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Live Oak Bank CD Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 4.0 Star Icon
0.70%APY
1 Year CD

Pros:

  • Good variety of CD terms offered
  • Competitive interest rates on all terms
  • CD terms require same opening amount
  • Early withdrawal penalty low

Cons:

  • No interest rate guarantee offered
  • Only one way to receive interest
  • Customer service has specific hours
  • Must link an external bank account

What You Need to Know

Live Oak Bank offers a good variety of CD terms. The terms range from six months to five years. There are seven different CD terms available from Live Oak Bank.

Each of the CD terms offers competitive interest rates. The interest rates are competitive with other online CDs. Live Oak Bank CDs offer rates much higher than typical bank rates. Even the six-month and one-year CD offer rates competitive with other online CDs.

Each of the CDs offered through Live Oak Bank has the same opening required amount. The seven terms each require $2,500 to open. Once you have the required opening amount, you can earn interest on any amount above that balance. You must completely fund your account with the $2,500 within 14 days of opening the account.

Live Oak Bank CDs has a low penalty for withdrawing money before the maturity date. If your CD term is less than 24 months, the penalty is 90 days of interest on the withdrawn amount. If your CD terms are 24 months or longer, the penalty is 180 days of interest on the withdrawn amount.

Live Oak Bank does not offer an interest rate guarantee when you open a CD. The interest rate on the day you open and fund your account is the rate you will receive on the CD. If the rates increase shortly after opening your account, your CD interest rate will not increase.

There is only one option for how to receive interest payments on your Live Oak Bank CDs. The interest credits each month. The money is deposited back into your CD. You can withdraw the interest earned on the CDs without a penalty.

Customer service for Live Oak Bank has limited availability and contact options. Customer service is available through phone, email, or mail. Their hours are Monday through Friday from 8 a.m. to 8 p.m. ET. You can follow Live Oak Bank on YouTube, Twitter, Facebook, and LinkedIn.

Applying for a Live Oak Bank CD is completely online. To successfully set up a CD you must link an external bank account. Once you finish the paperwork, Live Oak Bank will verify your external bank account. You then fund your account with an electronic transfer from an external bank account.

Cool Things

Resource Center

The Live Oak Bank website offers a Resource Center. Here there are a wide variety of articles covering financial topics. They offer resources for senior care, dental care, and veterinary care. They offer webinars on entrepreneurship and for business resources. Some other topics include insurance, energy, and banking resources.

History

Live Oak Bank started by focusing mainly on veterinary practices. Over time they have added different areas to their company. Those areas include agriculture, pharmacy, and healthcare.

Before Live Oak Bank starts offering loans and products for an area, they hire an expert. This expert leads a team to figure out the loan information. The experts then guide customers through the loan process. They continue to help them throughout the life if the loan if they need.

Live Oak Bank offers personal and business banking products as well. These accounts include a savings account and CDs. The bank accounts are completely online accounts.

Awards and Recognition

  • Safe and Sound 5-Star Rating from Bankrate
  • Named 2018 Lender of the Year by the USDA’s Rural Business and Cooperative Service

Giving Back

Live Oak Bank employees volunteer and in 2017 they logged 4,700 service hours. Along with service, Live Oak Bank awarded 32 grants to a variety of organizations. A large portion of the money goes to organizations that specialize in human services. Other areas Live Oak Bank serves to help health and education. Most of the money donated is to local organizations.

Frequently Asked Questions

Is Live Oak Bank FDIC insured?

Yes. Live Oak Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Live Oak Bank offer?

They offer seven CD terms. The terms range from six-months to five-years. Each of the CD terms is completely online accounts.

What is the required amount to open a CD with Live Oak Bank?

Each of the Live Oak Bank CD terms require $2,500 to open.

How do I deposit money into Live Oak Bank CDs?

Electronic transfers, wire transfers, mailing in a check, or through direct deposits. To open a CD, you must link an external bank account.

How do I access my money?

To withdraw money from a Live Oak Bank CD, you must contact customer service.

Do I have to open other Live Oak Bank accounts before I can open a CD?

No. You can open a Live Oak Bank CD without having to open any other bank account.

Do Live Oak Bank CDs offer competitive interest rates?

Yes. Each of the Live Oak Bank CDs offer competitive interest rates. The rates are much higher than typical bank rates. Even the short-term CDs offer rates competitive with other online CDs.

Can I choose how to receive my interest payments from Live Oak Bank CDs?

Interest credits to your account monthly. You can withdraw interest from the CD before it reaches maturity without a penalty.

What percentage am I charged if I withdraw money before the maturity date?

If the CD term is less than 24 months, the penalty is 90 days of interest. For CD terms longer than 24 months, the penalty is 180 days of interest. The penalty is on the withdrawn amount.

How do I make changes during the grace period?

Contact customer service before the CD reaches maturity. You can also contact customer service during the grace period to make changes. If there are not any changes, your Live Oak Bank CD will automatically renew.

How will I know my Live Oak Bank CD is nearing maturity?

Contact customer service if you forget when your CD reaches maturity.

How long is the grace period between renewal?

The grace period for Live Oak Bank CDs is ten days after the CD reaches maturity.

Are Live Oak Bank CD rates guaranteed for the entire term?

Yes. The rates are guaranteed until the CD reaches maturity.

Does Live Oak Bank offer mobile banking?

Yes. With the mobile app, you can see account history. You can transfer money from other Live Oak Bank accounts into your Live Oak Bank CD. You can make deposits into your CD from the mobile app.

Is Live Oak Bank a good bank?

Live Oak Bank offers a good variety of CD terms. The interest rates for each CD are competitive with other online accounts. Each CD term requires $2,500 to open. The early withdrawal penalties are low. Live Oak Bank offers personal and business savings accounts and CDs.

Is Live Oak Bank secure online?

Live Oak Bank offers security measures that comply with federal laws. Their computers have safeguards. Their files and buildings are secure. Employees only access personal information for business purposes.

What is the shortest Live Oak Bank CD term offered?

The shortest term is a six-month CD.

What is the longest Live Oak Bank CD term offered?

The longest term available is a five-year CD.

Does Live Oak Bank offer accounts other than CDs?

Yes. They offer personal savings accounts as well as business accounts. Live Oak Bank offers a variety of small business loans as well.

Can I use Live Oak Bank CDs for my business accounts?

Live Oak Bank offers a specific business savings account and CDs. The CD terms range from six-months to five-years. They offer personal CDs in these same terms as well.

How do I reach customer service?

Through phone, email, or mail. You can follow Live Oak Bank on Facebook, Twitter, LinkedIn, and YouTube.

Bank Contact Information

1741 Tiburon Dr
Wilmington, NC 28403
866.518.0286

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