Live Oak Bank is the 183rd largest bank in the nation. It was established in 2008 and as of June of 2021, it had grown to 666 employees. Live Oak Bank has a B+ health rating.
I am puzzled with some of the experiences others have talked about...This is my third CD that I have had with Live Oak, I closed the two prior and in both instances I received the proceeds promptly into my account.
I just opened a new CD account and with 5 minutes I was completed and awaiting the transfer of funds from my account. I thought is was extremely easy, I though the website was easy to navigate.
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.
Good customer service and loved the ability to assign and delete beneficiaries within my online account. You can even print a copy for your records. I wish all banks had that feature. However, I think I stayed too long. Throughout the three years I had accounts with this bank, found errors in totals on two occasions. Then I realized that the savings account activity page did not give me the balance after each transaction, which made it very difficult to trace if your deposits are being added correctly. That did it: No more business with them.
I WAS a new customer in spring 2021....then in August 2021, Live Oak 'upgraded' their system. Account not available for several day and routing number changed! I tried to access my account after the 'upgrade' and I needed to have a cell phone for them to send me a code. They sent a code via email- was only 5 digits, needed 6 digits, then hung up on me. I closed the account. They NEVER indicated I needed to provide a cell phone number to get into my account. The hackers have it easier.
|FDIC Certificate #||58665|
|Return on Assets - YTD||1.83%|
|Return on Equity - YTD||27.21%|
|Annual Interest Income||$176.0MM|
|Assets and Liabilities|
|Assets||Q2 2021vs Q2 2020||$8.15B$8.19B|
|Loans||Q2 2021vs Q2 2020||$6.45B$5.58B|
|Deposits||Q2 2021vs Q2 2020||$6.55B$5.88B|
|Equity Capital||Q2 2021vs Q2 2020||$575.6MM$503.6MM|
|Loan Loss Allowance||Q2 2021vs Q2 2020||$57.8MM$44.1MM|
|Unbacked Noncurrent Loans||Q2 2021vs Q2 2020||$15.9MM$7.0MM|
|Real Estate Owned||Q2 2021vs Q2 2020||$1.8MM$5.7MM|
Always verify rates and promotions with the bank or credit union. We are not Live Oak Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.50%||-||$5m||High Yield Online Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.70%||$2.5k||$250k||2 Year CD|
|0.70%||$2.5k||$250k||3 Year CD|
|0.70%||$2.5k||$250k||5 Year CD|
|0.70%||$2.5k||$250k||4 Year CD|
|0.70%||$2.5k||$250k||Business 2 Year CD|
|0.70%||$2.5k||$250k||Business 3 Year CD|
|0.70%||$2.5k||$250k||Business 4 Year CD|
|0.70%||$2.5k||$250k||Business 5 Year CD|
|0.65%||$2.5k||$250k||18 Month CD|
|0.65%||$2.5k||$250k||Business 18 Month CD|
|0.60%||$2.5k||$250k||1 Year CD|
|0.60%||$2.5k||$250k||Business 1 Year CD|
|0.25%||$2.5k||$250k||6 Month CD|
|0.25%||$2.5k||$250k||Business 6 Month 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