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 If your CD term is less than 24 months, the penalty is 90 days of interest on the withdrawn amount. If your CD terms are 24 months or longer, the penalty is 180 days of interest on the withdrawn amount.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

Citizens Access CDs offer competitive interest rates. The rates are much higher than typical bank rates. Each of the CD terms offers interest rates competitive with other online CDs. The interest rates are not tiered. Any balance above $5,000 earns the most competitive interest rate offered.

Each Citizens Access CD comes with the CD Pledge Rate guarantee. Once you fund your CD, Citizens Access watches interest rates for ten days. The Rate Pledge guarantees you lock in the highest interest rate during that time. Once you lock in the highest interest rate, the rate stays the same for the entire term.

Citizens Access offers a good variety of CD terms. Those terms range from a six-month term to a five-year term. In all, Citizens Access offers seven CD term lengths.

Citizens Access encourages CD laddering. This means dividing up your investment between different term CDs. Dividing up your money can earn more interest. You can invest your money into short-term or long-term CDs. The Citizens Access website offers tools to help you understand CD laddering better.

The Citizens Access CDs have high opening required amounts. Each of the CD terms require $5,000 to open. The savings account also requires $5,000 to open.

There are limited ways to open and fund Citizens Access CDs. You cannot deposit cash or make a wire transfer into the CD. You can link an external bank account or deposit a check to fund the account. Make changes to the account during the 10-day grace period or once the CD reaches maturity.

To set up a maturity plan for your Citizens Access CD you need to call customer service. They can help you figure out what happens to your CD once it reaches maturity. Customer service has set hours they are available. Find the hours listed below.

Citizens Access offers two ways for customers to receive the interest earned on their CDs. You can choose to have the money added to the CD principal or transfer the money to another account. Those are the only two options for how to receive the interest earned.

Read the full Citizens Access review.