Ready to start saving money for your business?
Here’s how:
Apply
Apply to open your business CD account in minutes. We’ll request both business and personal information to verify your identity and contact information.
Fund
To fund your account, you simply link an existing bank account and transfer funds. Reminder, our CD accounts require a minimum balance of $2,500.
Finalize
Congratulations! You've opened a CD account for your business. Now you can add authorized signers, set interest disbursements preferences or modify your CD renewal settings.
Convenient digital access, superior customer support
Service
Our North Carolina-based customer success team is dedicated to providing you personalized support.
FDIC insurance2
Funds deposited with Live Oak Bank are insured up to the maximum allowed by law, which is currently $250,000.
Learn why FDIC insurance matters.
No maintenance fees
Our accounts have no online banking or monthly maintenance fees.
Online account opening
Open and manage your account without leaving your house. Download our mobile app to access your account on the go.
FAQs
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What fees does Live Oak charge?
Account Fees:
- Online Banking Fee: No Charge
- Monthly Interest Disbursements Fee: No Charge
Early Withdrawal Penalties:
- Early Principal Withdrawal of a CD with a term less than 24 months: 90 Days of Simple Interest
- Early Principal Withdrawal of a CD with a term 24 months or greater: 180 Days of Simple Interest
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What is the minimum/maximum deposit allowed to open a Business CD?
Currently, the minimum is $2,500 and the maximum is $250,000 per account.
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Can I open a Live Oak Bank Business CD in the name of a Trust?
Live Oak Bank does not currently offer Business CDs for Trusts.
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What is the process to open a Live Oak Bank Business CD?
To open a Business Certificate of Deposit, we will ask for the personal information of the authorized signers, business information, and bank account information. We will verify the information provided electronically. Once this information is confirmed, you will enter an amount which will be transferred from the verified bank account into your new Business CD. You may add additional authorized signers after funding the account.
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What happens when my CD matures?
At the time of maturity, the funds can be withdrawn or the certificate will automatically renew at the current interest rate offered for a CD of the same term. An authorized signer has up to 10 calendar days following the maturity date to withdraw the available funds.
1. Live Oak Bank Certificate of Deposit Annual Percentage Yield (APY) is valid as of and subject to change at any time without prior notice. The minimum deposit required to open an account is $2,500 and the maximum amount is $250,000 per account. Penalties may apply to early withdrawals. Fees may reduce earnings.
2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
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