While Monday saw Live Oak Bank significantly dropping one of its CD rates, today sees it raising another, and high enough to share the national lead.
Live Oak’s 12-month yield went from 1.25% to 1.30% APY this morning, which is the same rate that Bank of Baroda is offering at the top of our CD Rates Leaderboard of nationally available bank certificates.
Eighteen months ago, the top national 12-month return hit 1.30% APY for the first time since 2011.
But since then, the lead has bobbed up and down incessantly, dropping back to 1.21% and climbing as high as 1.36% APY, where it sat for most of this past spring.
Most recently, it was stuck at 1.26% APY, until Bank of Baroda elevated the lead to 1.30% nine days ago.
Live Oak is no stranger to our Leaderboard, having held the lead in various terms over the past few years.
Its pattern is not predictable, however. Sometimes it has pulled a leading rate after less than two weeks, other times it has kept a chart topper in place for months.
In any case, Live Oak’s certificates of deposit require a $2,500 minimum investment, as compared with Bank of Baroda’s $1,000 minimum.
Founded in 2008 to provide small-business loans to underserved niche markets, Live Oak raises money for those loans by selling online CDs to business and personal customers.
It operates a single branch in Wilmington, North Carolina.
Co-leader Bank of Baroda is an FDIC-insured U.S. branch of India’s second-largest bank, which operates in more than two dozen countries around the world.
Its CDs on our Leaderboard (it also offers the top 36-month return) are available from the New York branch, where it has had a presence for more than 30 years.
For the latest roundup of national rates on any given day, be sure to visit Bankrate’s extensive database of the best CD rates before committing your funds to any certificate.