Live Oak Bank

Overview / Commentary

www.liveoakbank.com

866-518-0286

1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 184^th largest bank in the nation. It was established in 2008 and as of December of 2021, it had grown to 769 employees. Live Oak Bank's CD rates are 94% higher than the national average, and it has an A health rating.

Live Oak Bank Online Savings From 0.60 To 0.80 - 5/10/2022

The title says it all. Change goes into effect tomorrow (May 11).

Live Oak Bank Substantially Boosts Rates On All CDs - 5/6/2022

Live Oak Bank (internet bank) has substantially upped its CD rates with increases of 50 to 75 bps. Nationally available, with a $2.5k min deposit and a $250k cap.

Live Oak Bank Substantially Increases All CD Rates - 4/14/2022

Live Oak Bank (internet bank) has substantially raised its CD rates with increases of 15 to 70 bps. Shorter term CDs currently have the more competitive rates.

View all posts from:

2022
2021
2020
Earlier

5/10 - Live Oak Bank Online Savings From 0.60 To 0.80
5/6 - Live Oak Bank Substantially Boosts Rates On All CDs
4/14 - Live Oak Bank Substantially Increases All CD Rates
3/4 - Live Oak Bank Offers $200 Bonus For New Savings Accounts
3/1 - Earn A $200 Bonus When You Deposit $25,000 In A New Live Oak Savings Account.
2/5 - Live Oak Bank Ups Rates On All CDs To Market-Leading Levels
1/19 - Live Oak Bank Increases Rates On All CDs

9/30 - Live Oak Bank Increases Rates On Three CDs
7/21 - Live Oak Plans To Restrict Online Access To Text Authentication Only
6/8 - Savings Rate Lowered
4/23 - Live Oak Bank Savings Rate Drops To 0.55%

11/24 - Rate Reduced To 0.60% APY For Savings
11/13 - Live Oak Bank Increases 5-Year CD Rate
9/9 - Live Oak Bank Personal Savings Rate Falls To 0.70% APY Eff. 9/10/2020
8/6 - Early Withdrawal Penalty Waived On CD Accounts
8/5 - Rate Drops To .85% APY Starting On 6 Aug 2020
7/7 - Live Oak Savings Rate Drops To 1% From 1.15%
6/17 - Live Oak Joins The Pack
5/14 - Live Oak Drops Savings Rate To 1.35% APY Effective 5/15/20
4/23 - Live Oak Drops 1-Year CD To 1.60% From 1.90%.
4/22 - Savings Rate Dropping To 1.55% Effective 4/23/20.
4/22 - Live Oak Savings Drops To 1.55%
4/10 - Live Oak Bank 1-Year and 18-Month CDs Offer Top Rates

Reviews (100)

Great Experience With Live Oak Bank

Posted by: dduffey | Jun 28, 2021

I am puzzled with some of the experiences others have talked about...This is my third CD that I have had with Live Oak, I closed the two prior and in both instances I received the proceeds promptly into my account.
I just opened a new CD account and with 5 minutes I was completed and awaiting the transfer of funds from my account. I thought is was extremely easy, I though the website was easy to navigate.

Comment

The Only "Internet Only" Bank I Trust.

Posted by: GregoryG | May 9, 2022

I have been with Live Oak For a while now. I have never had a single issue with the bank. I have both savings and CDs here. Their savings rates are always at the top of list and the CD rate blow away the competition. The latest app has issues remembering fingerprint login. Rates are easy to find on the website and they are quick to react to fed changes. It's too bad they only offer savings products for personal customers, as this would be my main bank if they offered all services.

Comment

Not Recommended

Posted by: Ginaz21 | Feb 2, 2021

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.

From Very Good To Very Poor

Posted by: windrover | Feb 1, 2022

I opened an account with this bank in the fall of 2017 largely because it had one of the highest rates I could find. During the subsequent (nearly) 4 years (up until the August 23, 2021 "upgrade") I was very satisfied with this bank. Granted, interest rates gradually fell (as did those of other financial institutions), but still remained "near the top of the pack". I accessed my account totally online to park my reserve savings and was able to easily move money to and from my other financial institutions. Customer service was easy to reach and friendly. The website gave me all the information I needed (ie: routing number, interest rate, etc.),
That was BEFORE the "upgrade". Now things have "gone down the toilet". The website is totally "bare bones". You can't find the current interest rates, their routing number, and little meaningful online help. They place a longer time delay on financial transfers, and don't keep up with current interest rates (you can find rates 40% higher elsewhere). The only thing this "upgrade" (more properly labeled "desperate cost saving measure") has accomplished is to funnel more of your hard earned dollars into the pockets of those in charge of Live Oak Bank. I recommend finding another financial institution to lend your money to.

Comment

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Health

Data as of Q4 2021

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 Established	2008
Employees	769
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	1.76%
Return on Equity - YTD	24.28%
Annual Interest Income	$360.9MM

Assets and Liabilities
Assets	Q4 2021vs Q4 2020	$8.14B$7.83B
Loans	Q4 2021vs Q4 2020	$6.57B$6.27B
Deposits	Q4 2021vs Q4 2020	$7.12B$5.73B
Equity Capital	Q4 2021vs Q4 2020	$666.4MM$516.4MM
Loan Loss Allowance	Q4 2021vs Q4 2020	$63.6MM$52.3MM
Unbacked Noncurrent Loans	Q4 2021vs Q4 2020	$10.1MM$20.5MM
Real Estate Owned	Q4 2021vs Q4 2020	$620.00K$4.2MM

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.80%	-	$5m	High Yield Online Savings
0.80%	-	$5m	Business Savings