LiveOak Bank provides money-saving products, including competitive CD rates and savings accounts. This guide will compare the LiveOak Bank rates to CD, money market, and savings account rates from the USA’s top banks.
Let’s take a look!
Earn The Highest Interest Rates On Savings Today
Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?
| Term | Insurance Company | Interest Rate |
|---|---|---|
| 24 Months | Oceanview Annuity | 2.85% |
| 36 Months | Canvas Annuity | 3.80% |
| 48 Months | Oceanview Annuity | 3.35% |
| 60 Months | Athene Annuity | 3.85% |
| 72 Months | Oceanview | 4.30% |
Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.
LiveOak Bank Savings Account Rates
| Type | Minimum Balance | APY |
|---|---|---|
| Power Savings | $0.01 | 0.50% |
Live Oak Bank CD Rates
| Term | Minimum Deposit | APY |
|---|---|---|
| 6 Month | $2,500.00 | 1.25% |
| 12 Month | $2,500.00 | 1.75% |
| 18 Month | $2,500.00 | 2.00% |
| 24 Month | $2,500.00 | 2.20% |
| 36 Month | $2,500.00 | 2.30% |
| 48 Month | $2,500.00 | 2.50% |
| 60 Month | $2,500.00 | 2.75% |
Certificates of Deposit vs. Fixed Annuity
The Top Fixed Annuities
Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:
- 2-YEAR TERM: 2.85%
- 3-YEAR TERM: 3.80%
- 4-YEAR TERM: 3.70%
- 5-YEAR TERM: 3.85%
- 6-YEAR TERM: 4.30%
- 7-YEAR TERM: 4.10%
- Grow your money as fast as possible
- Principal protection
- The interest rate is locked for the term you select
- Tax-deferred growth
- Withdraw annually without penalty
- Lump-sum death benefits
- Accepts cash, 401(k), and IRA Funds
What’s The Difference Between a Fixed Annuity and a CD?
| Feature | Fixed Annuity | CD |
|---|---|---|
| Who Offers | Insurance Company | Banks |
| Premium Amounts | $2,500 to $1 Million | $500 – No Maximum |
| Terms | 2 Years to 20 Years | 3 Months to 7 Years |
| Guaranteed Interest Rates | Up to 3.25% | Up to 1.25% |
| Triple Compounding | Yes | No |
| Principal Protection | Yes | Yes |
| Can Lose Money? | No | No |
| Liquid After Term | 100% | 100% |
| How Are Gains Taxed? | Tax-Deferred | Taxed Annually |
| Annual Liquidity | Up to 10% Annually | No Liquidity |
| Who Protects My Money? | Insurance Company/SGA | FDIC |
| Accepts IRA | Yes | No |
| Accepts 401(k) | Yes | No |
| Death Benefit | Lump-Sum | Lump-Sum |
Are Annuities FDIC Insured?
Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).
For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.
The Best CD Rates Today
3 Month CD Rates
| Best 3-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Spectrum Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
| Navy Federal Credit Union | 0.40% APY | 3 Months | $1,000.00 |
| Chevron Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
6 Month CD Rates
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.80% APY | 6 Months | $500.00 |
| Edward Jones | 0.75% APY | 6 Months | $1,000.00 |
| Charles Schwab | 0.80% APY | 6 Months | $1,000.00 |
1 Year CD Rates
| Best 12 Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.90% APY | 12 Months | $1,000.00 |
| Edward Jones | 1.20% APY | 12 Months | $1,000.00 |
| Charles Schwab | 1.40% APY | 12 Months | $1,000.00 |
2 Year CD Rates
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Amarillo National Bank | 1.75% APY | 24 Months | $1,000.00 |
| Edward Jones | 2.20% APY | 24 Months | $1,000.00 |
| Oceanview Fixed Annuity | 2.85% APY | 24 Months | $80,000.00 |
3 Year CD Rates
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.55% APY | 36 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 36 Months | $2,500.00 |
4 Year CD Rates
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.60% APY | 48 Months | $1,000.00 |
| Guggenheim | 3.05% APY | 48 Months | $5,000.00 |
5 Year CD Rates
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.30% APY | 60 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 60 Months | $2,500.00 |
The Best Fixed Annuity Rates Today
| Company | Term | Rate | Withdrawals |
|---|---|---|---|
| Oceanview | 2 Years | 2.85% | 10% Annually |
| Canvas | 3 Years | 3.35% | 10% Annually |
| Oceanview | 4 Years | 3.35% | 10% Annually |
| Canvas | 5 Years | 3.35% | 10% Annually |
| Oceanview | 6 Years | 3.65% | 10% Annually |
| Canvas | 7 Years | 3.35% | 10% Annually |
Key Takeaway – Retirement Income Planning
Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.
Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.
Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).
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