Live Oak Bank


Overview / Commentary
866-518-0286
1741 Tiburon Drive
Wilmington, NC 28403

Live Oak Bank is the 183rd largest bank in the nation. It was established in 2008 and as of June of 2021, it had grown to 666 employees. Live Oak Bank has a B+ health rating.

Related Posts

Live Oak Plans To Restrict Online Access To Text Authentication Only - 7/21/2021

Existing customers have probably received notification of an online "upgrade." I have received an email clarification of what this entails: "A mobile phone number is required for text message authentication. Text message authentication is a more secure method of verification. The new system will require a mobile phone number to access your online banking portal." The fallacy of this logic was discussed at some length on the DA blog on the roll out of ZYNLO, which has the same policy. The issue can be summarized as follows: In a SIM swapping scam, criminals convince your mobile phone carrier that you lost your phone and you need to put your phone number onto a new SIM card they control. After they take over your phone number, they can go through the 'forgot password' process with your online accounts where they're able to receive authentication codes sent to your mobile number. source: https://thefinancebuff.com/vanguard-2fa-yubikey-google-voice.html*4ac7d3e2-6b0f-44fe-9fd7-fbd80b3a9

Savings Rate Lowered - 6/8/2021

Live Oak has posted a savings rate reduction effective 6/10/21, New rate is 0.50%, was 0.55%.

Live Oak Bank Savings Rate Drops To 0.55% - 4/23/2021

Received email from Live Oak Bank that starting April 22, 2021, the savings account will earn 0.55% Annual Percentage Yield (APY)

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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

Great Experience With Live Oak Bank

Posted by: |

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.

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.
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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.

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.

Must Have Cell Phone To Use!!

Posted by: |

I WAS a new customer in spring 2021....then in August 2021, Live Oak 'upgraded' their system. Account not available for several day and routing number changed! I tried to access my account after the 'upgrade' and I needed to have a cell phone for them to send me a code. They sent a code via email- was only 5 digits, needed 6 digits, then hung up on me. I closed the account. They NEVER indicated I needed to provide a cell phone number to get into my account. The hackers have it easier.

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Health
B+

Data as of Q2 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 Established2008
Employees666
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.83%
Return on Equity - YTD27.21%
Annual Interest Income$176.0MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$8.15B$8.19B
LoansQ2 2021vs Q2 2020$6.45B$5.58B
DepositsQ2 2021vs Q2 2020$6.55B$5.88B
Equity CapitalQ2 2021vs Q2 2020$575.6MM$503.6MM
Loan Loss AllowanceQ2 2021vs Q2 2020$57.8MM$44.1MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$15.9MM$7.0MM
Real Estate OwnedQ2 2021vs Q2 2020$1.8MM$5.7MM
Rates
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Live Oak Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%-$5mHigh Yield Online Savings
0.50%-$5mBusiness Savings

Live Oak Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
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$250k18 Month CD
0.65%$2.5k$250kBusiness 18 Month CD
0.60%$2.5k$250k1 Year CD
0.60%$2.5k$250kBusiness 1 Year CD
0.25%$2.5k$250k6 Month CD
0.25%$2.5k$250kBusiness 6 Month CD
Locations

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

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.