Live Oak Bank is the 152nd largest bank in the nation. It was established in 2008 and as of December of 2023, it had grown to 926 employees. Live Oak Bank's savings rates are 8X the national average, and it has a B+ health rating.
Related Posts
9/23 - Live Oak Bank CD Rate Changes For 9-23-2023
9/5 - 18 Month CD Raised
3/23 - Live Oak Bank Increases Savings Rate To 4.0% APY
11/22 - Live Oak Bank Raises Savings To 3.10% APY
11/11 - Live Oak Bank 1-Year CD Rate Jumps Upward
11/10 - Live Oak Raises One Yr CD To 4.5% With $2,500 Minimum
11/10 - Rate Change
10/25 - Live Oak Bank Increases Savings Rate To 2.75% APY
10/4 - Live Oak Bank Increases Savings Rate To 2.30% APY
8/30 - Live Oak Bank Savings Account Earns 2.00% APY Eff. 8/30/22
8/5 - Live Oak Bank To 1.75% APY
7/11 - Live Oak Bank Savings From 1.05% To 1.40% (APY)
6/9 - Savings Increase To 1.05% APY Effective 6/10/22
5/10 - Live Oak Bank Online Savings From 0.60 To 0.80
5/6 - Live Oak Bank Substantially Boosts Rates On All CDs
4/14 - Live Oak Bank Substantially Increases All CD Rates
3/4 - Live Oak Bank Offers $200 Bonus For New Savings Accounts
3/1 - Earn A $200 Bonus When You Deposit $25,000 In A New Live Oak Savings Account.
2/5 - Live Oak Bank Ups Rates On All CDs To Market-Leading Levels
1/19 - Live Oak Bank Increases Rates On All CDs
7/21 - Live Oak Plans To Restrict Online Access To Text Authentication Only
6/8 - Savings Rate Lowered
4/23 - Live Oak Bank Savings Rate Drops To 0.55%
11/13/20 - Live Oak Bank Increases 5-Year CD Rate
9/9/20 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6/20 - Early Withdrawal Penalty Waived On CD Accounts
8/5/20 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7/20 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17/20 - Live Oak Joins The Pack
5/14/20 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23/20 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22/20 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22/20 - Live Oak Savings Drops To 1.55%
4/10/20 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates
11/26/19 - Live Oak Bank Online Savings Cuts To 1.85% APY
11/8/19 - CD Rate Cut 15 Basis
10/2/19 - Savings Account Rates Drop From 2.15% To 2.00%
9/26/19 - CD Rate Drops At Live Oak Bank
9/18/19 - CD Rates Drop Again
9/11/19 - Savings Drops To 2.15% APY
3/20/19 - CD Rate Drops
2/23/19 - Live Oak Bank Savings Account Now Earns 2.30% APY
2/22/19 - Savings Account Increase
2/15/19 - Downward CD Movement
1/11/19 - Live Oak Bank Savings Account Rises to 2.25% APY
1/9/19 - Live Oak Savings Moves Up To 2.25%
11/30/18 - Live Oak Bank 1-Year Nears The Top With New APY
11/28/18 - Live Oak Ups Saving Rate To 2.10
11/16/18 - Live Oak Bank Nudges 1-Year CD Rate Again
11/8/18 - Live Oak Bank Nudges 1-Year CD Rate
10/24/18 - Live Oak Bank's Savings Account Reaches 2.00% APY
10/24/18 - Live Oak Ups Savings Rate
10/10/18 - Live Oak Bank 1-Year CD Has A New APY
10/10/18 - Minor Increases
8/24/18 - Live Oak Lowers CD Rates
8/11/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Raised
8/9/18 - Slight CD Increase
7/18/18 - Live Oak Bank Increased Savings Account Rate To 1.80%
7/6/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Jumps
7/4/18 - Higher CD Rates
5/9/18 - Live Oak Bank - Confirm Your Account Info Is Correct
5/9/18 - 2-Year CD Rate Cut
4/26/18 - Live Oak Bank Lowers Rates On 2 Year And 18 Month CD's
4/18/18 - Increase In 1-Year CD Rate
3/22/18 - Live Oak Bank Savings Account APY Climbs
3/21/18 - Savings Now At 1.70%
3/15/18 - Live Oak Bank Once Again Pulls Ahead In The Rates Race
3/15/18 - Another Bump Up At Live Oak
3/7/18 - CD Rates Up As Of 3/7/18
1/31/18 - Live Oak Bank Pushes CD Rates Upward
1/17/18 - Live Oak Bank Takes The Lead In One Year CD Rate 2.10%
1/17/18 - Live Oak Bank Ups 1-Year CD And Savings Account Rates
1/11/18 - Live Oak Bank's 1-Year CD Joins The 2% APY Club
1/10/18 - CD Rate Increases
12/14/17 - Live Oak Bank's Savings Account Is Now Top Rate Leader
12/14/17 - CD Rates Increases
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
8/8/17 - Live Oak Bank Ups Savings Account Rate
8/8/17 - Savings APY Increased To 1.40%
7/7/17 - Live Oak Bank (Internet Bank) Ups Savings Account Rate
7/6/17 - Savings Account APY Increased To 1.35%
6/22/17 - CD Rate Increases
6/13/17 - Live Oak Bank (Internet Bank) Adds Savings Account
6/12/17 - Savings Account
3/22/17 - Live Oak Brokered CDs
3/15/17 - 1-Year CD Rate Increase
1/25/17 - Live Oak Bank (Internet Bank) Increases Short-Term CD Rates
1/25/17 - Live Oak Bank Increases 1-Year And 18-Month CD Rates
8/3/16 - Competitive 12 Month CD At Live Oak, 1.30% APY.
8/1/16 - Live Oak Drops 4- And 5-Year CD Rates
2/25/16 - 6-Month CD Added
2/1/16 - Live Oak Bank (Internet Bank) Raises Rates On All Its CDs
2/1/16 - Live Oak Bank 1Yr CD 1.3%APY More Terms Available
6/2/15 - End Date Extended On 24-Month CD, 1.50% APY
5/19/15 - Live Oak Bank Offers Limited-Time, Top Rate 24-Month CD - Online Only
4/22/15 - Live Oak Bank Has Limited-Time, Top Rate 12-Month CD
4/20/15 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/2/15 - Live Oak Bank Offers Limited Time, Top-Rate 24-Month CD
4/1/15 - 1.50% APY 24 Month CD At Live Oak. Quick Look.
3/10/15 - Live Oak Bank's 5-Year CD Special Is Back For A Limited Time
2/19/15 - Top 5-Year CD Rate at Live Oak Bank
2/28/13 - Top Money Market and CD Rates at Live Oak Bank - North Carolina Only
Great Service
This is my favorite bank to do business with. Customer service is always friendly and accessible, and they bend over backwards to help whenever there is a problem. Very competitive rates on CD and savings as well, and the web interface is very good.
No Problems For A Few Years, Closed My Account Easily
I had a Live Oak savings account for a couple years and it was a mostly smooth process opening and funding my account, and doing ACH transfers. Website and app are simple but easy to use. For awhile, it wasn't working with Mint, but that was eventually fixed.
I ended up deciding to close my account, trying to simplify and consolidate my accounts and get slightly higher interest elsewhere. The closing process was VERY easy, talked to a couple customer service reps who were great, knowledgeable, and processed the closure fairly quickly and on the schedule they promised. That has not been my experience with other banks, so Live Oak Bank gets some bonus points for that.
Five Day Hold With No Interest For Transfers!
UPDATED: Live Oak no longer puts the hold I described years ago on funds that are transferred in and out. I have continued to use this bank as their rates are better than others even now in this terrible environment. Their customer service is responsive, too. Sometimes it takes them a while to provide statements at the end of the month, but they do eventually show up.
------
I opened a Savings account with this bank this past week. I already had a CD there. The CD provides no statements, just an online list of transactions and a 1099-Int. The interest rate was good at the time I opened it, so no big deal.
However, it turns out that there is a 5 day hold on the money I deposited in my savings account. The money came out of my other bank account on Thursday but the CSR says I won't see it in my account until the next Wednesday. Meanwhile, the CSR confirmed and that I am NOT going to earning any interest on that money during that hold period.
There will also be a five day hold on any withdrawals. The CSR said this is because they use an "intermediary bank" for transfer transactions.
This was not made clear in any way before I opened the account. Despite the nice interest rate I won't be moving in any more money. That hold coming and going effectively lowers the interest rate paid.
Worst Bank - Avoid Like The Plague.
Should be named Live Hoax Bank. They accumulate deposits with high APY's and then screw customers in every way imaginable. LOB technology platform is an oxymoron and the bank's staff is completely ignorant of basic banking. It is incomprehensible that this organization was granted a banking charter and participates in the FDIC insurance program. This is a bank waiting to fail and unfortunately U.S. taxpayers will be fitting the bill. Do yourself a favor and bank with a competent institution with knowledgable staff unlike Live Oak Bank.
Data as of Q4 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58665 |
| Year Established | 2008 |
| Employees | 926 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.74% |
| Return on Equity - YTD | 11.19% |
| Annual Interest Income | $687.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $11.21B$9.74B |
| Loans | Q4 2023vs Q4 2022 | $8.9B$7.8B |
| Deposits | Q4 2023vs Q4 2022 | $10.37B$8.98B |
| Equity Capital | Q4 2023vs Q4 2022 | $765.7MM$652.9MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $125.8MM$96.6MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $20.2MM$8.4MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $6.5MM$0 |