Live Oak Bank is the 246th largest bank in the nation. It was established in 2008 and as of September of 2019, it had grown to 539 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.
After using Live Oak Bank for a few years, I figured it was time to provide some feedback to the depositaccounts.com community:
Over the past 2 years, Live Oak Bank has remained competitive with their interest rates - sometimes tops sometimes not, but reasonable. As a result, I don't have to worry about continuously monitoring and chasing rates - saving me time and stress that I had when utilizing other online banks. In addition, I can use either the LOB website/app to deposit and withdraw funds, or have them pushed/pulled from another institution using ACH - a feature I use often.
I have only had 2-3 customer service interactions, all via messaging on their website. Fast response time and excellent customer service.
I really enjoy both the Live Oak Bank website and the Live Oak Bank app. Easy to navigate, view interest rate, account and routing numbers, rename account "nicknames", transfer money, and more. My favorite feature is that they allow you to edit CD renewal preferences online easily, changing maturity instructions with ease. It is a huge incentive to why I open additional CDs with them.
There are a few things I wish they would integrate:
1. Electronic 1099-INT Forms (historically these are sent via physical mail)
2. Fix a few minor app crashes, such as when changing CD renewal instructions (needed to edit via website instead of app)
3. Add Interest Accrued / Interest YTD on the website - I like this feature at other banks so I can see right away how much interest I have paid without needing to go into statements.
Other than that, I have had a great experience with Live Oak Bank and would recommend them to anyone looking for a competitive online savings account.
I purchased two CDs from this bank because they had some good rates. When I tried to log on to my account, there was some problems with my web browser. I called for 3 days in a row and no one was able to correct the problem. I have an account with them and I want to purchase more CDs from them but it is impossible to log on to conduct business with them. Really bad for an internet only bank.
Also I wanted to add my wife as a co-owner but they said she had to have her own email address to do that. She only uses my email to conduct business so this makes it more difficult to do business with them.
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.
My CD is coming due, and Live Oak requires me to give them the login credentials at my other bank in order to ACH the funds there. That's absurd, there is NO reason to have to provide that to set up an external account or do an ACH transfer.
Basically, they WILL NOT give me my funds unless I give them the login credentials at my other bank.
Will never use this bank again.
|FDIC Certificate #||58665|
|Return on Assets - YTD||0.54%|
|Return on Equity - YTD||4.94%|
|Annual Interest Income||$175.1MM|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$4.58B$3.40B|
|Loans||Q3 2019vs Q3 2018||$3.30B$2.26B|
|Deposits||Q3 2019vs Q3 2018||$4.03B$2.95B|
|Equity Capital||Q3 2019vs Q3 2018||$478.1MM$391.7MM|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$42.9MM$27.0MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$3.6MM$1.1MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$5.7MM$1.4MM|
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|
|2.20%||$2.5k||$250k||2 Year CD|
|2.20%||$2.5k||$250k||2 Year Business CD|
|2.15%||$2.5k||$250k||1 Year CD|
|2.15%||$2.5k||$250k||18 Month CD|
|2.15%||$2.5k||$250k||1 Year Business CD|
|2.15%||$2.5k||$250k||18 Month Business CD|
|2.10%||$2.5k||$250k||3 Year CD|
|2.10%||$2.5k||$250k||5 Year CD|
|2.10%||$2.5k||$250k||4 Year CD|
|2.10%||$2.5k||$250k||3 Year Business CD|
|2.10%||$2.5k||$250k||4 Year Business CD|
|2.10%||$2.5k||$250k||5 Year Business CD|
|1.90%||$2.5k||$250k||6 Month CD|
|1.90%||$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