Business CD FAQs

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

Currently, the minimum is $2,500 and the maximum is $250,000 per account.

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

Live Oak Bank does not currently offer Business CDs for Trusts.

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.

At the time of maturity, the funds can be withdrawn or the certificate will automatically renew at the current interest rate offered for a CD of the same term.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

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Please note there will be an early withdrawal penalty if principal is withdrawn prior to the CD maturity date.

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 The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer.

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.