Live Oak Bank CD Rates: Now up to 2.75% APY!
Live Oak’s competitive rates, innovative products and transparency make it a great fit for your financial needs.

Live Oak Bank has increased their CD rates to 2.75% APY for new customers and 0.00% APY for existing customers.

Live Oak Bank CD Rates: Now up to 2.75% APY!

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Live Oak Bank is a digital, cloud-based bank with no branches or ATMs established in Wilmington, North Carolina. Their objective is to be America’s top small business bank, with a major emphasis on small business banking. They’ve made significant progress in this area, since they were the most active SBA and USDA lender in 2019. Furthermore, Live Oak Bank is still very young, having been one of the final banks to get a charter before to the 2008 financial crisis.

Although Live Oak Bank focuses on small businesses, its goods and services are available to both personal and commercial clients in all 50 states.

On the personal side of their business, they now have a number of notable bank accounts that are FDIC insured and provide significant returns when compared to the national average (s).

Check out Live Oak Bank’s current CD rates and online savings account offer if you’re looking for an FDIC-insured savings account or certificate of deposit. Please note that Live Oak Bank does not currently provide IRA CDs.

The rest of our review of these goods may be found below.

 

Rates on CDs at Live Oak Bank + Account Information

There are presently 7 standard term certificates of deposit available at Live Oak Bank. The durations vary from 6 months to 5 years, and the rates continue to rise (albeit not by much). The FDIC insures CDs purchased at Live Oak Bank up to $250,000 per depositor. The minimum deposit requirement for Live Oak Bank CDs is $2,500, with a maximum deposit allowed of $250,000.

Interest is calculated everyday and credited once a month. Live Oak Bank CDs have the advantage of allowing you to move your interest to an external account every month if you like. This is ideal for individuals or couples that rely on interest as a source of income. However, the default choice is for the interest to be returned to the CD account for additional compounding.

CD Rates

Term APY
6 months 1.25%
1 year 1.75%
18 months 2.00%
2 year 2.20%
3 year 2.30%
4 year 2.50%
5 year 2.75%

According to recent FDIC statistics, the current national average for a 12 month CD and a 5 year CD is around 0.17 percent and 0.32 percent APY, respectively.

Creating a Savings Account

Opening a deposit with Live Oak Bank is simple and can be completed in minutes online. To begin, click the “get started” icon in the top right corner. You will then begin the application procedure.

When you begin this procedure, you should have all of your personal information on hand. The following information may be required:

  • Name
  • Address
  • Contact Information (must be unique for each account holder)
  • Contact Information
  • Number of Social Security
  • They may ask for extra proof to verify your identity.

You’ll also need the routing and bank account numbers of the bank or account from which you’ll be transferring payments.

Fees for Early Withdrawal

If you remove your cash before the maturity date, you will be charged a fee, as with most bank CDs. The fees are determined by the deposit’s term duration.

CD Term Fee
Less than 24 months Simple interest for 90 days
At least 24 months Simple interest for 180 days

A 10-day grace period is normal on Live Oak Bank CDs. You may withdraw or add money to your deposit without penalty during this period. If nothing is done during this time, your money will be used to start a new CD with the same terms and the current rate. Although Live Oak Bank will contact you prior to the end of your grace period, you should schedule your own reminders.

Online Savings Account at Live Oak Bank

Live Oak Bank now offers one of the most competitive online savings accounts available. There are no monthly maintenance fees, no Balance Required restrictions, and a minimum deposit of only $10.00 is required to create the account.

Please note that if an account has a balance of less than $10.01 and has had no activity for 24 months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, or customer log-ins to the online banking website), the account will be charged a dormant account fee and closed. The cost will be equal to the balance in your account or $10.00, whichever is less.

Online Savings Account at Live Oak Bank Rate

Balance Required APY
$0 0.60%

To put this offer in context, the national average for a savings account now stands at a pitiful 0.07 percent APY.

You’ll need the same personal information you would for a CD to open a Online Savings Account at Live Oak Bank. Funding the account can be done in 1 of 4 ways:

  1. You may use ACH to send money electronically. Log in to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may move money between your Live Oak and connected external accounts. The procedure will take 1-2 business days to finish.
  2. You may send a cheque to their headquarters at Live Oak Bank. 1757 Tiburon Drive Wilmington, NC 28403 Attention: Deposits
  3. Use the Live Oak Bank Mobile App to deposit a cheque. The software is compatible with both Apple and Android devices. Remember that the mobile deposit deadline is 4:00 p.m. ET. After 4:00 p.m. ET, all deposits will be processed the next business day.
  4. Make a wire transfer into your account. For wiring instructions, go to the Live Oak Bank Portal. To deposit via wire, you must have an open account. A wire cannot be used to start a new account.

Depending on the activities you plan to perform with this account, there may be certain extra costs you should be aware of. A list of potential fees may be seen below.

Fee Schedule for Live Oak Bank

Description of Fees Amount of Fee
Account Maintenance Fee $0
Fee for each transaction in excess of the six allowed by Federal Regulation D. After the sixth monthly statement cycle, each item costs $10.
Stop Making Payments $25
Item Returned $10
Inadequate Funding $25
Taking Legal Action $50 minimum
Wire incoming $15
incoming wire $19

 

Live Oak Bank is a bank located in Florida. They offer a wide range of banking products and services, including checking accounts, savings accounts, mortgages, loans, credit cards, and CDs. The CD rates for Live Oak Bank are now up to 2.75% APY!. Reference: live oak bank reviews.

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