Certificate of Deposit (CD) Options

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Live Oak Bank offers competitive CDs with terms ranging from 3 months to 5 years:

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12-Month CD (4.30% APY)

• $2,500 minimum opening deposit

• No monthly fees

• Monthly interest disbursements

• Early withdrawal penalties apply

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Other CD Terms

• 3-Month CD: 3.85% APY

• 6-Month CD: 4.00% APY

• 9-Month CD: 4.10% APY

• 18-Month to 5-Year CDs: Competitive rates with longer terms

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All CDs can be opened online with deposits between $2,500 and $250,000. Interest is paid monthly rather than at maturity, providing regular income if desired. Early withdrawal penalties are 90 days of simple interest for terms less than 24 months and 180 days of simple interest for longer terms.

Business Banking Solutions

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Live Oak Bank truly excels in its business banking offerings, positioning itself as "America's small business bank":

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Business Savings Account (3.50% APY)

• Industry-leading 3.50% APY

• No minimum balance requirements

• No monthly maintenance fees

• QuickBooks integration

• FDIC insurance up to $250,000 (standard)

• Available Insured Cash Sweep program with up to $10 million in FDIC coverage

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Business Checking Options

Live Oak offers three tiers of business checking accounts:

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Business Essential Checking

• $10 monthly fee (waived with $1,000 average daily balance)

• No transaction fees

• Free withdrawals at 55,000+ Allpoint ATMs

• $10,000 daily debit card purchase limit

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Business Plus Checking

• $25 monthly fee (waived with $25,000 average daily balance)

• Cash sweep options

• Access to electronic federal tax payment system

• FDIC insurance up to $10 million available

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Business Plus Analysis Checking

• $100 monthly fee (can be offset by earnings credit)

• All the features of Business Plus

• Designed for businesses with higher transaction volumes

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Business CDs

• 12-Month Business CD: 4.30% APY

• $2,500 minimum deposit

• Terms ranging from 3 months to 2 years

Small Business Lending

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Live Oak Bank is consistently one of the top SBA lenders in the nation:

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• SBA 7(a) loans

• Commercial loans

• Industry-specific lending expertise

• Teams of experts across dozens of business sectors

Digital Banking Experience

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As an online-only bank, Live Oak Bank's digital experience is central to its operations:

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• User-friendly website with clear information

• Mobile app for account management (though reviews are mixed)

• Online account opening process

• Customer support available weekdays 8 am to 8 pm ET

Pros of Live Oak Bank

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• Exceptional Interest Rates: Among the highest available for both personal and business accounts

• No Fees on Savings: No monthly maintenance fees on personal or business savings

• No Minimum Balance: Earn top rates regardless of deposit size

• Business Banking Expertise: Specialized knowledge across multiple industries

• SBA Lending Leader: Top SBA 7(a) lender by loan approval amount

• Extended FDIC Coverage: Up to $10 million through Insured Cash Sweep for business accounts

Cons of Live Oak Bank

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• No Physical Branches: All banking is conducted online

• No Personal Checking: Only business checking accounts are available

• Limited Weekend Support: Customer service only available on weekdays

• Mobile App Limitations: Some users report issues with mobile check deposits

• CD Minimum: $2,500 minimum deposit required for CDs

• New Account Hold Times: Longer holds on deposits for new accounts (first 30 days)

Who Should Bank with Live Oak?

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Live Oak Bank is ideal for:

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• Savers Seeking High Yields: Anyone looking to maximize interest on savings

• Small Business Owners: Entrepreneurs wanting specialized banking services and high-yield options

• CD Investors: Those looking for competitive rates on certificates of deposit

• Digital Banking Fans: Customers comfortable with online-only banking

• Businesses with Large Cash Reserves: Companies that can benefit from extended FDIC coverage

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However, if you need in-person banking services, want a personal checking account, or require weekend customer support, you may want to explore additional options.

The Verdict

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Live Oak Bank delivers exceptional value through its high-yield savings products and comprehensive business banking services. While it lacks some traditional banking features like personal checking accounts and physical branches, its industry-leading interest rates and fee-free savings accounts make it a standout option for both individual savers and small businesses.

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For those primarily focused on growing their savings with minimal fees and maximum returns, Live Oak Bank deserves serious consideration. Its combination of high rates, zero maintenance fees, and robust business offerings creates a compelling banking solution in today's digital financial landscape.