bank rates

New National Leader In 5-Year CDs Pays 2.50%, But This Deal Expires Sunday

If you act fast, you can take advantage of the best nationally available return we’ve seen on 60-month CDs in nearly three-and-a-half years.

Live Oak Bank is paying savers across the country 2.50% APY on CDs that you can add money to anytime prior to the maturity date.

The catch? You have to apply online by this Sunday, Feb. 22, and you’ll need a hefty $25,000 minimum deposit.

But for the next four days, this will be the top return on our CD Rates Leaderboard.

It beats the 2.25% APY that our four previous leaders had been paying. It even beats the 2.35% APY Citizens State Bank offered from early September through early January.

In fact, the last time any bank paid 2.50% on a national deal was September 2011.

Once the CD is established, savers can make additional deposits in increments of $1,000 or more. Adding funds does not extend the maturity date of the CD.

Live Oak was founded in 2008 primarily to provide small-business loans to underserved niche markets. It has since expanded to offer CD deposits, which are available to both 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 Sunday to lock in this promotional rate, receipt of the initial deposit is not required by the enrollment deadline.

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Comments (1)
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One Existing Comment
  1. Frank said:
    on February 20th at 10:06 am

    Some CDs pay simple interest, which means you earn less. With daily compound interest, you earn interest on your previously earned interest. This Live Oak Bank CD offer pays simple interest.