Live Oak Bank offers personal and business certificates of deposit (CDs) with terms ranging from three months to five years. Both CD types carry relatively high APYs and require a minimum deposit of $2,500 for all terms.
The online bank typically offers its most competitive rates on its shorter-term offerings.
Live Oak Bank Personal Certificates of Deposit (CD)
Annual Percentage Yield
2.00% to 5.00%
3 Month - 5 Year Terms
Minimum Deposit Requirement
$2,500
Monthly Maintenance Fee
$0
Member FDIC
2.00% to 5.00%
3 Month - 5 Year Terms
$2,500
$0
Here’s an overview of Live Oak’s CD rates. Rates are accurate as of April 3, 2024.
Live Oak Bank Certificates of Deposit
| CD Term | APY | Minimum Deposit |
|---|---|---|
|
3 Months
|
3.00%
|
$2,500
|
|
6 Months
|
4.80%
|
$2,500
|
|
9 Months
|
4.90%
|
$2,500
|
|
1 Year
|
5.00%
|
$2,500
|
|
18 Months
|
4.75%
|
$2,500
|
|
2 Years
|
2.00%
|
$2,500
|
|
3 Years
|
2.00%
|
$2,500
|
|
4 Years
|
2.00%
|
$2,500
|
|
5 Years
|
2.00%
|
$2,500
|
Live Oak Bank Business Certificates of Deposit
| CD Term | APY | Minimum Deposit |
|---|---|---|
|
3 Months
|
3.00%
|
$2,500
|
|
6 Months
|
4.80%
|
$2,500
|
|
9 Months
|
4.90%
|
$2,500
|
|
1 Year
|
5.00%
|
$2,500
|
|
18 Months
|
4.75%
|
$2,500
|
|
2 Years
|
2.00%
|
$2,500
|
|
3 Years
|
2.00%
|
$2,500
|
|
4 Years
|
2.00%
|
$2,500
|
|
5 Years
|
2.00%
|
$2,500
|
Overview of Live Oak Bank CDs
As an online-only bank, Live Oak Bank operates fully digitally. All accounts can be opened through the website and managed through the online customer portal and/or mobile app. The bank offers nine CD terms ranging from three months to five years.
Live Oak’s personal and business CDs require a $2,500 deposit to open with a maximum deposit of $250,000.
Interest is compounded daily and credited monthly. Customers can withdraw interest any time after it’s been credited to their accounts or schedule automatic monthly disbursements. This is not always permitted by standard certificates. Keep in mind the APY assumes you’re keeping interest payments in your account until maturity, so while withdrawing interest during your CD term won’t incur a penalty, it can reduce your earnings.
All CDs automatically renew upon maturity as the original term length, with current rates, and there is a ten-day grace period following the maturity date. During this time, you can add or withdraw funds, change terms or close the account without incurring fees.
If you withdraw any of your account’s principal before maturity, Live Oak charges an early withdrawal penalty of up to 180 days’ interest. For terms less than 24 months, the penalty is 90 days of simple interest. For terms greater than 24 months, the penalty is 180 days of simple interest.
Overview of Live Oak Bank CDs
|
Minimum Deposit
|
$2,500
|
|
Term Lengths
|
3, 6, 9, 12, 18, 24, 36, 48, 60 months
|
|
Compounding Schedule
|
Daily
|
|
Early Withdrawal Penalty
|
Terms of less than 24 months: 90 days’ simple interest |
|
Grace Period for Penalty-Free Withdrawals After Maturity
|
10 days
|
How Much Can You Earn With a Live Oak Bank CD?
As with any CD, your return depends on your chosen term and deposit amount. Live Oak offers higher interest rates than many banks, so you can probably expect above-average earnings. Use our CD calculator to determine how much you can earn with Live Oak Bank’s CDs.
Remember that Live Oak does allow interest withdrawals at no cost. If you choose to withdraw interest before your account’s maturity date, it will impact your earnings, so the “Total Interest Earned” shown in the calculator may be different.
How the Live Oak Bank CDs Stack Up
Live Oak Bank CD rates are competitive with the best CD rates, especially for shorter-term options.
Because it’s an online bank, Live Oak lacks the overhead costs of operating physical branches. This means it can offer higher rates on deposit accounts than most brick-and-mortar banks. Live Oak CD rates also far surpass the national average CD rates, according to the FDIC. Visit Live Oak Bank’s website for the most current CD rate information.
Live Oak requires higher minimum deposits to open CDs than some online banks. If you don’t have at least $2,500 to save now, Live Oak won’t be the right bank for you. Compare rates and terms of other banks with low or no minimum deposit requirements on CDs to find the best fit.
About Live Oak Bank
Live Oak is an online bank offering cloud-based personal and business bank accounts. It’s known for small business banking and is the top SBA 7(a) lender by dollar volume in the U.S.
In addition to CDs, this digital bank offers a personal and business high-yield savings accounts and business checking accounts. Live Oak also offers three types of small business loans—Small Business Administration loans, U.S. Department of Agriculture loans and commercial loans.
Find The Best CD Rates Of 2024
Frequently Asked Questions (FAQs)
Is Live Oak FDIC insured?
Yes, all accounts with Live Oak Bank are FDIC insured (FDIC certificate No. 58665) up to $250,000 per depositor, for each account ownership category, in the event of bank failure.
Who owns Live Oak Bank?
Live Oak Bank is a division of Live Oak Bancshares (Nasdaq: LOB).
What kind of bank is Live Oak Bank?
Live Oak Bank is a cloud-based, online-only bank. It doesn’t operate local branches, and all bank transactions occur through online and mobile transfers, wire transfers or deposits by mail.
What is the penalty for early withdrawal from Live Oak Bank?
Live Oak Bank charges an early withdrawal penalty of up to 180 days’ simple interest, depending on your CD term, if you withdraw principal funds from your account before maturity. You can withdraw interest earned on the CD at any time after it’s credited without paying penalty fees.
