|APY||ACCOUNT TYPE||ACCOUNT NAME|
|2.35%||18-month CD||18 Month CD|
2.35% - Ally Bank High Yield 18-Month CD
|2.20%||1-year CD||1 Year CD|
1.65% - Barclays Online Savings Account
Live Oak Bank is the 288th largest bank in the nation. It was established in 2008 and as of March of 2018, it had grown to 449 employees. Live Oak Bank's savings rates are 3X the national average, and it boasts an A+ health rating.
When I opened my online savings account with Live Oak Bank back in mid December all went smooth. I called the bank a few times with any outstanding questions I had, of which all was attended to promptly and courteously by the staff. My initial large deposit was made without a hitch, and I also set up a couple of push-pull links for future ACH transfers if I should decide later to use it. That went smooth too. But I noticed a couple of weeks back in mid January I was left waiting on hold over the phone for over 30 minutes when I called them to ask something minor. I gave up and hung up the phone, as I have other things to do other then be tied to my desk. But, because of the good experience I had back in December with opening my account, I figured it was just a fluke and I let it go. But yesterday Feb 1st, I called to ask them about where I might find PDF statements on my online account for tax purposes. I gave up again after waiting 15 minutes with nobody answering. (this time I actually timed it) Their recording does say that you are welcome to leave a callback number for them to call you, but I have learned during a long life of hard knocks that the majority of the time most companies seldom call you back in a timely matter or will ever call you back at all. If I call, I want to speak to somebody right then or within 5 or 10 minutes maybe, not hours later or tomorrow morning when I least expect it and I'm not available. It is my suspicion that Live Oak is not currently capable of handling an influx of business spurred on by their having raised their interest rates to 1.6% recently......or perhaps they can't handle the influx of folks calling and asking about how to get their tax statements online. Finally, what really got my attention today (Feb2) was when I did my regular quick morning review in the "BankRate" websight. I find that website very helpful in comparing up-to-date interest rates and hikes being offered by many competing banks. There's a page there I've saved that allows me to do a quick up & down glance of all the prevailing rates being offered by the various different banks. I found it very curious that Live Oak Bank had been on that list for many months, but now suddenly they are gone. I don't know if Live Oak themselves requested to be removed from the website because they are having trouble keeping up with the demand on them, or if the website itself removed them due to something going on behind the scenes. (?) I'm not sure what to make of all this. While I don't intend to withdraw my cash just on the basis of jammed phone lines alone, I feel Live Oak should know that they need to do a better job of addressing these issues if their clients are to feel secure about banking with them.
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.
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.
|FDIC Certificate #||58665|
|Return on Assets - YTD||2.04%|
|Return on Equity - YTD||18.63%|
|Annual Interest Income||$34.1MM|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$3.40B$1.86B|
|Loans||Q1 2018vs Q1 2017||$2.15B$1.49B|
|Deposits||Q1 2018vs Q1 2017||$3.00B$1.64B|
|Equity Capital||Q1 2018vs Q1 2017||$357.5MM$170.7MM|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$28.3MM$18.2MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$1.1MM$0|
|Real Estate Owned||Q1 2018vs Q1 2017||$1.5MM$1.7MM|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.70%||$2,500||$250k||5 Year CD|
|2.70%||$2,500||$250k||5 Year Business CD|
|2.65%||$2,500||$250k||4 Year CD|
|2.65%||$2,500||$250k||4 Year Business CD|
|2.60%||$2,500||$250k||3 Year CD|
|2.60%||$2,500||$250k||3 Year Business CD|
|2.45%||$2,500||$250k||2 Year CD|
|2.45%||$2,500||$250k||2 Year Business CD|
|2.35%||$2,500||$250k||18 Month CD|
|2.35%||$2,500||$250k||18 Month Business CD|
|2.20%||$2,500||$250k||1 Year CD|
|2.20%||$2,500||$250k||1 Year Business CD|
|1.85%||$2,500||$250k||6 Month CD|
|1.85%||$2,500||$250k||6 Month Business CD|
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