|APY||ACCOUNT TYPE||ACCOUNT NAME|
|1.50%||1-year CD||1 Year CD|
1.40% - Synchrony Bank 12 Month CD
|1.60%||18-month CD||18 Month CD|
1.45% - Synchrony Bank 18 Month CD
Live Oak Bank is headquartered in Wilmington and is the 11th largest bank in the state of North Carolina. It is also the 439th largest bank in the nation. It was established in 2008 and as of March of 2017, it had grown to 416 employees at 1 location. Live Oak Bank's savings rates are 3X the national average, and it boasts an A+ health rating.
Called before opening account. Rep answered the phone was pleasant and knowledgable. Answered all my questions. Rep suggested pushing money from external account was faster then initiating transfer from within Live Oak. Opened a account online in less then 10 minutes, was instantly approved, waiting for initial funding transfer. Allows the ability to link 3 external checking or savings accounts. Interest accrued daily and paid monthly. So far the process was easy, painless, and fast. Everything appears to be in order, no problems. Will update once account is funded.
So my account has been open and funded. The initial funding took about four days to post to my Live Oak account. I was told by a rep at Live Oak that pushing money from a external bank is faster (2-3 days compared to 4-5). The website interface is fine and the reps always answer the phone and are knowledgeable. Because of the extended transfer time I take away one star. Besides that no complaints.
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.
They are very unprofessional. Below is my experience to qualify why,
1. Account opening doesn't mention clearly that they accept applications ONLY from citizens & green card holders & that people waiting for green card & other legal resident aliens would not be accepted, yet they ask & take in your address, email address, social security number, driving license number, etc.
2. While processing they ask you to email soft copies of all these important documents (social security card, driving license, address proofs, etc) to service representative email address before finally saying we do not accept applications without green card..very suspicious practice..be careful dealing with them.
|FDIC Certificate #||58665|
|Return on Assets - YTD||1.5%|
|Return on Equity - YTD||16.19%|
|Annual Interest Income||$20.5MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$1.86B$1.21B|
|Loans||Q1 2017vs Q1 2016||$1.49B$842.3MM|
|Deposits||Q1 2017vs Q1 2016||$1.64B$1.06B|
|Equity Capital||Q1 2017vs Q1 2016||$170.7MM$113.7MM|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$18.2MM$8.6MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$0$0|
|Real Estate Owned||Q1 2017vs Q1 2016||$1.7MM$3.0MM|
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|
|2.00%||$2,500||$250k||5 Year CD|
|1.90%||$2,500||$250k||4 Year CD|
|1.80%||$2,500||$250k||3 Year CD|
|1.70%||$2,500||$250k||2 Year CD|
|1.60%||$2,500||$250k||18 Month CD|
|1.50%||$2,500||$250k||1 Year CD|
|1.35%||$2,500||$250k||6 Month CD|
|Live Oak Bank Locations|
|Live Oak Banking Company||1757 Tiburon Drive||Wilmington, NC 28403|