CD Account FAQs

  • 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
  • Can I add a beneficiary?

    Yes, you may add beneficiaries to your account. To qualify as an eligible beneficiary, the beneficiary must be a living person, a charity, a trust, or a non-profit organization. If the beneficiary is a person, the individual must be a US citizen. If a charity or non-profit is named as a beneficiary, it must qualify as such under the Internal Revenue Service (IRS) regulations.

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

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

  • Who is eligible to open a Certificate of Deposit at Live Oak Bank?

    Individuals 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.

  • What is involved in the process to open a CD?

    The Certificate of Deposit can only be opened online. You may click ‘Get Started’ on the homepage and follow the prompts to begin the quick three-step application. We will ask for your personal information and external bank account information. Your information will be verified electronically. We may request documentation if additional verification is required. Once this information is confirmed, you will enter the amount of your deposit to schedule an ACH transfer from the verified bank account into your new CD account.

    You may add a co-owner or beneficiary to the account after completing the funding step of the application.

  • 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    At the time of maturity, the funds can be withdrawn or the certificate will automatically renew at the current interest rate offered for a CD of the same term. The account holder has up to 10 calendar days following the maturity date to withdraw the available funds.

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 The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer.

  • 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.

  • Does Live Oak Bank offer IRA (Individual Retirement Accounts)?

    No, we do not offer retirement accounts.

  • Can I open a CD in the name of my Trust?

    The online application is for personal accounts only. You may list your Trust as beneficiary if that works for you.

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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