Live Oak Bank is the 289th largest bank in the nation. It was established in 2008 and as of December of 2018, it had grown to 473 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.
Upon retiring I had to make my money work harder for me, I built my CD ladder at about a dozen banks and credit unions that were offering top rates.
They all had pretty much the same account opening processes, but that is were the similarities ended.
Once your first CD account at Live Oak Bank, adding a second / third.... takes under a minute and is painless. Most other banks make you go through the whole opening process again, taking days. Its like they don't even know you.
At LOB, you can control virtually any aspect of your CD online with ease. Beneficiary / Joint Owner / Monthly interest can be sent back to your home bank, what to do when the CD matures, etc. Other banks require a call to their customer service, exchange of forms through the mail, it's an unnecessary bother.
All of LOB's great online service would not be with it if their interest rates were not at the top of the heap, but the consistently are. It's a win / win situation for CD investors. Top rates and top customer service.
Little wonder why most of my money goes to work at Live Oak Bank.
Their identity verification questions are so annoying. What 30 something year old knows off the top of their head what hospitals are closest to them?! And not telling me the questions were time sensitive?
And then to ask for 3 separate forms of ID, one of which a lot of renters don't have?? Way too much hassle for a 0.1% boost, especially because if you've put this little thought into your customers first impression it speaks badly for how future stuff will be. I'm going to stick with my other banks that had spent two seconds thinking about customer experience.
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||2.05%|
|Return on Equity - YTD||18.36%|
|Annual Interest Income||$165.2MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$3.62B$2.67B|
|Loans||Q4 2018vs Q4 2017||$2.51B$2.01B|
|Deposits||Q4 2018vs Q4 2017||$3.17B$2.32B|
|Equity Capital||Q4 2018vs Q4 2017||$411.6MM$307.7MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$32.6MM$24.4MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$1.1MM$0|
|Real Estate Owned||Q4 2018vs Q4 2017||$1.1MM$1.3MM|
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.
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|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|3.10%||$2.5k||$250k||5 Year CD|
|3.10%||$2.5k||$250k||5 Year Business CD|
|3.05%||$2.5k||$250k||4 Year CD|
|3.05%||$2.5k||$250k||4 Year Business CD|
|3.00%||$2.5k||$250k||3 Year CD|
|3.00%||$2.5k||$250k||3 Year Business CD|
|2.95%||$2.5k||$250k||2 Year CD|
|2.95%||$2.5k||$250k||2 Year Business CD|
|2.90%||$2.5k||$250k||18 Month CD|
|2.90%||$2.5k||$250k||18 Month Business CD|
|2.85%||$2.5k||$250k||1 Year CD|
|2.85%||$2.5k||$250k||1 Year Business CD|
|2.45%||$2.5k||$250k||6 Month CD|
|2.45%||$2.5k||$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