Question about bank paying .75% on 1 Year CD

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Abe
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Question about bank paying .75% on 1 Year CD

Post by Abe »

Does anyone know anything about Live Oak Bank, Headquarters 1757 Tiburon Dr, Wilmington, North Carolina?
I see on bankrate.com that they are offering .75% on 1 year CD.
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willthrill81
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Re: Question about bank paying .75% on 1 Year CD

Post by willthrill81 »

No, but as long as it's FDIC insured, it doesn't matter with regard to the safety of your funds.
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50/50
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Re: Question about bank paying .75% on 1 Year CD

Post by 50/50 »

Check out depositaccounts.com for information on Live Oak
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nisiprius
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Re: Question about bank paying .75% on 1 Year CD

Post by nisiprius »

For due diligence, you can go to the FDIC "bankfind" page and make sure the FDIC says they are FDIC-insured.

Image

I really have no idea what to make of websites that say they rate bank safety. But at any rate BauerFinancial says

Image

so it probably is a long way from being in trouble and needing FDIC bailout.

Which would not be a big problem. I have experienced an NCUA credit union bailout and a friend experienced an FSLIC bailout, and I can tell you that these were both virtually nonevents, not even a nuisance for depositors. Friday, one name on the door. Monday, a different name. A slim possibility that the interest rate might get cut if the original institution's were really too good to be true (that didn't happen in my case).
Last edited by nisiprius on Tue Oct 12, 2021 3:24 pm, edited 1 time in total.
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Abe
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Re: Question about bank paying .75% on 1 Year CD

Post by Abe »

willthrill81 wrote: Tue Oct 12, 2021 12:26 pm No, but as long as it's FDIC insured, it doesn't matter with regard to the safety of your funds.
Ok. I have 1 million in CD's maturing tomorrow and the best rate I have been able to find is .55% for one year CD.
Even if Live Oak Bank is FDIC insured, I would feel better knowing a little more about them before I deposited that much. I can structure it where the full million is FDIC insured. Thanks Abe
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SpaghettiMonster
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Re: Question about bank paying .75% on 1 Year CD

Post by SpaghettiMonster »

I used them a couple of years ago when I had to park some money in CDs. I could conduct most of my business on their website, and the one or two times that I had to call them, they took care of me.
FireAway
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Re: Question about bank paying .75% on 1 Year CD

Post by FireAway »

I've been using them for about 5 years now for CDs, I rate them top-notch in terms of convenience, web interface, and customer service. 5 years ago they were also top-notch in terms of interest rates, but IMO there are better rates out there now. Consult depositaccounts for info on financial stability, but I think they also rank well in that department as well.

Big thumbs-up from me, if you're happy with the interest rate.
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Abe
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Re: Question about bank paying .75% on 1 Year CD

Post by Abe »

FireAway wrote: Tue Oct 12, 2021 2:19 pm I've been using them for about 5 years now for CDs, I rate them top-notch in terms of convenience, web interface, and customer service. 5 years ago they were also top-notch in terms of interest rates, but IMO there are better rates out there now. Consult depositaccounts for info on financial stability, but I think they also rank well in that department as well.

Big thumbs-up from me, if you're happy with the interest rate.
Ok thanks. Do you have any recommendations for higher rates.
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Doctor Rhythm
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Re: Question about bank paying .75% on 1 Year CD

Post by Doctor Rhythm »

We had a 1-year CD from them back when they were paying 2.7%. Only complaint was that their mobile app kept crashing when I tried to set up renewal instructions, so I had to use their web portal instead. Only an annoyance, and as long as I don’t have to pick up a phone, I’m generally satisfied. I’d go with them again in a heartbeat if their rates were the best.
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Re: Question about bank paying .75% on 1 Year CD

Post by tomd37 »

I also have used Live Oak Bank for both CDs and high-yield savings accounts for the past three years. Have never had any issues with them and they are as close as your telephone with excellent customer service. I recently closed out my accounts with them only because they went to a new system which requires them sending a text confirmation code when signing in online to my account. I do not text at my age of 84 and will not. I told them when they go back to sending the confirmation code via email I would rejoin them. They indicated they might be working on going back to email confirmation codes. They were for a long time a leader in higher yields even above Synchrony and Ally.
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Re: Question about bank paying .75% on 1 Year CD

Post by chemocean »

willthrill81 wrote: Tue Oct 12, 2021 12:26 pm No, but as long as it's FDIC insured, it doesn't matter with regard to the safety of your funds.
I had a high paying CD at that an FDIC-insured institution that failed and was taken over. I think I remember that the bank assuming the CDs were able to readjust the rates to the prevalent interest rate. Got all my principal back with some extra paperwork
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Re: Question about bank paying .75% on 1 Year CD

Post by whodidntante »

If you're going to tie up money for a year, make sure you buy a series I bond with 10k first. You'll likely earn 5% or more if you buy at the end of this month. You can also purchase another 10k under your business name, and another 10k under a trust.

Beyond that, I can think of 4 accounts that pay 1% or more with my Google tied behind my back. Maybe you can find them with your Google unbound.
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Abe
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Re: Question about bank paying .75% on 1 Year CD

Post by Abe »

Thanks everyone for your help. If anyone knows of any other FDIC insured banks (not credit unions) paying 1% or more on 1 year CD's please let me know. I have not been able to find any paying that much. I am in the process of setting up accounts at Live Oak Bank right now. They are paying .75%. Thanks again. I appreciate it.
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FireAway
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Re: Question about bank paying .75% on 1 Year CD

Post by FireAway »

For the last year or so I've been putting my CD money into 5 year certificates at Barksdale, though not everyone will meet the membership requirements https://www.depositaccounts.com/banks/b ... l#overview. THey are paying 1.45%, and the early withdrawal penalty is 6 months. This puts the effective rate (after penalty) at 0.72% for 12 months, 1.09% for 24 months, 1.22% for 36 months, and 1.28% for 48 months. These seem pretty competitive with the equivalent rates I see elsewhere.
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Re: Question about bank paying .75% on 1 Year CD

Post by anon_investor »

FireAway wrote: Wed Oct 13, 2021 2:38 pm For the last year or so I've been putting my CD money into 5 year certificates at Barksdale, though not everyone will meet the membership requirements https://www.depositaccounts.com/banks/b ... l#overview. THey are paying 1.45%, and the early withdrawal penalty is 6 months. This puts the effective rate (after penalty) at 0.72% for 12 months, 1.09% for 24 months, 1.22% for 36 months, and 1.28% for 48 months. These seem pretty competitive with the equivalent rates I see elsewhere.
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FireAway
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Re: Question about bank paying .75% on 1 Year CD

Post by FireAway »

anon_investor wrote: Wed Oct 13, 2021 2:52 pm What not I Bonds?
Already putting about $35K per year in I bonds, so I'm maxed out. I wish CDs were paying what I bonds are, hopefully they'll start to climb soon!
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anon_investor
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Re: Question about bank paying .75% on 1 Year CD

Post by anon_investor »

FireAway wrote: Wed Oct 13, 2021 3:26 pm
anon_investor wrote: Wed Oct 13, 2021 2:52 pm What not I Bonds?
Already putting about $35K per year in I bonds, so I'm maxed out. I wish CDs were paying what I bonds are, hopefully they'll start to climb soon!
I know how you feel, I am holding some NPCDs which will go into I Bonds in January, I too am maxed out for the year. If you are waiting for 7.12% CDs, you may be waiting a long long time... :beer
Bronco Billy
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Re: Question about bank paying .75% on 1 Year CD

Post by Bronco Billy »

Abe wrote: Wed Oct 13, 2021 12:17 pm Thanks everyone for your help. If anyone knows of any other FDIC insured banks (not credit unions) paying 1% or more on 1 year CD's please let me know. I have not been able to find any paying that much. I am in the process of setting up accounts at Live Oak Bank right now. They are paying .75%. Thanks again. I appreciate it.
Thanks for the info ...stuck between Toyota driver notes and this.
hudson
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Re: Question about bank paying .75% on 1 Year CD

Post by hudson »

Abe wrote: Tue Oct 12, 2021 12:24 pm Does anyone know anything about Live Oak Bank, Headquarters 1757 Tiburon Dr, Wilmington, North Carolina?
I see on bankrate.com that they are offering .75% on 1 year CD.
I use Live Oak for my savings account.
I wouldn't hesitate to get a CD from them.
mrjohnanderson007
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Re: Question about bank paying .75% on 1 Year CD

Post by mrjohnanderson007 »

I have been with them for a year or two with over 100k at times. No problems transfering in or out. They recently upgraded their website and security. No complaints
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greg24
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Re: Question about bank paying .75% on 1 Year CD

Post by greg24 »

My local credit union has a 15-month CD that pays 0.80%, and for over $100k, the rate is 0.90%.

https://www.greenstate.org/rates/certificates-ira.html
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