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Personal CDs
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What is the process for opening a personal 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 …
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Who is eligible to open a savings account or CD?
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.
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What is the minimum/maximum allowed to open a CD?
Currently, the minimum is $2,500 and the maximum is $250,000 per account.
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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
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Can I open an account in the name of my Trust?
No, we do not offer Trust accounts. You may list your Trust as beneficiary if you wish.
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Can I add a beneficiary to my account?
Yes, you may add beneficiaries to your personal accounts. 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 …
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Is there an early withdrawal penalty for a 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 The early withdrawal penalty is the equivalent of 90 days of interest on the principal amount withdrawn for CD terms less than 24 months or 180 days of interest on the principal amount withdrawn for CD terms of 24 months or longer.
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How can I make a withdrawal from my 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 …
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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. 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 …
