bank rates

Live Oak Back With New National CD Deal

UPDATE: This deal has been extended three times and now expires at noon on April 24.

In what’s becoming a recurring pattern, Live Oak Bank is offering a new week-long, chart-topping CD rate for those able to make a large deposit.

This time it’s paying 1.50% APY on a 24-month certificate, again with a minimum deposit of $75,000.

Buy you’ve got to act fast. The online deal expires at noon EST on April 7.

The hefty investment requirement prevents Live Oak from appearing on our CD Rates Leaderboard, where minimum deposits must be $25,000 or less. But it easily bests the board’s top nationally available return of 1.35% APY on 2-year CDs.

Last month, Live Oak sparked a great deal of excitement among savers with a 60-month add-on CD that paid 2.50% APY. But confusion arose over the exact rules about how and when additional money could be added to the account.

On March 17, Live Oak commented on our website that it has changed its policy to allow add-on deposits only to CDs opened before that date.

For all later CDs – including this new promotion – Live Oak states that “funds may not be added after the initial deposit is made.”

Live Oak was founded in 2008 primarily to provide small-business loans to under-served niche markets. It raises money for those loans by selling certificates of deposit to business and personal customers.

Operating mostly online for customers nationwide, Live Oak has a single branch in Wilmington, North Carolina.

While online enrollment must be completed by Tuesday to lock in this promotional rate, receipt of the initial deposit is not required by the enrollment deadline.

A limit of one promotional CD is available per household or business.

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