Live Oak Bank offers traditional CDs across seven different terms ranging from six months to five years. According to the bank, accounts can be opened within minutes and managed through the mobile app. The minimum deposit is higher than it is at some online banks, but still relatively low.
Early withdrawal penalties are fairly standard. For CDs maturing in less than 24 months, the fee is 90 days of simple interest on the amount withdrawn.
Interest is compounded daily.
Competitive CD rates are available to consumers nationwide.
Account holders can have interest automatically disbursed to them every month.