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Business CDs

  • Can I add authorized signers for business CDs?

    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.

  • What is the process for opening a 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. …

  • What are the eligibility requirements to open a 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 …

  • What is the minimum/maximum allowed to open a CD?

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

  • What fees does Live Oak charge for CDs?

    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

  • Can I open an account in the name of my Trust?
    Personal CD | Personal Savings

    No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.

  • Is there an early withdrawal penalty for a CD?
    Business CD | Personal CD

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 The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer.

  • How can I make a withdrawal from my CD?
    Business CD | Personal CD

    For an early 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 Please note there will be an early withdrawal penalty if principal is withdrawn prior to the CD maturity date. You may adjust your CD interest disbursement preference, as well as your renewal preference within …

  • What happens when my CD matures?
    Business CD | Personal CD

    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. The account holder has up to 10 calendar days following the maturity date to withdraw the available funds, add additional funds, modify your CD term or …