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 If your CD term is less than 24 months, the penalty is 90 days of interest on the withdrawn amount. If your CD terms are 24 months or longer, the penalty is 180 days of interest on the withdrawn amount.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.
All Ally high yield CDs do not have a required amount to open the account. You can open each of the CDs with any amount. The Raise Your Rate CDs and the No Penalty CD do not have a set amount required to open.
Ally CDs offer competitive interest rates. The rates are competitive with other online CD accounts. The interest rates for Ally CDs are much higher than typical bank rates.
There are a wide variety of CDs offered through Ally. They offer seven high yield CDs. Those terms range from three months to five years. Ally offers a Raise Your Rate CD. These CDs are available in two-year and four-year terms. They also offer a No Penalty CD. This CD is an eleven-month term.
Ally offers a Ten-Day Best Rate Guarantee for each of the different CDs. When you open your CD, you have ten days. If interest rates go up within that time, so does your interest rate for the CD. The best rate guarantee is also available when you are renewing your CD.
The No Penalty CD has high opening amounts to earn the most competitive rates. Balances under $5,000 earn the lowest rates. To earn the most competitive rate for the CD requires a minimum opening balance of $25,000. Balances over $5,000 but less than $25,000 receive an interest rate between the two rates.
Interest earned from Ally CDs is generally credited annually. If your CD is a one-year term or less, they credit your interest at the CD maturity. If your CD term is longer than one year, they credit your interest at your CD terms year-end. You can make some changes to your CDs through the Ally website.
Some Ally CD accounts have tiered interest rates. To earn the most competitive interest rate for your account requires a balance of $25,000. There is not a required amount to open these CDs, but the higher the account balance, the higher the rate you earn.
The Ally No Penalty CD allows you to withdraw your money anytime after the first six days. You cannot make a partial withdrawal of the funds. If you are going to withdraw the money, you must withdraw the entire CD balance.