Live Oak Bank

Overview / Commentary
1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 178th largest bank in the nation. It was established in 2008 and as of December of 2020, it had grown to 594 employees. Live Oak Bank's savings rates are 15% higher than the national average, and it has a B+ health rating.

Related Posts

Rate Reduced To 0.60% APY For Savings - 11/24/2020

Starting tomorrow, November 24, 2020, you will earn 0.60% APY on the money in your Live Oak Bank personal savings account, which is 12x the national average. Guessing this means Ally will be reducing to 0.50% soon.

Live Oak Bank Increases 5-Year CD Rate - 11/13/2020

Live Oak Bank (internet bank) has added 40 bps to its 5-year CD resulting in a competitive rate. Minimum opening deposit is $2.5k and is capped at $250k per account.

Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020 - 9/9/2020

Starting tomorrow, September 10, 2020, you will earn 0.70% APY1 on the money in your Live Oak Bank personal savings account.

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Live Oak Bank - Excellent Rates, Service And Website

Posted by: |

After using Live Oak Bank for a few years, I figured it was time to provide some feedback to the 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.

Five Day Hold With No Interest For Transfers!

Posted by: |

UPDATED: Live Oak no longer puts the hold I described years ago on funds that are transferred in and out. I have continued to use this bank as their rates are better than others even now in this terrible environment. Their customer service is responsive, too. Sometimes it takes them a while to provide statements at the end of the month, but they do eventually show up.

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.

Trouble Transferring Funds

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I started the process transferring of funds from my Live Oak Bank savings account to a large bank in Houston, TX on Monday, March 15, where I have had an account for 23 years.. I went through the trial deposit experience using the website and reported the amounts. When I tried to transfer the funds I was told I needed verification because it was a new account. I have had a CD account with Live Oak since 2016, but the savings account was a place to deposit CD funds because CD rates were so low. That information established, I tried again. This time I was told that they needed an electronic bank statement from the receiving bank. By then it was Wednesday. I sent the statement. I called back today. I was told that the transfer will occur either tomorrow or Monday. I have transferred funds from 2 other online banks this week, one with a new account. I didn't have to go through all this. Very frustrating. Were they trying to keep my money, a fairly substantial amount? Monday will be the 6th business day since I initiated the transfer.

Not Recommended

Posted by: |

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.



Data as of Q4 2020

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

Health Grade Components

FDIC Certificate #58665
Year Established2008
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.68%
Return on Equity - YTD9.15%
Annual Interest Income$287.2MM
Assets and Liabilities
AssetsQ4 2020vs Q4 2019$7.83B$4.79B
LoansQ4 2020vs Q4 2019$6.27B$3.57B
DepositsQ4 2020vs Q4 2019$5.73B$4.24B
Equity CapitalQ4 2020vs Q4 2019$516.4MM$484.7MM
Loan Loss AllowanceQ4 2020vs Q4 2019$52.3MM$48.2MM
Unbacked Noncurrent LoansQ4 2020vs Q4 2019$20.5MM$3.5MM
Real Estate OwnedQ4 2020vs Q4 2019$4.2MM$5.6MM
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Live Oak Bank Savings Account Rates

0.60%-$5mHigh Yield Online Savings
0.60%-$5mBusiness Savings

Live Oak Bank CD Rates

0.70%$2.5k$250k2 Year CD
0.70%$2.5k$250k3 Year CD
0.70%$2.5k$250k5 Year CD
0.70%$2.5k$250k4 Year CD
0.70%$2.5k$250kBusiness 2 Year CD
0.70%$2.5k$250kBusiness 3 Year CD
0.70%$2.5k$250kBusiness 4 Year CD
0.70%$2.5k$250kBusiness 5 Year CD
0.65%$2.5k$250k1 Year CD
0.65%$2.5k$250k18 Month CD
0.65%$2.5k$250kBusiness 1 Year CD
0.65%$2.5k$250kBusiness 18 Month CD
0.25%$2.5k$250k6 Month CD
0.25%$2.5k$250kBusiness 6 Month 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

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