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Live Oak Bank Review and Latest Rates

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Live Oak Bank logo thumbnailA 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.


See all current CD rates from Live Oak and compare them with other banks.


Fixed rate CDs

  • 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:

  • Craft brewers
  • Wineries and distillers
  • Veterinary medicine
  • Funeral homes
  • Pharmacies
  • 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    • The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer, according to Live Oak.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.

    • Headquarters:1741 Tiburon Dr, Wilmington, NC 28403
    • Phone:  910-777-5738
    • Fax: 910-790-5868
    • Hours:  Monday through Friday 9 AM – 5 PM

    Your turn

    If you have had experience with any account at Live Oak bank please let us know in the comment section below.

    2 Comments
    Robert W Peinado 17 November 2016 at 9:43 am

    Just tried to open a CD account, I couldn't finish the process after signing electronically since there is no apparent "finish/next, etc." button and the "Done" tab is still to be completed. I tried calling over the noon hour and was sent repeatedly to different voicemail boxes. I'm a little concerned with their customer support, they are supposed to be opened from 9 to 5 M-F. Do they also take a lunch hour with no one answering their phones?

    Jan 11 August 2016 at 9:30 am

    They would not accept me for an account because I have a P.O. Box address, no home mail delivery in my rural area.