Overview / Commentary
866-518-0286
1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 296th largest bank in the nation. It was established in 2008 and as of September of 2018, it had grown to 479 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.

Related Posts

Live Oak Bank Savings Account Rises to 2.25% APY - 1/11/2019

Live Oak Bank (internet bank) has raised the rate on its Savings Account to 2.25% APY on all balances up to $5 million. No monthly fees or minimum opening deposit.

Live Oak Savings Moves Up To 2.25% - 1/9/2019

Live Oak Bank has increased the Personal Savings rate to 2.25% APY (was 2.10%)

Live Oak Bank 1-Year Nears The Top With New APY - 11/30/2018

Live Oak Bank (internet bank) has raised the rate on its 1-year CD (2.85% APY) for the third time in three weeks. Minimum deposit is $2.5k and is capped at $250k.

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Super Easy To Open A CD

Posted by: Greg56770 | Dec 18, 2018

I opened a CD in Dec 2018. It was by far the easiest and done in less than 10 minutes. The bank allows monthly interest transfers. Very easy process and professional.

Too Little, Too Late.

Posted by: TBT | Oct 25, 2018

I don’t know why some online banks look to want to be competitive but yet allow themselves to fall off the radar screen for the longest time. Online shoppers like myself are some of the most proactive and alert clients out there. We consistently check the interest rates on a regular basis on google and websites like this to be sure we are not missing out on good deals. Live Oak bank once offered the highest available rates back in the days of 1.5%, but then they sat around for a long time languishing at uninspiring rates as other banks readily increased their rates and passed them by. And I’m not a fool to chase banks with the highest rates every other week which rest on shaky foundations and provide poor customer service. I’m talking about shopping banks with a strong foundation which offer high rate and I can feel comfortable with. While LiveOak Bank is a good bank, there are just as fine choices out there to choose from with substantially better rates. Once I do pull the trigger and go ahead and transfer 100K or 200K out of that bank stuck at the low rates to put it with a PurePoint or Cit Bank savings account, there is little reason for me to go back to that smaller bank. If a bank is desiring to cater to the locals of a town with their brick & morter bank branches, then this makes more sense to me. But as far as online interest rates, their finally raising rates to 2% after many months of lower rates is a yawn and a matter of offering too little too late. There is no reason for me to leave banks at 2.15% who also have a history of raising their rates sooner than later.

Five Day Hold With No Interest For Transfers!

Posted by: Tekka | Jun 23, 2017

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.

Live Oak Bank Fail

Jan 26th, 2018

How can I describe the account setup process with Live Oak bankl? In one word… ridiculous!

I provided all the information they requested to open a $20k CD last Friday. By the following Thursday I still hadn’t heard back from them (in complete contravention of their claimed 2 day response for opening new accounts). So I sent them an email asking what the status was. Later that day I received an email stating they were still reviewing my application and that they still needed some additional paperwork.

Now, I’m a 70 year old, white male, own my own $500k home, 18 acres of land, no mortgage, and I’m retired (used to be a Regional Sales Manager for a Fortune 250 company). Oh yeh, did I mention I have an 822 credit score?

What I don’t have is bills. The electric bill is in my wife’s name (she kept her maiden name because she owns her own company). We don’t have a large electric bill cause we have solar. We don’t have gas, we use oil. And we don’t have a water bill since we have our own well.

So, what’s the problem?

According to Live Oak bank, my Social Security number, house address, bank references and 20 minutes of filling in their application weren’t enough. They needed an electric bill in MY name to prove that was my home address! Really? The alternative, according to their ‘lack of customer service’ department, was to provide them with my IRS tax statement! What!? You want my most personal info to prove the house is mine? In this day and age you can’t figure out how to find out if this is my address? I even offered to provide a copy of my passport. What about a copy of my credit report? Nope. Not acceptable. Electric bill in MY name or my taxes. That’s it!

So, let’s see. That means that any men who have their wives names on the utility bills won’t be able to open an account. Or, god forbid, you have a well instead of city water! But you can ALWAYS provide them with your tax return! Nope. Not happening.

So, frustrated, I contacted Synchrony Bank, filled in their easy (and quick) CD application on-line and had the account ready to go within hours… and they are currently paying 2% on 12 month CD’s. So now Synchrony Bank has my $20k, not Live Oak.

Congrats Synchrony Bank! Major fail Live Oak.

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
FDIC Certificate #58665
Year Established2008
Employees479
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.18%
Return on Equity - YTD19.63%
Annual Interest Income$117.6MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$3.40B$2.35B
LoansQ3 2018vs Q3 2017$2.26B$1.86B
DepositsQ3 2018vs Q3 2017$2.95B$2.08B
Equity CapitalQ3 2018vs Q3 2017$391.7MM$222.4MM
Loan Loss AllowanceQ3 2018vs Q3 2017$27.0MM$21.3MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$1.1MM$0
Real Estate OwnedQ3 2018vs Q3 2017$1.4MM$2.2MM
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Live Oak Savings Moves Up To 2.25%

Percussed   |  
Live Oak Bank has increased the Personal Savings rate to 2.25% APY (was 2.10%)

Live Oak Ups Saving Rate To 2.10

JVW   |  
Live Oak personal savings account rate has now increased to 2.1% yield.

Live Oak Ups Savings Rate

JVW   |  
The Live Oak Bank Online Savings rate has now increased to a yield of 2.0%.

Rates
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Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%-$5mSavings Account
1.10%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.15%$2.5k$250k5 Year CD
3.15%$2.5k$250k5 Year Business CD
3.10%$2.5k$250k4 Year CD
3.10%$2.5k$250k4 Year Business CD
3.05%$2.5k$250k3 Year CD
3.05%$2.5k$250k3 Year Business CD
3.00%$2.5k$250k2 Year CD
3.00%$2.5k$250k2 Year Business CD
2.90%$2.5k$250k18 Month CD
2.90%$2.5k$250k18 Month Business CD
2.85%$2.5k$250k1 Year CD
2.85%$2.5k$250k1 Year Business CD
2.45%$2.5k$250k6 Month CD
2.45%$2.5k$250k6 Month Business CD
Locations

Live Oak Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1741 Tiburon Drive - Wilmington, NC 28403

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.