Business CD FAQs

  • 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.

  • What are the eligibility requirements to open a Live Oak Bank Business CD?

    Authorized Signers must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification. The following business entity types may open an account:

    • Corporation
    • Limited Liability Corporation
    • Sole Proprietorship
    • Partnership
    • Limited Partnership
    • Professional Corporation
    • Association
    • Non-profit
  • 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.

  • 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.

  • 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    At the time of maturity, the funds can be withdrawn or the certificate will automatically renew at the current interest rate offered for a CD of the same term.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.

  • How can I make a withdrawal from my account?

    For a CD withdrawal, contact a Customer Success Manager at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).

    Please note there will be an early withdrawal penalty if principal is withdrawn prior to the CD maturity date.

  • Is there an early withdrawal penalty?

    Yes. The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer.

  • Can I add additional authorized signers for the Business CD?

    Yes, you may add up to four additional authorized signers for the Business CD (for a total of five authorized signers). Authorized signers must be a U.S. citizen or Permanent Resident and listed on the Entity Authorization provided at account opening.

Can’t find the answer to your question? Contact a Customer Success Manager by calling 866.518.0286.

Monday through Friday 8:00 a.m. – 8:00 p.m. ET

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