Live Oak Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.75% | 5-year CD | 5 Year CD 1.85% - Synchrony Bank 60 Month CD |
| 1.30% | 1-year CD | 1 Year CD 1.05% - Ally Bank High Yield 12-Month CD |
| 1.55% | 3-year CD | 3 Year CD 1.55% - Ally Bank High Yield 3 Year CD |
Live Oak Bank is headquartered in Wilmington and is the 14th largest bank in the state of North Carolina. It is also the 556th largest bank in the nation. It was established in 2008 and as of June of 2016, it had grown to 368 employees at 1 location. Live Oak Bank's CD rates are 44% higher than the national average, and it boasts an A+ health rating.
Related Posts
8/1 - Live Oak Drops 4- And 5-Year CD Rates
2/25 - 6-Month CD Added
2/1 - Live Oak Bank (Internet Bank) Raises Rates On All Its CDs
2/1 - Live Oak Bank 1Yr CD 1.3%APY More Terms Available
5/19 - Live Oak Bank Offers Limited-Time, Top Rate 24-Month CD - Online Only
4/22 - Live Oak Bank Has Limited-Time, Top Rate 12-Month CD
4/20 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/2 - Live Oak Bank Offers Limited Time, Top-Rate 24-Month CD
4/1 - 1.50% APY 24 Month CD At Live Oak. Quick Look.
3/10 - Live Oak Bank's 5-Year CD Special Is Back For A Limited Time
2/19 - Top 5-Year CD Rate at Live Oak Bank
No Problems
Opened 2 add-on CDs and got the interest rate as advertised. Also used add-on option without any issues.
One unusual thing: (probably because they only do CDs and more recently money-market accounts) they do NOT have "statements", paper or electronic. Instead, you can just print out your transaction history online. You will get 1099-INT tax forms and a letter when CD matures.
Because of that, would give them 4.5 / 5
Great banking experience
I have banked with Live Oak Bank for almost 4 years now. My experience has been excellent. I also have many friends and family that bank with Live Oak Bank. They love their experience with Live Oak Bank as well. I have never have to deal with any serious problems. There have been a few minor problems here and there, but that is expected, no bank is perfect. The issues that I had to deal with were mostly about incorrect numbers that were showing up on my statement, a few got charged to my account that should not have gotten charged at all and I had a small issue getting my husband added to the account. Each problem was addressed correctly and immediately. They were resolved in a timely manner and the customer service representative that I was dealing with each time was always polite and seemed more then happy to fix my problem for me. There have been several occasions that I went over in my account, and I just called in and got the fee waved with no problem. The people that work for this bank are friendly and always gave me the impression that they wanted to help me with my problems and they weren't just doing their job.
Amazing Experience
Never had such an amiable exprience with a Bank. I have a lot of exprience with Banks. This past year I was looking to get financing to build a Dental office from scratch. I was turned down by 3 Banks and the 4th Bank (AVIDIA BANK) agreed to finance us, but backed off last min. AVIDIA BANK backed off after giving us a commitment letter. At this time we had already invested around $230,000 on attorney , Architects, Permits, appraisal etc.
The seller was gracious enough to extend the closing 2 more months after he knew what we had been through with AVIDIA BANK. This is when Live oak Bank came on the scene. My project is in Melrose, MA but Keith Merklin, senior loan officer flew down to meet us in person to discuss the loan. We had exactly 1 month for closing. This guy is really amazing and he made this miracle of closing on the 28th Feb,the last day of closing. The people who worked with Keith were very effecient and through and it was a totally different experience working with Live Oak Bank. Keith is a straight shooter and he tells you exactly where you stand and what can be done, unlike most bankers. This guy has brought my faith back in bankers.
Decent bank
This bank does everything you expect from a bank.The bank does have fees, but they are not too high and they are very well laid out to the customer, so you understand what you are being charged. I think the bank has decent customer service but not the greatest. I feel the wait times when calling in are a little too long, but overall the staff is friendly and will help you out with all of your questions and concerns. The bank does offer many services when it comes to lending money. I would recommend this bank
Live Oak Bank - Good Rates Plus Good Service
My experience in dealing with Live Oak Bank was positive all around. Their disclosures were not contradictory and are easy to understand. Paperwork arrived timely and follow up by their staff was professional.
In Response
The CD disclosure statements are not contradictory. APY is based on interest being compounded. If interest payments are withdrawn during the term it reduces the APY.
No Help To Me
I wanted to open a couple of CD's. Their reviews and rates looked good. I tried to apply online and the automated form kept saying invalid address (at the street address I have lived at for 17 yrs.) Called & spoke to 2 customer service representatives. They were of no help, said if the software did not recognize it as a USPS address I couldn't apply. Have never dealt with a bank so un-eager to take my money. Not good customer service.
Live Oak Bank, Wilmington, NC
The bank seems understaffed for online customers and does not give clear answers to questions. Its CD account disclosure document is contradictory: For its simple interest-bearing CD products, in one place it says you can withdraw interest that has been posted without penalty, but in another place it says that the APY is affected if you withdraw interest. Nothwithstanding the great interest rates, I would not take a chance depositing funds with this bank. Live Oak seems incapable of dealing with banking questions professionally.
Data as of Q2 2016
Learn more about bank healthHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58665 |
| Year Established | 2008 |
| Employees | 368 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.38% |
| Return on Equity - YTD | 13.87% |
| Annual Interest Income | $25.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2016vs Q2 2015 | $1.33B$844.8MM |
| Loans | Q2 2016vs Q2 2015 | $1.01B$588.9MM |
| Deposits | Q2 2016vs Q2 2015 | $1.17B$748.4MM |
| Equity Capital | Q2 2016vs Q2 2015 | $131.4MM$79.6MM |
| Loan Loss Allowance | Q2 2016vs Q2 2015 | $12.3MM$5.2MM |
| Unbacked Noncurrent Loans | Q2 2016vs Q2 2015 | $16.00K$0 |
| Real Estate Owned | Q2 2016vs Q2 2015 | $3.0MM$34.00K |
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.
Competitive 12 Month CD At Live Oak, 1.30% APY.
Live Oak Drops 4- And 5-Year CD Rates
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.
Live Oak Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.75% | $2,500 | $250k | 5 Year CD | |
| 1.65% | $2,500 | $250k | 4 Year CD | |
| 1.55% | $2,500 | $250k | 3 Year CD | |
| 1.45% | $2,500 | $250k | 2 Year CD | |
| 1.35% | $2,500 | $250k | 18 Month CD | |
| 1.30% | $2,500 | $250k | 1 Year CD | |
| 0.90% | $2,500 | $250k | 6 Month CD |
| Live Oak Bank Locations | ||
|---|---|---|
| Live Oak Banking Company | 1757 Tiburon Drive | Wilmington, NC 28403 |