APY GUY: Maximize Your Savings & Earnings

Dan Nelson

Brilliant Bank Review – Rates up to 5.05% APY!

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Updated

image credit: brilliant.bank

Brilliant Bank is an online-only division of Equity Bank which is a community bank based out of Wichita, Kansas with 51 locations in 4 states and over $5 billion in assets.

Equity Bank is the latest regional bank to expand their coverage nationwide via an online-online subsidiary offering FDIC-insured deposit accounts.

Brilliant Bank’s FDIC insurance is an extension of Equity Bank’s FDIC coverage, so if you have deposits already at Equity Bank and are looking to open a CD (certificate of deposit) or savings account with Brilliant Bank your coverage will be $250,000 across all deposit accounts from both banks.

Brilliant Bank currently offers some of the most competitive yields in the country right now on both their fixed-rate CDs and their variable-rate money market account. They also offer a checking account with a suite of digital tools to track spending and zero ATM fees on transactions.

To see if their deposit products are right for you, continue reading our review below.

Brilliant Bank CD Rates + Account Details

Brilliant Bank offers just 2 CDs (certificates of deposit) at the moment, but both come with highly competitive yields.

There is a minimum deposit requirement of $1,000 to open the account and a maximum deposit allowance of $500,000. All deposit sizes earn the same yield.

CD Rates

CD TermAPY
9 month5.05%
15 month4.85%
APY = Annual Percentage Yield

To give these CD rates some more context, the current national average for a 6 month CD and a 12 month CD sit at just 1.03% and 1.54% APY, respectively, according to FDIC data.

That said, top yields from online banks and nationally available credit unions are now topping 5.00% APY on ~12 month terms with Brilliant Bank’s 9 month offer among the rate leaders.

All CDs are subject to early withdrawal fees if funds are needed prior to their maturity. If you’d like specifics on these fees you’ll need to contact them at

Compounding and Crediting Interest

Although this is not noted on their website, Brilliant Bank compounds and credits interest monthly back into the CD.

We reached out to a customer service representative (via: customerservice@brilliant.bank) to gather this information.

They also noted that at this time you may not transfer interest payments out of the CD due to system limitations, however, they suspect this feature will be offered in the near future as their parent company (Equity Bank) does offer the service. This feature is beneficial to those who plan on using their CD interest payments for living expenses.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Brilliant Bank CD you will be provided a 10 day grace period in which you may close out your CD or modify it in any way before it automatically renews into a new CD with the same terms and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal penalty.

Early withdrawal penalties equate to ½ the interest that would have been earned on the funds withdrawn over the remaining term. This is calculated at the current interest rate.

[The information above was provided from the digital bank manager at Brilliant Bank.]

How to Open and Fund your CD

To begin the application process, start here and have your personal information handy. This includes:

  • full name
  • physical address
  • phone number
  • social security number (must be a U.S. citizen)
  • driver’s license or gov issued ID

Once approved for the CD, you may fund it via the following methods:

  • ACH
  • Wire
  • Check
  • Debit Card

If you plan to transfer for the funds from another bank account please have the following information readily available:

  • bank or credit union routing number
  • current account number (where the money will be withdrawn from to fund your Brilliant Bank CD)

Brilliant Bank Money Market Account

Brilliant Bank also offers a competitive money market account which they call the “Magnetic Money Market” account.

Like the CDs, it comes with a minimum deposit requirement of $1,000 and a maximum balance of $500,000.

Magnetic Money Market Rate

Min. DepositAPY
$1,0004.65%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average sits at just 0.57% for a money market account and 0.39% for a savings account with top yields from other FDIC-insured online banks just barely topping 5.00% APY.

Money Market Pros and Cons

The magnetic money market account is a relatively straightforward account with no fees or monthly balance requirement to earn the advertised rate. Take a look at the pros and cons to get a better idea on how this account might fit with your needs.

Pros:

✅ Unlimited check writing.

✅ Debit card available upon request.

✅ Mobile app for android and IOS.

✅ Mobile check deposit.

✅ Digital tools – make payments, transfer funds and track bills.

✅ High interest rate.

✅ Low minimum to open

✅ FDIC insurance up to $250,000.

Cons:

🛑 $2.55 fee each time you transfer funds from Brilliant Bank to an external bank account.

🛑 Funds deposited via the Mobile Check Deposit service are not available until the 5th business day if the amount is over $1,000 (if the amount is under $1k, they become available the next business day).

Brilliant Bank Checking

Brilliant Bank’s checking account doesn’t feature any interest rate on balances, however, it does come with a free debit card, zero ATM fees and a suite of digital tools to track your spending.

On the downside, while the account only requires a $100 minimum deposit to open, you must maintain a $2,000 balance to avoid a $10 service charge.

The online banking features are the same as the ones associated with the money market account which include mobile check deposit, online bill payments, ability to track expenses and income, etc.

You can learn more and get started with the Brilliant Checking account here.

LendingClub High Yield Savings – Now 4.25% APY!

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Fact Checked :
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You may recall LendingClub, founded in 2006, as the very first peer-to-peer lending platform to register their securities with the SEC.

By December of 2015, the San Francisco based start-up had claimed to facilitate $15.98 billion in loans on its platform.

In 2016 however, the company was hit hard with problems and scandals. The company was failing to bring on investors, had scandals involving some of their loans, and the board of directors were concerned with LendingClub’s CEO.

Fast forward to 2020, LendingClub decides to drop its peer-to-peer lending platform entirely and acquires Radius Bank to commence more traditional banking operations.

Today, they offer a number of competitive, FDIC-insured, high yield deposit accounts with both fixed and variable rates.

For the purpose of this review we will focus on Lending Club’s high yield savings account which offers a competitive yield of 4.25% APY.

LendingClub High Yield Savings Account Rate + Details

To open LendingClub’s high yield savings account you’ll need a minimum deposit of $100 to complete the account opening process. Once your account is open there are no monthly balance requirements or maintenance fees of any kind.

Savings Rate

Min DepositAPY
$1004.25%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.57% and 0.39% APY, respectively, according to FDIC data, with the top yields from online banks and credit unions now topping 5.00% APY following the latest rate hike by the Fed.

Opening and Funding Your Account

You’ll need to be a US citizen or legal resident and 18 years old or older to obtain this account.

To get started, you’ll want to have the following information readily available:

  • Social Security Number
  • Current Physical Address
  • Email Address
  • Bank account number and routing number – or – debit card from the institution you wish to transfer funds from

Please make sure this account has the $100 you’ll need to open your new LendingClub high yield savings account.

If you have all of this information handy, the account should only take 3 minutes to open online.

📍 Please Note: LendingClub may hold your funds for up to 5 business days during their “review process.” Also, although LendingClub does not pull your credit score if you have a hold on your credit for security purposes, LendingClub will manually review your application.

Managing Your Account

The easiest way to manage your LendingClub account is through their IOS or Android app or simply with their online banking.

Funds can be added to your account after account opening through LendingClub’s mobile deposit. This is available on both their banking apps or by initiating ACH transfers or wire transfer through their online banking portal.

Lending Club’s IOS app scores a 4.4 star rating out of 5 with over 2,300 consumer reviews and their Android app scores a 3.3 star rating out of 5 with over 1,460 consumer reviews.

Transaction Limits

LendingClub imposes daily transaction limits for their high yield savings account that is determined by how long you’ve been a customer of theirs.

See the matrix below for more details.

EligibilityNew Client90 days + $10k Balance120 days + $50k Balance
Incoming ACH$10k daily$150k daily$250k daily
Outgoing ACH$10k daily$50k daily$250k daily
Mobile Check Deposit$50k daily$150k daily$250k daily
ATM Card$500 daily$1k daily$2k daily

LendingClub ATM Card

image credit: https://legacy-bank.lendingclub.com/

LendingClub gives you the option to obtain a free ATM card that is tied to your high yield savings account.

They are a member of two of the largest nationwide surcharge-free ATM networks: MoneyPass® and SUMSM.

You can use your ATM card at any of their 37,000 locations nationwide without incurring an ATM surcharge fee.

Apple Launches High Yield Savings Account – 4.15% APY!

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image credit: apple.com/newsroom/

Apple teamed up with Goldman Sachs to launch their high yield savings account on April 17, 2023 (see press release here).

Like many popular online savings accounts, this high yield savings account from Apple comes with no minimum deposit requirements, minimum balance requirements or monthly maintenance fees.

To see if this savings account is right for you, continue reading our review below.

Apple Savings Account Rate + Details

The Apple Savings account is FDIC-insured up to $250,000 per depositor via Goldman Sachs.

As noted, this account comes with no minimum deposit requirement ($250k maximum) and can be set up and managed through your Apple Card in your Apple Wallet dashboard.

High Yield Saving Rate

Minimum BalanceAPY
$04.15%
APY = Annual Percentage Yield

To put this yield into perspective, the national average for a savings account and money market account sit at just 0.37% and 0.54%, respectively, according to FDIC data, with the top yields from online banks just now inching over the 5.00% APY mark.

Compounding and Crediting Interest

Interest on your Apple Savings account is compounded daily and credited back to your account monthly. Interest payments can be tracked via your Apple Wallet account.

Setting Up Your Account

Setting up and managing your high yield savings account is pretty simple and straightforward. To start, you’ll need an Apple Card with Apple Wallet.

Once you have this, go to your Apple Wallet dashboard and look for the high yield savings offer. This should be a one click set up.

Once it’s set up all of your Daily Cash earned will automatically be deposited into the savings account. If you’d like to change this destination you can configure it in your settings.

Also, if you’d like to add more funds to your high yield savings account you can do this via your Apple Cash balance or by linking up a separate bank account.

Accessing Your Cash

You may withdraw or deposit funds into your savings account via your Apple Cash account.

Transfers must be at least $1.00 and can not exceed $10,000. There is also a $20,000 cap on transfers per 7 day rolling period (i.e. you can only transfer up to $20k within any 7 day period).

To learn more about deposits and withdrawals, you can visit the deposit account agreement (PDF here).

How does Apple High Yield Savings Compare?

Apple isn’t the only tech company to launch a savings account in this interest rate environment.

Take a look at some other well known tech and fintech firms that have recently launched savings accounts and compare their APYs (annual percentage yields) with Apple and Goldman Sachs offer.

Institution + AccountAPY
Apple High Yield Savings4.15%
PayPal Savings4.15%
SoFi Online Bank Account4.00%
Affirm Savings3.75%
APY = Annual Percentage Yield

Final Thoughts

If you’re already using an Apple Card with Apple Pay and Apple Wallet, then opening up this high yield savings account with an APY of 4.15% to help grow your Daily Cash is a no brainer.

Just remember, this is a variable-rate account, meaning it can change at any time without notice.

Georgia’s Own Credit Union CD Rates – Up to 4.75% APY!

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image credit: georgiasown.org

Georgia’s Own Credit Union is a regional credit union serving Georgians across the Peach State since it opened its doors in 1934.

This credit union is quite small on a national scale but it’s the third-largest credit union in the state of Georgia, with 23 branch locations in metro-Atlanta, Savannah, Augusta, and other cities. 

To join Georgia’s Own – should you decide that it would be a good fit for your long-term financial goals – you’ll need to meet their geography or employment-based membership requirements.

Georgia’s Own Credit Union is not open membership but there are a couple of eligibility loopholes you can use to qualify if you don’t meet the general criteria. We’ll cover this in our eligibility section further down in this article.

Curious how their NCUA-insured savings products stack up? Find out in our comprehensive review below.

Georgia’s Own Credit Union CD Rates + Account Details

Georgia’s Own CDs are federally insured by the NCUA (FDIC equivalent for credit unions) up to the maximum amount allowed of $250,000 per depositor. Joint accounts are covered up to $500,000.

Standard certificate accounts and bump rate certificate accounts, which Georgia’s Own calls “Own Your Rate CDs,” are available for purchase.

CD Rates

CD TermMinimum DepositAPY
6 month$5002.50%
1 year$5004.75%
13 Month Special$5004.00%
22 Month Own Your Rate$5002.50%
2 year$5003.00%
3 year$5003.25%
44 Month Own Your Rate$5003.50%
4 year$5003.75%
5 year$5004.00%
APY = Annual Percentage Yield

Please note that these standard CD rates can vary depending on balance, however at the present time they do not. Yields are consistent across all deposit amounts.

To put the offers above in perspective, the current national average for a 12 month certificate of deposit sits at just 1.49% and a 60 month CD sits at just 1.35% according to FDIC data.

13 month CD Special

This is Georgia’s Own Credit Union’s newest addition to their CD account offers. It holds the second highest rate of any of their deposits and automatically renews into a standard 12 month CD if nothing is done during the grace period.

Own Your Rate Savings Certificate (Bump Rate CD)

Bump rate CDs are also available at Georgia’s Own.

You’ll find these under the name of Own Your Rate Savings certificates and these require $500 to open just like their standard CDs.

These certificates come with 22 and 44 month terms that allow you to bump up your rate. You are allowed one bump for the 22 month term, and two for the 44 month term.

Remember, these products are only useful when rates are rising. If Georgia’s Own does not raise their deposit rates during the life of your CD, then the option becomes irrelevant. Also keep in mind Georgia’s Own will not notify of rate increases, so you’ll have to monitor these yourself while you bump CD is active.

Compounding and Crediting Interest

Interest is compounded and credited monthly or quarterly on 6 month, 1 year, 3 year, and 5 year CDs, but compounded and credited only quarterly on 2 year and 4 year CDs.

Early Withdrawal Penalties and Grace Period

  1. Early withdrawal from a term of 12 months or less will cost 90 days’ interest,
  2. from a term of 13-24 months will cost 180 days’ interest,
  3. from a term of 25-36 months will cost 270 days’ interest,
  4. from a term of 37-48 months will cost 360 days’ interest, and
  5. from a term of 49-60 months will cost 450 days’ interest.

The grace period within which you can make penalty-free withdrawals or deposits upon renewal is 10 days.

Georgia’s Own Credit Union Savings Accounts

There are 5 different savings account options to choose from with Georgia’s Own Credit Union. However, all of them provide the same yields currently. Your 5 options are:

  1. Primary Savings
  2. Holiday Savings
  3. Vacations Savings
  4. Club Savings
  5. Coindexter Club Savings

The Holiday and Vacation savings accounts allow you to automatically set money aside for those intended uses. The funds you save in these accounts are then automatically transferred to your primary account on November 1st and May 1st, respectively, so that the money is available when you need it for those events.

A Club savings account, on the other hand, lets you set aside money for unspecified uses but functions similarly to the Holiday and Vacation savings accounts.

A Coindexter Club savings account is geared towards children learning the value of saving. These can be opened by children up to 13 years old. When this account reaches a balance of $250, the primary account holder receives a free gift.

Interest is compounded and credited quarterly for all savings accounts.

Lookout For Potential Fees

Though technically called an inactive account fee, you’ll essentially be charged a monthly maintenance fee of $5 for every month that your account balance dips below $250. For every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

Savings Rates

BalanceAPY
$5.00 – $49,9990.10%
$50,000 – $99,9990.15%
$100,000 +0.20%
APY = Annual Percentage Yield

A minimum opening deposit of just $5 is required to open any savings account with Georgia’s Own Credit Union, and any balance above $5 will earn interest.

The initial $5 that you deposit into the Primary savings account granted to you when you join is your share in the credit union, so you’ll need to make sure that that money stays there to keep your membership.

Georgia’s Own Credit Union Money Market Rates + Account Details

The money market rates offered by Georgia’s Own are more competitive than their savings products, but still lag the top rates held by online institutions.

Money Market Rates

BalanceAPY
$2,500 – $9,9990.50%
$10,000 – $24,9991.00%
$25,000 – $49,9991.25%
$50,000 – $99,9991.50%
$100k – $249,9992.00%
$250k – $499,9992.00%
$500k – $999,9992.00%
$1m +2.00%

To put these offers in perspective, the current national average for money market rates sits at just 0.54% APY nationally according to FDIC data.

Avoid a $10 monthly service fee and continue earning dividends by maintaining an average daily balance of $2,500 or more.

As with the savings accounts, for every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

About Georgia’s Own Credit Union + Eligibility Requirements

Georgia’s Own Credit Union holds just shy of $2.5 million in total assets and has a net income of $21 million. 182,756 members bank with this credit union. There are 32 Georgia’s Own Credit Union branches, all of these located in Georgia. This institution also participates in co-op shared branching with other credit unions and shares over 85,000 surcharge-free ATMs across the country.

To be eligible to join Georgia’s Own, you’ll need to meet one of the following:

  1. be a resident of a qualifying Georgia county,
  2. a member of the Georgia’s Own Foundation,
  3. a Georgia resident and member of the Getting Ahead Association,
  4. a family member to someone that’s a Georgia’s Own member, or
  5. an employee/retiree of a qualifying company.
  6. Having ties to Georgia State University – whether you’re a former student, current student, or member of faculty or staff.

To become an Advocate with the Georgia’s Own Foundation you’ll need just $10 and anyone can join. This is the biggest loophole for non-Georgia residents to join.

To become a member of the Getting Ahead Association, you’ll need to be a Georgia resident and you can contact a Georgia’s Own representative for help joining.

Georgia’s Own has mobile banking apps available for download for Apple and Android mobile devices, and these are generally considered to be user-friendly and comprehensive based on customer reviews.

Final Thoughts

Georgia’s Own Credit Union is probably going to be best suited for individuals living in or around Georgia.

Their savings account rates are below the national average, however their money market rates and CD rates are becoming more competitive (albeit still behind the top yields found from online banks and other nationally available credit unions).

Patelco Credit Union CD Rates – Now up to 5.00% APY!

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Fact Checked :
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Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 400,000 members across the country and over $9 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

image credit: patelco.org

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

CD Rates

CD TermAPY
3 – 5 months0.25%
6 – 11 months0.95%
12 – 17 months2.00%
18 – 23 months5.00%
24 – 35 months2.25%
36 – 47 months2.30%
48 – 59 months2.40%
60 months2.50%
APY = Annual Percentage Yield

To put the above offers in perspective, the current national average for 12 and 60 month CDs hovers around 1.49% and 1.35% APY, respectively, according to FDIC data.

That said, some of the top FDIC-insured online banks in the country are now offering over 5.00% and 4.75% APY for the same respective terms.

Compounding and Crediting Interest

Interest rates are compounded monthly. Dividends are paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest.

Grace Period and Early Withdrawal Fees

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10 calendar day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early Withdrawal Fees

  • Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest.
  • Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days interest.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers variable-rate money market accounts as well. These are tiered accounts that earn a blended APY based on balance.

So, if you deposit $10k, you’ll earn:

  • 2.00% APY on the first $2k,
  • 1.50% APY on the next $3k,
  • 1.00% APY on the remaining $5k.

This would give you an overall blended APY of: 1.35% on your $10,000 balance. You can use this calculator to find out what your blended APY will be on any given balance.

See table below for breakdown:

BalanceAPY
$0 – $2,0002.00%
$2,000.01 – $5,0001.50%
$5,000.01 – $10,0001.00%
$10,000.01 – $50,0000.25%
$50,000.01 – $100,0000.20%
$100,000.01 – $9,999,999.990.15%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average sits at 0.54% APY according to the FDIC, however, there are some banks paying over 5.00% APY following the most recent rate Fed rate hike.

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

BalanceAPY
$00.05%
$2,000.010.10%
$3,500.010.25%

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 37 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

  1. You live in certain counties (see below)
  2. You live, work, attend school, or worship in certain cities (see below)
  3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
  4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
  5. An immediate family member qualifies

Eligible California counties include:

  • Alameda
  • Contra Costa
  • El Dorado
  • Marin
  • Merced
  • Napa
  • Placer
  • Sacramento
  • San Francisco
  • San Joaquin
  • San Mateo
  • Santa Clara
  • Solano
  • Sonoma
  • Stanislaus and
  • Yolo

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.

Live Oak Bank CD Rates – Now up to 5.00% APY!

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Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

image credit: liveoakbank.com

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

CD Rates

TermAPY
6 months4.80%
1 year5.00%
18 months2.00%
2 year2.00%
3 year2.00%
4 year2.00%
5 year2.00%
APY = Annual Percentage Yield

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 1.49% and 1.35% APY, respectively, according to recent FDIC data.

Opening a Deposit Account

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$04.00%
APY = Annual Percentage Yield

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.37% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19