Live Oak Bank is the 289th largest bank in the nation. It was established in 2008 and as of December of 2018, it had grown to 473 employees. Live Oak Bank's savings rates are 4X the national average, and it boasts an A+ health rating.
I followed the online process to open and fund a one year CD last week and every step was very clear. I called by phone once to make certain that everything was in order and their representative "Abby" was very knowledgeable, professional, and personable and my account was quickly funded. Easy Peasy.
Upon retiring I had to make my money work harder for me, I built my CD ladder at about a dozen banks and credit unions that were offering top rates.
They all had pretty much the same account opening processes, but that is were the similarities ended.
Once your first CD account at Live Oak Bank, adding a second / third.... takes under a minute and is painless. Most other banks make you go through the whole opening process again, taking days. Its like they don't even know you.
At LOB, you can control virtually any aspect of your CD online with ease. Beneficiary / Joint Owner / Monthly interest can be sent back to your home bank, what to do when the CD matures, etc. Other banks require a call to their customer service, exchange of forms through the mail, it's an unnecessary bother.
All of LOB's great online service would not be with it if their interest rates were not at the top of the heap, but the consistently are. It's a win / win situation for CD investors. Top rates and top customer service.
Little wonder why most of my money goes to work at Live Oak Bank.
When I opened my online savings account with Live Oak Bank back in mid December all went smooth. I called the bank a few times with any outstanding questions I had, of which all was attended to promptly and courteously by the staff. My initial large deposit was made without a hitch, and I also set up a couple of push-pull links for future ACH transfers if I should decide later to use it. That went smooth too. But I noticed a couple of weeks back in mid January I was left waiting on hold over the phone for over 30 minutes when I called them to ask something minor. I gave up and hung up the phone, as I have other things to do other then be tied to my desk. But, because of the good experience I had back in December with opening my account, I figured it was just a fluke and I let it go. But yesterday Feb 1st, I called to ask them about where I might find PDF statements on my online account for tax purposes. I gave up again after waiting 15 minutes with nobody answering. (this time I actually timed it) Their recording does say that you are welcome to leave a callback number for them to call you, but I have learned during a long life of hard knocks that the majority of the time most companies seldom call you back in a timely matter or will ever call you back at all. If I call, I want to speak to somebody right then or within 5 or 10 minutes maybe, not hours later or tomorrow morning when I least expect it and I'm not available. It is my suspicion that Live Oak is not currently capable of handling an influx of business spurred on by their having raised their interest rates to 1.6% recently......or perhaps they can't handle the influx of folks calling and asking about how to get their tax statements online. Finally, what really got my attention today (Feb2) was when I did my regular quick morning review in the "BankRate" websight. I find that website very helpful in comparing up-to-date interest rates and hikes being offered by many competing banks. There's a page there I've saved that allows me to do a quick up & down glance of all the prevailing rates being offered by the various different banks. I found it very curious that Live Oak Bank had been on that list for many months, but now suddenly they are gone. I don't know if Live Oak themselves requested to be removed from the website because they are having trouble keeping up with the demand on them, or if the website itself removed them due to something going on behind the scenes. (?) I'm not sure what to make of all this. While I don't intend to withdraw my cash just on the basis of jammed phone lines alone, I feel Live Oak should know that they need to do a better job of addressing these issues if their clients are to feel secure about banking 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.
|FDIC Certificate #||58665|
|Return on Assets - YTD||2.05%|
|Return on Equity - YTD||18.36%|
|Annual Interest Income||$165.2MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$3.62B$2.67B|
|Loans||Q4 2018vs Q4 2017||$2.51B$2.01B|
|Deposits||Q4 2018vs Q4 2017||$3.17B$2.32B|
|Equity Capital||Q4 2018vs Q4 2017||$411.6MM$307.7MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$32.6MM$24.4MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$1.1MM$0|
|Real Estate Owned||Q4 2018vs Q4 2017||$1.1MM$1.3MM|
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|
|3.00%||$2.5k||$250k||5 Year CD|
|3.00%||$2.5k||$250k||5 Year Business CD|
|2.95%||$2.5k||$250k||4 Year CD|
|2.95%||$2.5k||$250k||4 Year Business CD|
|2.90%||$2.5k||$250k||3 Year CD|
|2.90%||$2.5k||$250k||3 Year Business CD|
|2.85%||$2.5k||$250k||2 Year CD|
|2.85%||$2.5k||$250k||2 Year Business CD|
|2.80%||$2.5k||$250k||1 Year CD|
|2.80%||$2.5k||$250k||18 Month CD|
|2.80%||$2.5k||$250k||1 Year Business CD|
|2.80%||$2.5k||$250k||18 Month Business CD|
|2.45%||$2.5k||$250k||6 Month CD|
|2.45%||$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