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First Internet Bank of Indiana VS Live Oak Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 5.0 Star Icon
4.59%APY
CD Account
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Pros:

  • Competitive interest rates offered
  • Low opening required amount
  • Good variety of CD terms available
  • Variety of options on how to fund CDs

Cons:

  • Early withdrawal fees are high
  • Closing CDs may have a check fee
  • New customers need approval
  • Cannot transfer money from CDs
  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Required Opening Amount: 4.0 Star Icon
4.50%APY
CD Account
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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
First Internet Bank of Indiana CD Review

The First Internet Bank CDs offer competitive interest rates. The rates are competitive with other online accounts. First IB CDs offer interest rates much higher than typical bank rates. All the different CD terms offer competitive interest rates.

The amount required to open First Internet Bank CDs is low. CD terms requires $1,000. That amount is low compared to some online CD accounts. With that $1,000 required amount, you can open any of the First IB CD terms.

First Internet Bank offers a good variety of CD terms. The terms range from 3-months to 60-month CDs. They offer a total of eight CD account terms. All the CD terms are online CDs. You can apply for any term length online through the First IB website.

First Internet Bank offers a variety of ways to fund the CD. You can deposit money through an ACH transaction or deposit a check. You can set up a linked external account and make an electronic transfer. You can also send a wire or use a credit card for the initial funding of the CD. They do not accept third party checks.

First IB charges a fee for withdrawing money before the maturity date. The fees are high compared to other CD accounts. For three-month terms, the fee is 90 days of interest. For terms from 6-months to 18-months, the fee is 180 days of interest. The fee for CD terms from 24-months to 60-months is 360 days of interest.

First Internet Bank may charge a fee based on how you choose to receive your money from closed CDs. There is not a fee if you deposit the money into your First IB checking or savings account. If you request a check when you close your account, there is a $5 fee per check.

When you apply for an account, First IB must approve your account application. Once you complete the application, they will review your application. If you are approved, First IB sends an email within two business days after they review your account. If you already have a savings or checking account with First IB you do not need approval again.

First Internet Bank does not allow you to transfer money out of your CD accounts. They offer a fund transfer service, but their CD accounts are not eligible. Other First IB accounts charge a $5 fee to transfer money from a First IB account to an external account.

Read the full First Internet Bank of Indiana review.

Live Oak Bank CD Review

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.

Read the full Live Oak Bank review.

Favorite Rates

Capital One
1 Year CD 12/7/2022
APY 4.00%
Rate 4.00%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Get peace of mind with fixed rates and guaranteed returns
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