Live Oak Bank is known to be the most recognized financial firm that is primarily popular because of its strong online presence and commitment. For the basic overview, the bank tends to provide competitive savings options. In terms of saving options, the bank holds a variety of Certificate of Deposit (CD) rates.

These CD rates at Live Oak Bank are primarily designed to meet the basic financial goals and preferences of the customers. All these rates are well-designed to offer flexibility and competitive earnings. Let’s find out the basic overview in the detailed horizon.

Live Oak CD Rates Offers 

A few of the most significant and considerable CD offers by Live Oak are as follows;

6-Month CD

  • Term Length: 6 months
  • APY: 4.60%
  • Minimum Deposit: $2,500
  • Early Withdrawal Penalty: Interest earned up to the date of withdrawal

Key Considerations:

  • Ideal for short-term savers looking for a quick return
  • Higher APY compared to traditional savings accounts
4.60% APY offers significant earnings for a 6-month term.Short term means less time for interest to compound compared to longer CDs.
$2,500 minimum is manageable for many savers.

  1-Year CD

  • Term Length: 1 year
  • APY: 4.75%
  • Minimum Deposit: $2,500
  • Early Withdrawal Penalty: 90 days of interest

Key Considerations:

  • Offers a balance between a decent return and a commitment period
  • Suitable for individuals planning for short to medium-term financial goals
4.75% is competitive for a 1-year term, balancing return and time commitment.Funds are tied up for a year, which may not suit everyone’s liquidity needs.
Costs 90 days of interest, which can eat into profits if withdrawn early.

 2-Year CD

  • Term Length: 2 years
  • APY: 4.85%
  • Minimum Deposit: $2,500
  • Early Withdrawal Penalty: 180 days of interest

Key Considerations:

  • Best for those who can afford to lock in funds for a longer period
  • Higher APY rewards longer-term saving commitments
4.85% APY rewards savers willing to commit for 2 years.Not ideal for those who need short-term access to their funds.

 Collective Comparison CD Rates in Table

For an even more comprehensive and detailed perspective, a collective comparison of the CD rates and their key features in a single table is provided next.

Feature6-Month CD1-Year CD2-Year CD
Term Length6 months1 year2 years
Minimum Deposit$2,500$2,500$2,500
Early Withdrawal PenaltyInterest earned up to date of withdrawal90 days of interest180 days of interest
Compounding FrequencyMonthlyMonthlyMonthly
FDIC InsuredYesYesYes
Pros– High APY for short term – Lower minimum deposit- Quick access to funds– Balanced APY- Compounded interest- Security– Higher APY for longer term- Increased earning potential- FDIC insured

Are Live Oak CD Rates Competitive?

Precisely stating the horizon of the Live Oak Bank for its CD rates, it is considered to be a highly competitive option found so far. Most commonly, in today’s market where savers are seeking higher returns on their deposits, this financial firm appears to be more considerable. 

On the other hand, with the APYs exceeding 4.50%, all these rates stand out against many traditional and online banks. This surpassing horizon tends to explain the situation in which live oak bank works as an attractive option for all those looking to maximize their savings growth. 

To a broader extent, the combination of higher-than-average yields, the low minimum deposit requirements, and the security of FDIC insurance, considerably puts the Live Oak Bank at the forefront for investors. it tends to prioritize both safety and return on investment.

How do Live Oak CD Rates Compare?

Compared to the broader banking landscape, Live Oak Bank’s CD rates are among the more compelling options available. Many banks offer lower APYs, especially for shorter-term CDs, making Live Oak’s offerings particularly appealing for both short and longer-term savers. Their rates not only rival but often exceed those of other high-yield savings accounts and CDs, positioning them as a leading choice for individuals looking to optimize their earnings without taking on the risk associated with other investment forms.

How Much You Can Earn with Live Oak CD Rates?

A basic overview of potential earnings with Live Oak Bank’s CD rates precisely reveals that investors can enjoy considerable growth on their investments. The actual amount that has been earned will depend on the term length, APY, and how interest compounds over time.

Here is the basic overview of the approximate potential earnings.

CD TermInvestment AmountPotential Earnings (Approx.)
6-Month CD$10,000$230
1-Year CD$10,000$475
2-Year CD$10,000$985

 Overview of Live Oak

Live Oak Bank, established with the mission to support small businesses and personal savers, has rapidly evolved since its inception into a significant online financial institution. 

It is known for leveraging technology to enhance banking services, it offers a variety of products including high-yield savings accounts, CDs, and business loans. 

Despite its digital-first approach, Live Oak has a substantial physical presence with its headquarters in Wilmington, North Carolina. 

Moreover, it prides itself on managing a robust portfolio, with assets totaling billions, reflecting its solid position in the market. 

Unlike traditional banks, Live Oak does not focus on a vast network of branches or ATMs; instead, it emphasizes online banking services, providing accessibility and convenience to customers nationwide without the need for physical branches or ATMs.

Locations of Live Oak

Live Oak Bank operates primarily from its headquarters in Wilmington, North Carolina, with no traditional branches or ATM networks, as it focuses on online banking services.

Frequently Asked Questions

Is Live Oak Bank FDIC Insured?

Yes, Live Oak Bank is FDIC-insured, providing the standard insurance coverage up to the maximum allowed by law.

Can I open an account with Live Oak Bank from anywhere in the U.S.?

Yes, you can open an account with Live Oak Bank from anywhere in the United States through their online platform.

Does Live Oak Bank offer mobile banking?

Yes, Live Oak Bank offers mobile banking through its app, allowing customers to manage their accounts, deposit checks, and more from their mobile devices.

What types of products does Live Oak Bank offer?

Live Oak Bank offers a variety of financial products including high-yield savings accounts, CDs, personal and business loans, and more.

How does Live Oak Bank handle customer service?

Live Oak Bank provides customer service through phone, email, and live chat, ensuring customers can get support when they need it, despite the lack of physical branches.