What is a Certificate of Deposit (CD)?

A certificate of deposit (CD) is an interest-bearing deposit account, where funds must remain in the CD account for a certain length of time...

How safe are CDs?

The FDIC (Federal Deposit Insurance Corporation) insures up to $250,000, per insured bank for each ownership category. East West Bank is an ...

What is the minimum deposit amount to open a Velo CD?

The minimum initial deposit to open a Velo CD is $1,000.

How can I fund my Velo CD Account?

Your CD account must be funded at the time of opening by transferring available funds from your Velo Premier Checking account.

What happens when my CD matures?

We will send you a maturity notification via email and SMS, 15 days before your CD matures.You will have a grace period of 7 calendar days a...

What is an early withdrawal penalty?

If you withdraw funds from your CD prior to the maturity date, you will be charged an early withdrawal penalty, which will be calculated bas...

What fees and service charges are associated with my CD account?

We do not charge any account-related fees; however, other service fees may apply. Please refer to the Velo by East West Bank Fee Schedule fo...

What are current Velo CD interest rates?

The applicable Interest Rate and Annual Percentage Yield for a Velo CD will vary based on the opening deposit and the term selected. To lear...

Can I make additional deposits to my CD?

No, additional deposits cannot be made to your CD. Velo If you would like to invest additional funds, you can open an additional Velo CD.

What should I do if I would like to increase the balance in my CD?

If you would like to invest additional funds, you can open an additional Velo CD.Or, if you prefer, when your existing CD matures, you can c...

How can I withdraw funds from my CD?

You can withdraw money from your CD Account in the following ways:1. From the day of your CD maturity, you will have a 7-calendar day grace ...

How can I find my CD maturity date?

Login to the Velo by East West BankTM mobile app and swipe left to land on the CD dashboard to view your Velo CD maturity date. If you have ...

How do I close a CD?

From the date of CD maturity, you will have 7 days to close your CD.To close your CD, login to Velo mobile app during the 7-day grace period...