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Money Rates Columnist.
Posted: February 16, 2016
A North Carolina-born, primarily online bank specializing in niche small business loans doesn't seem the obvious choice for high yield deposit accounts, but Live Oak Bank offers highly competitive bank rateson certificates of deposit. It's worth a look.
CD rates and businesses serviced by Live Oak
The bank focuses on CDs with a minimum opening deposit of $2,500 and varying terms of up to five years.
CDs are opened at a fixed rate, so the interest rate cannot be changed until it is time to renew.
Live Oak Banking blends its FDIC-insured deposit business with a larger small business lending program specializing in industries such as:
Wineries and distillers
Family entertainment and more
How to open a deposit account with Live Oak
Live Oak is headquartered in Wilmington, North Carolina, so most U.S. depositors will apply online. Here's what you'll need to have on hand:
Your Social Security Number or Individual Tax Identification Number (ITIN)
A U.S. government-issued photo ID (e.g. driver's license, passport, state or military ID)
A U.S. checking or savings account to fund your new account
Terms, fees and penalties for CDs
Key terms, fees and penalties to be aware of:
Advertised APYs, or annual percentage yields, can change at any time and without notice. (Rates won't change once you are locked into a CD).
The maximum deposit amount is $250,000 per account (minimum $2,500).
There is no fee for opening or maintaining a certificate of deposit account but potential customers should review the bank's official schedule of fees. If you do not receive a schedule of fees, be sure to ask for it.
The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer, according to Live Oak.
Live Oak Bank customer service information
Reach a deposit services representative at 866-518-0286.
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