The Presidential Bank CDs have low opening required amounts. Each of the CD terms require $1,000 to open. You must keep this balance of $1,000 in the CD to earn interest on the account.
There are a good variety of CD terms available through Presidential Bank. The terms range from 30-days to five years. There are a total of eight CD terms offered. You can apply for the CD terms online or through the mail.
All Presidential Bank CD terms offer competitive interest rates. The rates are competitive with other online CD accounts. Their rates are much higher than typical bank rates. Presidential Bank interest rates are not tiered. Any amount over the required opening balance earns the competitive interest rates. The short-term CDs offer interest rates competitive with other online short-term CDs.
Presidential Bank customers can choose how to receive interest earned from CDs. You can have the interest mailed to you in a check each month. You can deposit the interest into another Presidential account. You can also send the interest to an external bank account.
The early withdrawal fees for Presidential Bank CDs are high. For terms from 30 to 60-days, the fee is 30 days of interests on the withdrawn amount. For CDs from 90-days to 182-days, the fee is three-months of interest on the withdrawn amount. The fee for one-year CDs is six-months of interest on the withdrawn amount. Two-year CDs require 12-months of interest. The five-year CD requires 24-months of interest on the withdrawn amount.
The grace periods for Presidential Bank CDs are shorter than other similar online CD terms. The 30-day CD only has a grace period of one business day. The other CD terms have a grace period of seven days. Each of these grace periods start the day your CD reaches maturity.
Presidential Bank has nine branch locations in Maryland, Virginia, and Washington D.C. If you do not live by a branch location, there are limited ways and times to contact customer service. You can reach a representative through phone, mail, or email. Their hours are Monday through Friday from 8 a.m. to 10 p.m. ET.
To close your Presidential Bank CD, you must notify customer service in writing of your decision. They must receive the notification of your plans to close the CD before or during the grace period. You can take the document to a branch location or mail it in to customer service. But, notification in writing is required to close the CD.
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.