Live Oak Bank

Live Oak Bank (internet bank) has raised the rates on its 1-year, 18-month, and 2-year CDs. Minimum opening deposit is $2.5k, with individual accounts limited to $250k.

Existing customers have probably received notification of an online "upgrade." I have received an email clarification of what this entails: "A mobile phone number is required for text message authentication. Text message authentication is a more secure method of verification. The new system will require a mobile phone number to access your online banking portal." The fallacy of this logic was discussed at some length on the DA blog on the roll out of ZYNLO, which has the same policy. The issue can be summarized as follows: In a SIM swapping scam, criminals convince your mobile phone carrier that you lost your phone and you need to put your phone number onto a new SIM card they control. After they take over your phone number, they can go through the 'forgot password' process with your online accounts where they're able to receive authentication codes sent to your mobile number. source: https://thefinancebuff.com/vanguard-2fa-yubikey-google-voice.html*4ac7d3e2-6b0f-44fe-9fd7-fbd80b3a9

Live Oak has posted a savings rate reduction effective 6/10/21, New rate is 0.50%, was 0.55%.