Live Oak Bank is the 184th largest bank in the nation. It was established in 2008 and as of December of 2021, it had grown to 769 employees. Live Oak Bank's CD rates are 94% higher than the national average, and it has an A 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.
I have been with Live Oak For a while now. I have never had a single issue with the bank. I have both savings and CDs here. Their savings rates are always at the top of list and the CD rate blow away the competition. The latest app has issues remembering fingerprint login. Rates are easy to find on the website and they are quick to react to fed changes. It's too bad they only offer savings products for personal customers, as this would be my main bank if they offered all services.
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 opened an account with this bank in the fall of 2017 largely because it had one of the highest rates I could find. During the subsequent (nearly) 4 years (up until the August 23, 2021 "upgrade") I was very satisfied with this bank. Granted, interest rates gradually fell (as did those of other financial institutions), but still remained "near the top of the pack". I accessed my account totally online to park my reserve savings and was able to easily move money to and from my other financial institutions. Customer service was easy to reach and friendly. The website gave me all the information I needed (ie: routing number, interest rate, etc.),
That was BEFORE the "upgrade". Now things have "gone down the toilet". The website is totally "bare bones". You can't find the current interest rates, their routing number, and little meaningful online help. They place a longer time delay on financial transfers, and don't keep up with current interest rates (you can find rates 40% higher elsewhere). The only thing this "upgrade" (more properly labeled "desperate cost saving measure") has accomplished is to funnel more of your hard earned dollars into the pockets of those in charge of Live Oak Bank. I recommend finding another financial institution to lend your money to.
Overall | |
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FDIC Certificate # | 58665 |
Year Established | 2008 |
Employees | 769 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.76% |
Return on Equity - YTD | 24.28% |
Annual Interest Income | $360.9MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2021vs Q4 2020 | $8.14B$7.83B |
Loans | Q4 2021vs Q4 2020 | $6.57B$6.27B |
Deposits | Q4 2021vs Q4 2020 | $7.12B$5.73B |
Equity Capital | Q4 2021vs Q4 2020 | $666.4MM$516.4MM |
Loan Loss Allowance | Q4 2021vs Q4 2020 | $63.6MM$52.3MM |
Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $10.1MM$20.5MM |
Real Estate Owned | Q4 2021vs Q4 2020 | $620.00K$4.2MM |
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 |
---|---|---|---|---|
0.80% | - | $5m | High Yield Online Savings | |
0.80% | - | $5m | Business Savings |
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