single Pen Air Federal Credit Union share for $25. You will be charged a $15 monthly inactive account fee if there is no monetary activity for 12 months on a share or share draft account. Joining or opening an account can be done online or at a Florida/Alabama branch.

Anyone is eligible to join Pen Air Federal Credit Union by simply donating to the Navy-Marine Corps Relief Society. With a one-time donation of just $3 to the N​avy-Marine Corps Relief Society—a 501(c)3 organization that provides assistance to retired and active Sailors and Marines​—​any ​U.S. citizen with a valid Social Security number can become a member.

There are other ways to join as well without donating to the organization mentioned above.

Those that meet one or more of the following criteria qualify to ​become a member of the Pen Air Federal Credit Union​:

  1. active duty or retired military,
  2. civil service employee,
  3. member/employee of one of 1,200 partnering ​select employer groups​,
  4. or an immediate family or household member of someone that meets the previous three requirements.

Final Thoughts

Pen Air Federal Credit Union’s CD rates are still quite high given the current rate environment and I suspect they won’t remain this high for much longer. So if you’re in the market for a solid APY on a certificate of deposit – especially one with a longer term – then I’d give Pen Air strong consideration.

The loophole of donating $3 to the Friends of the Navy-Marine Corps Relief Society in exchange for membership make it so nearly all Americans can join, which is unique for smaller credit unions of this size who normally keep members within small geographical areas.

Paramount Bank CDs and Interest Checking Now 1.0% APY

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[Update: March 31, 2020 – Paramount Bank lowered its interest checking account APY from 1.25% to 1.00%. They also lowered their 6 month and 12 mont CD rates to 1.25% and 1.00% APY, respectively.

Update: March 13, 2020 – After lowering their rates across the board in early March, Paramount Bank again lowered most of their rates again this week, however, they kept the APY on 6 month and 12 month CDs to 1.50% APY and 1.25% APY, respectively. Paramount Bank still has one of the deepest inverted yield curves we’ve seen from a single financial institution since the FED’s recent rate cut of 0.50%.]

Some of the accounts offered by Paramount Bank still hold respectable APYs that are above the current national average, but more lucrative rates can be found elsewhere online.

Paramount Bank has 11 locations in 9 states with headquarters in Hazelwood, Missouri. Their savings products are available nationwide and can be opened online.

Paramount Bank is FDIC-insured up to $250,000 against bank insolvency.

Paramount Bank’s Current CD Rates

Paramount Bank’s certificate of deposit product line come with terms ranging from 6 months to 5 years (60 months) and have minimum deposit requirements of $1,000 and a maximum deposit allowances of just $100,000.

Their CDs can be held in IRA accounts or as stand alone deposits and the yields are the same for each.

Paramount Bank CD Rates:

CD TermAPYMinimum Deposit
6 month1.25%$1,000
12 month1.00%$1,000
18 month0.75%$1,000
24 month0.75%$1,000
36 month0.75%$1,000
48 month0.75%$1,000
60 month0.75%$1,000

[Update: On or around March 30, 2020 Paramount Bank lowered the rates of their 6 month and 12 month CDs by 0.25% APY to the current yields you see in the table above.

Update: On or around March 9, 2020 Paramount Bank made major changes to their deposit rates. Prior to this date longer maturities (ie 36 months – 60 months) held higher rates. A significant inverted yield curve is now present.]

How your interest is calculated and paid:

The interest on your CD is paid out monthly, however, we have not been able to confirm if the interest is accrued daily or monthly. We’ve reached out to the bank but have yet to hear back.

You can learn more about Paramount Bank’s CDs here.

Paramount Bank’s Money Market and Interest Checking Rates

Paramount Bank’s interest checking account still offers a respectable APY although the rate saw numerous drops in the month of March. This account currently pays a 1.00% APY on all balances up to $500,000 which beats the national average, but still loses out to several online institutions such as Vio Bank and TAB bank by a significant margin.

The account has no minimum balance fees and a minimum deposit requirement of just $100.

As with most interest checking accounts, the rate is variable and subject to change at anytime without notice.

Paramount Bank’s money market account comes with a less attractive annual percentage yield (APY) and fees for dipping below the minimum balance threshold.

The rate sits at just 0.75% APY and comes with a $2,000 monthly balance requirement to avoid a $10 monthly fee.

Similar to the interest checking account the minimum deposit requirement is $100, but be sure to keep an average monthly balance of at least $2,000 or the $10 fee will cut into your interest earnings, and could even eat away at your principal.

If you’re looking to earn some interest on cash balances with your small business, then you might want to consider Paramount Bank’s business money market account. It holds a 1.00% APY) but comes with a monthly minimum balance requirement of $5,000 to avoid a $20 monthly fee.

About Paramount Bank

Paramount Bank originally started out as an independent mortgage company in 1970.

A group of local investors based out of St. Louis rebuilt the bank in 2004 with a focus on online products – namely high yield certificates of deposit and savings accounts.

They have 11 locations throughout the country in the following states: Arizona, California, Florida, Illinois, Iowa, Kansas, Missouri, Ohio and Texas.

For all banking inquiries, reach out to 833-731-0229.

Final Thoughts

While Paramount Bank has offered very lucrative yields in the past, the current rates on their deposits and money market accounts are below those offered by other online institutions.

The money market account also comes with a $10 monthly fee that could easily eat away at your interest if you don’t keep your average balance above $2,000 for the month.

There are a plethora of FDIC-insured money market accounts that can be opened online with zero fees or minimum balance requirements, so there is no need to burden yourself with this requirement if you feel you can’t keep it.

If you’ve opened a deposit, interest checking, or money market account with Paramount Bank in the past, we’d love to hear your thoughts in the comment section below.

CFG Bank Money Market: 1.90% APY + 1.75% CDs

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[Update: CFG Bank lowered the APY on their CDs and high yield money market account on or around March 9, 2020. The rates you see on this page reflect those changes.]

CFG Bank, a quaint bank based out of Maryland, currently has one of the top APYs for high yield money market accounts anywhere in the country.

Available nationwide, First Foundation Bank is offering 1.90% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 1.80% APY on sums between $1,000 and $24,999.99.

The account can be opened online. To start the application process click on the “apply for an account link” in the top right. From there you will be prompted to complete a a series of steps to open the account. CFG Bank utilizes Fiserv technologies so while it will appear your completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Learn more about CFG Bank and their generous high yield money market account and CD offers below.

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just under $700 million and has roughly $500 million in consumer deposits making it the 11th largest bank in Maryland and the 743rd largest bank in the country according to Deposit Accounts. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.

Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.

1.90% APY High Yield Money Market Account Details

The APY on the 18 month CD lowered from 1.80% to 1.75% around March 30, 2020.

CFG Bank’s online savings account yield of 1.90% APY makes it one of the most noteworthy FDIC-insured savings vehicles on the market today – now edging out First Foundation Bank’s online savings account yield of 1.75% that we covered earlier this month. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

Minimum Balance Requirements? $25,000 to earn the advertised APY. You will earn a slightly lower APY on balances between $1,000 and $24,999.99. See above for current rates.

Any fees to worry about? There are no monthly monthly maintenance fees or early withdrawal fees associated with the high yield money market account.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None have been noted.

Variable Rate or Fixed? This is a variable interest rate and may change at anytime.

Check Writing? No, there is no check writing allowed from this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rate, you’ll be hard pressed to find many exciting features with this account.

They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps uses 128-bit Secure Socket Layer (SSL).

CFG Bank’s Online CD Rates

Along with one of the highest yielding money market accounts in the country, CFB offers some very respectable online CDs as well.

They have four online deposit products with terms of 12 months, 13 months, 18 months and 60 months. The 13 month CD is a new product that was added to their suite of online CD’s on or around March 30, 2020.

CFG Bank’s CD rates are currently showcasing an inverted yield curve. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates.

CFG Bank’s CD Rates:

AccountMin DepositAPY
12 mo online CD$5001.75%
13 mo online CD$5001.70%
18 mo online CD$5001.75%
60 mo online CD$5001.65%
Online High Yield MMA$1,0001.80%
Online High Yield MMA$1,0001.90%

Final Thoughts

If you are looking to plop more than $25,000 into a high interest, FDIC-insured product, and don’t want to lock the funds down for an extended period of time, then the high yield money market account by CFG Bank is one of the best deals around for you.

Keep in mind though, that the online banking and mobile app features are relatively lackluster. You’ll also have other notable restrictions such as the inability to write checks, so we’d suggest not using this money market account as a primary account for everyday expenses.

Their certificates of deposit are also yielding substantial returns compared to the current national average, however, you can likely get a similar APY with banks that don’t require so much effort in opening an account.

First Foundation Bank Online Savings Account: 1.75% APY!

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First Foundation Bank is offering one of the best APY for an online savings account anywhere in the country currently.

Now available nationwide, First Foundation Bank is offering a whopping 1.75% APY on all new money placed in their online savings account product.

Learn more about First Foundation Bank and their generous online savings account below.

Who is First Foundation Bank?

First Foundation Bank was originally founded back in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.

In 2008 they officially begun operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.

2.0% APY Online Savings Account Details

The APY dropped from 2.0% to the current 1.75% during the week of March 30, 2020.

First Foundation Bank’s online savings account yield of 1.75% APY makes it one of the most noteworthy FDIC-insured savings vehicles on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

Minimum Balance Requirements? As long as you maintain a balance of at least $1,000 you will earn 2.0% APY on the entire sum. If your account drops below $1000 you will earn just 1.0% on the amount between $0.01 and $999.

Any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdrawal your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

Availability? Nationwide and can be opened online. If you’d prefer to stop by a branch you’ll only find them in California, Hawaii and Nevada. Find a branch here. You can also give them a call at 1-888-405-4332.

Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.

Variable Rate or Fixed? This is a variable interest rate and may change at anytime.

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Final Thoughts

If you have more than $1,000 and are looking for a high yield online savings account to plop those funds into, then this product by First Foundation Bank is one of the best options available anywhere.

The interest just beats the projected rate of inflation for 2020 (which pegs the number at 1.90%) thus protecting your buying power.

However, if you feel like maintaining a balance of $1k may be an issue, we’d suggest shopping around for other high yield accounts with $0 minimum balance requirements.

Also, if there is a possibility you will need to close the account within 90 days of opening it, we’d suggest a savings account with no early withdrawal fees.

Vio Bank Online Savings Account – 1.75% APY!

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Back in the summer of 2018 when CDs and savings rates where starting to pick up steam again, many of the big national banks hopped on a growing trend – create online-only banking divisions that specialize in amazing high yield savings accounts and CDs.

This is exactly what happened when MidFirst Bank, one of the five largest privately held banks in the country, launched Vio Bank in August of 2018.

Vio Bank came out of the gates with a bang – offering one of the top APY (annual percentage yields) for an online savings account anywhere in the country.

Today, the interest rate landscape is heading back the other direction. And with the FED’s latest drop to zero, it looks like CDs and savings will likely follow suit (as is tradition).

That said, we’re thrilled to see Vio Bank hold strong on their lucrative 1.75% APY high yield online savings account. Although we don’t know how long the rate will hold, it is one of the top APY’s available online today and the account can be opened with as little as $100.

Vio Bank’s Online Savings Account Rate + Details

The high yield online savings account by Vio Bank can be opened with just $100 and has no monthly balance requirements after opening. The account is FDIC-insured up to $250,000.

More account details:

  • Interest is compounded daily and paid out monthly
  • 6 free withdrawals per monthly statement cycle. A $10 withdrawal fee applies after 6.
  • No monthly fees.

Please note – if you plan on making more than 6 withdrawals per statement cycle you may want to consider using a different account. Not only with a $10 fee be imposed on withdrawals after 6 in any monthly statement cycle but Vio Bank states they could shut down your account if withdrawals become too abundant.

This APY dropped to 1.75% from 1.85% on or around March 31, 2020.

Like the Citi Accelerate Savings Account we covered earlier this week, the 1.75% annual percentage yield on Vio Bank’s online savings account remains highly competitive despite falling rates around the country. This is a variable rate that can change at anytime without notice.

If you’re looking to lock in a rate and not worry about a future drop, then you may want to consider one of Vio Bank’s certificates of deposit, although there are much higher yields available through other online banks.

Vio Bank’s CD Rates + Account Details

Vio Bank’s current certificate of deposit rates aren’t nearly as competitive as their high yield online savings account.

The CDs come with standard terms ranging from 6 months to 10 years.

Like the online savings account, your interest is compounded daily and paid out monthly. Your deposits are also FDIC insured up to $250,000 and can be opened online with $500 or more.

Side Note: Unfortunately there are no promotional deposit products offered currently by Vio Bank. This is an effective marketing tactic we’ve seen used by many online banks even in poor savings environments.

Vio Bank’s Current CD Rates:

CD TermAPY
6 month0.80%
9 month0.90%
12 month1.00%
18 month1.10%
24 month1.20%
36 month1.30%
48 month1.40%
60 month1.50%
84 month1.60%
120 month1.70%

[Update March 31, 2020: Vio Bank backtracked on a number of rate cuts they made to their CDs in early March. On or around March 31, Vio Bank bumped their CD rates to the current yields you see above. Prior to this all of their certificates of deposits had yields under 1.0% APY.]

Early withdrawal penalties apply for all Vio Bank CDs.

The penalties vary depending on the length of the deposit term. For 12 month CDs, the penalty is 1 percent of the amount withdrawn, plus a $25 fee.

For CDs with terms longer than 1 year the penalty is 3 percent of the amount withdrawn plus a $25 fee.

Vio Bank Account Features

There are very little Vio Bank account features to write home about (if any). Customers have no access to any budgeting tools or peer to peer transfers plus the account comes with no ATM card.

Accessing money or moving it around will be difficult with Vio Bank unless you’re comfortable with ACH or wire transfers.

Vio Bank has native apps in both the IOS app store and Google Play that have received mixed reviews. Their IOS app has a 4.4 start rating out of 5, while their Android app receives just a 3 star rating out of 5.

The apps allow Vio Bank account holders to do the following:

  • Check account balances anytime
  • Search recent transactions by date, amount or check number
  • Transfer cash between accounts
  • Deposit checks while on the go

Final Thoughts

If you’re after a high yield online savings account and APY is your sole focus, then Vio Bank may be a solid solution for you.

However, if you intend to conduct regular banking activities out of this high yield savings account, you will be let down as it comes with no ATM card and no real way to move money around other than wires or ACH transfers.

Their CDs aren’t attractive at all at the moment and carry some steep early withdrawal penalties (mentioned above), so if you’re looking for an online CD we would suggest shopping around.