Live Oak Bank


Overview / Commentary
866-518-0286
1757 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 157th largest bank in the nation. It was established in 2008 and as of March of 2023, it had grown to 947 employees. Live Oak Bank's savings rates are 8X the national average, and it has an A health rating.

Related Posts

Live Oak Bank CD Rate Changes For 9-23-2023 - 9/23/2023

Live Oak Bank CD rate changes for 9-23-2023 include: 6-month @ 5.20% (was 5.00%) 9-month @ 5.35% (was 5.10%) 12-month @ 5.40% (was 5.20%) 18-month @ 5.10% (no change) For all Live Oak Bank CD rates see: https://www.liveoakbank.com/personal-banking/

18 Month CD Raised - 9/5/2023

Live Oak Bank's 18 month CD raised from 2.00% to 5.10%.

Live Oak Bank Increases Savings Rate To 4.0% APY - 3/23/2023

We’re excited to share that your savings account will earn 4.00% APY¹ Annual Percentage Yield as of March 23, 2023

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11/24/20 - Rate Reduced To 0.60% APY For Savings
11/13/20 - Live Oak Bank Increases 5-Year CD Rate
9/9/20 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6/20 - Early Withdrawal Penalty Waived On CD Accounts
8/5/20 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7/20 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17/20 - Live Oak Joins The Pack
5/14/20 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23/20 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22/20 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22/20 - Live Oak Savings Drops To 1.55%
4/10/20 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates
11/26/19 - Live Oak Bank Online Savings Cuts To 1.85% APY
11/8/19 - CD Rate Cut 15 Basis
10/2/19 - Savings Account Rates Drop From 2.15% To 2.00%
9/26/19 - CD Rate Drops At Live Oak Bank
9/18/19 - CD Rates Drop Again
9/11/19 - Savings Drops To 2.15% APY
3/20/19 - CD Rate Drops
2/23/19 - Live Oak Bank Savings Account Now Earns 2.30% APY
2/22/19 - Savings Account Increase
2/15/19 - Downward CD Movement
1/11/19 - Live Oak Bank Savings Account Rises to 2.25% APY
1/9/19 - Live Oak Savings Moves Up To 2.25%
11/30/18 - Live Oak Bank 1-Year Nears The Top With New APY
11/28/18 - Live Oak Ups Saving Rate To 2.10
11/16/18 - Live Oak Bank Nudges 1-Year CD Rate Again
11/8/18 - Live Oak Bank Nudges 1-Year CD Rate
10/24/18 - Live Oak Bank's Savings Account Reaches 2.00% APY
10/24/18 - Live Oak Ups Savings Rate
10/10/18 - Live Oak Bank 1-Year CD Has A New APY
10/10/18 - Minor Increases
8/24/18 - Live Oak Lowers CD Rates
8/11/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Raised
8/9/18 - Slight CD Increase
7/18/18 - Live Oak Bank Increased Savings Account Rate To 1.80%
7/6/18 - Live Oak Bank (Internet Bank) 1-Year CD Rate Jumps
7/4/18 - Higher CD Rates
5/9/18 - Live Oak Bank - Confirm Your Account Info Is Correct
5/9/18 - 2-Year CD Rate Cut
4/26/18 - Live Oak Bank Lowers Rates On 2 Year And 18 Month CD's
4/18/18 - Increase In 1-Year CD Rate
3/22/18 - Live Oak Bank Savings Account APY Climbs
3/21/18 - Savings Now At 1.70%
3/15/18 - Live Oak Bank Once Again Pulls Ahead In The Rates Race
3/15/18 - Another Bump Up At Live Oak
3/7/18 - CD Rates Up As Of 3/7/18
1/31/18 - Live Oak Bank Pushes CD Rates Upward
1/17/18 - Live Oak Bank Takes The Lead In One Year CD Rate 2.10%
1/17/18 - Live Oak Bank Ups 1-Year CD And Savings Account Rates
1/11/18 - Live Oak Bank's 1-Year CD Joins The 2% APY Club
1/10/18 - CD Rate Increases
12/14/17 - Live Oak Bank's Savings Account Is Now Top Rate Leader
12/14/17 - CD Rates Increases
12/1/17 - Savings Account Now Earning 1.45% APY
11/1/17 - CD Rates Increases
8/8/17 - Live Oak Bank Ups Savings Account Rate
8/8/17 - Savings APY Increased To 1.40%
7/7/17 - Live Oak Bank (Internet Bank) Ups Savings Account Rate
7/6/17 - Savings Account APY Increased To 1.35%
6/22/17 - CD Rate Increases
6/13/17 - Live Oak Bank (Internet Bank) Adds Savings Account
6/12/17 - Savings Account
3/22/17 - Live Oak Brokered CDs
3/15/17 - 1-Year CD Rate Increase
1/25/17 - Live Oak Bank (Internet Bank) Increases Short-Term CD Rates
1/25/17 - Live Oak Bank Increases 1-Year And 18-Month CD Rates
8/3/16 - Competitive 12 Month CD At Live Oak, 1.30% APY.
8/1/16 - Live Oak Drops 4- And 5-Year CD Rates
2/25/16 - 6-Month CD Added
2/1/16 - Live Oak Bank (Internet Bank) Raises Rates On All Its CDs
2/1/16 - Live Oak Bank 1Yr CD 1.3%APY More Terms Available
6/2/15 - End Date Extended On 24-Month CD, 1.50% APY
5/19/15 - Live Oak Bank Offers Limited-Time, Top Rate 24-Month CD - Online Only
4/22/15 - Live Oak Bank Has Limited-Time, Top Rate 12-Month CD
4/20/15 - Top Rate 1.40% APY 1 Year CD, Live Oak Bank. Quick Look.
4/2/15 - Live Oak Bank Offers Limited Time, Top-Rate 24-Month CD
4/1/15 - 1.50% APY 24 Month CD At Live Oak. Quick Look.
3/10/15 - Live Oak Bank's 5-Year CD Special Is Back For A Limited Time
2/19/15 - Top 5-Year CD Rate at Live Oak Bank
2/28/13 - Top Money Market and CD Rates at Live Oak Bank - North Carolina Only

Reviews (123)

100% Satisfied - Best Biz Bank I've Ever Had

Opened a Business Savings Account and 6-Month CD in January of 2023. Easy process. When rates rose, it was reflected in the Savings Account automatically. The CD funds were easily transferred into the savings account at maturity. Moving funds from Live Oak to my external biz account and vice-versa was just too easy through the web interface. Couldn't ask for more.

Great Service

Posted by: |

This is my favorite bank to do business with. Customer service is always friendly and accessible, and they bend over backwards to help whenever there is a problem. Very competitive rates on CD and savings as well, and the web interface is very good.

No Problems For A Few Years, Closed My Account Easily

Posted by: |

I had a Live Oak savings account for a couple years and it was a mostly smooth process opening and funding my account, and doing ACH transfers. Website and app are simple but easy to use. For awhile, it wasn't working with Mint, but that was eventually fixed.

I ended up deciding to close my account, trying to simplify and consolidate my accounts and get slightly higher interest elsewhere. The closing process was VERY easy, talked to a couple customer service reps who were great, knowledgeable, and processed the closure fairly quickly and on the schedule they promised. That has not been my experience with other banks, so Live Oak Bank gets some bonus points for that.

Liveoakbank Is Absolutely Terrible

Absolutely, the worst bank I've ever dealt with. They wasted so much of my time. In addition to all the problems in my first month, Live Oak Bank automatically closed my account because I do a small amount of international business. They didn't like that I get an occasional wire transfer. You know, that standard thing that all banks handle.

In addition to that, there's all kinds of "fun" surprises you'll learn once they have your money. Like, they restrict how and when you can move money around. They don't tell you this upfront.

I only found out because I transferred some money from a LiveOak account to a Chase account. LiveOak manually canceled my transfer between the linked accounts because "they didn't want it to move there". To be clear, Chase was a verified and linked account within the Live Oak system, and LiveOak would let me transfer the money to a different bank account, just not the one I wanted it to go to. I was told by their customer service rep that "as our relationship gets established, I'll have more freedom to transfer my money between MY accounts". WTF????

Anyway, this bank is way more trouble than it's worth. Don't waste your time, or they'll waste yours.

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Health
A

Data as of Q1 2023

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #58665
Year Established2008
Employees947
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.04%
Return on Equity - YTD0.58%
Annual Interest Income$151.2MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$10.25B$8.54B
LoansQ1 2023vs Q1 2022$8.11B$6.70B
DepositsQ1 2023vs Q1 2022$9.52B$7.65B
Equity CapitalQ1 2023vs Q1 2022$665.4MM$666.6MM
Loan Loss AllowanceQ1 2023vs Q1 2022$108.2MM$63.1MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$10.7MM$12.1MM
Real Estate OwnedQ1 2023vs Q1 2022$0$198.00K
Rates
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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 Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.15%-$5mPersonal Savings
4.00%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.40%$2.5k$250k1 Year CD
5.40%$2.5k$250kBusiness 1 Year CD
5.35%$2.5k$250k9 Month CD
5.35%$2.5k$250kBusiness 9 Month CD
5.20%$2.5k$250k6 Month CD
5.20%$2.5k$250kBusiness 6 Month CD
5.10%$2.5k$250k18 Month CD
5.10%$2.5k$250kBusiness 18 Month CD
3.00%$2.5k$250k3 Month CD
3.00%$2.5k$250kBusiness 3 Month CD
2.00%$2.5k$250k2 Year CD
2.00%$2.5k$250k3 Year CD
2.00%$2.5k$250k5 Year CD
2.00%$2.5k$250k4 Year CD
2.00%$2.5k$250kBusiness 2 Year CD
2.00%$2.5k$250kBusiness 3 Year CD
2.00%$2.5k$250kBusiness 4 Year CD
2.00%$2.5k$250kBusiness 5 Year CD
Locations

Live Oak Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 1757 Tiburon Drive - Wilmington, NC 28403

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.